Property Manager MA: Rental Myths

Property Manager MA

Property Manager MA: Rental Myths

Sometimes people look down upon those who rent because they feel it is beneath them. There can be some issues with rentals but it’s not all that bad. The following are some myths about renting a home.

 

Waste of money

Some naysayers claim that spending money on rent means that you won’t get any equity in your place. This is not a real waste of time as you are still paying to live somewhere. Plus, if you can’t afford to buy a home of your own, it’s not a waste of your money. At least you don’t have to worry about paying for maintenance or the cost of the utilities. It is also never a good idea to step out of your comfort zone and buy a home if you really can’t afford it. So till you make up your mind and have enough for a deposit, you should stay where you are.

 

No negotiating power

There is no problem keeping a balance of power when you sign the lease. Your landlord will not have all the power if you know how to negotiate smartly. There will always be a clause which will get you some leverage if you need to move out because of a job relocation. When you are to sign the lease, check to see what you can get and what you can add to it. As long as you understand what power you have, you can add clauses which will make sense to you.

 

Difficulty getting out of a lease

There are misconceptions about how difficult it is to get out of a lease once you rent a lease. The best way to avoid that is to not sign a long-term lease if you know there will be some problems up ahead. Anything can happen at any time and you will need to downsize or maybe your roommate moves out. There can be issues where you can’t break your lease unless you pay a huge amount. The alternative or that is to sublet your place with the permission of your landlord. Document everything so that you are in the clear. Sometimes the property manager MA will not have any issues with that. You can even check with them to see if they have any other units or property somewhere else. It helps to have a word with your Property Manager MA so that you can avoid an awful situation.

It always helps to be honest and will help you go a long way. So try and go for that so you know what you can expect.

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Boston Property Management: How long before a house sells?

 

Boston Property Management

Boston Property Management: How long before a house sells?

When you are ready to sell your home, you have no idea of how long it will take to sell the place. This is something which can be determined by many factors. These are the following factors which determine how fast your home will sell.

 Location

There is an adage which says that real estate is all about location, location and location. So if your home is in a good area which is in demand, then you will be able to sell it fast. Good areas ensure great school districts, good proximity to public transportation and how gentrified the area is.

Boston Property Management: Price

Remember that location is not just about everything. If the property is priced fairly, then it will sell faster. The key is to price it according to the market value instead of overpricing. If you price it a bit lower, you will be able to get a large number of buyers. The problem is that if you overprice your home, you will not get any offers and the home will be on the market for a long time. This could cause some hesitance by buyers in the future. Once you price the home a bit lower, you may end up getting multiple offers. This could lead you to getting the price you want.

 Compare home sales

Do a search to see for homes similar to yours so you can see how long they were on the market before the sale closed. This will help you come up with the right rate for the sale.

 Condition

Buyers will always look at the condition of your home before they make any decisions about buying it. So if you have maintained your home well and have great curb appeal, you can be assured of a buyer. So ensure that you paint your home properly and keep it in tip top condition.

The caveat is that you will have to keep your home in pristine condition throughout as potential buyers will keep coming over to your place at various times. It won’t be easy to prepare your home at an hour’s notice. This is why it helps to keep your home in good shape and make it available at any suitable time.

Lastly get some great photos of your home. If it photographs beautifully, you know you will be able to grab the attention of all prospective buyers. So don’t cut corners and see how you can get that done.

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Property Manager MA: Breaking your Lease

Property Manager MA

Property Manager MA: Breaking your Lease 

Renting tends to be less of a commitment for people as they can live without owning their home. This is why they tend to sign long term leases so they can feel at ease. The only issues which can pop is when you may have to break your lease because of extenuating circumstances.

This is where you can explore options to see how you can avoid breaking your lease.

Talk to the Property Manager MA

If there are extenuating circumstances which are making you leave, go and talk to your Property Manager MA. You can check with them to see whether you can break your lease or not. Explain your situation to them clearly. Make sure you ask them whether you can break your lease or not. See if you can work out through the issues as that will help a lot. There can be multiple issues which can affect your ability to stay at your current place. It could be the noise or bad neighbors or a roommate moving out. It does not hurt to talk about it as the lack of clarity will only hurt both the tenant and the property management company. The property manager MA will try his/her best to make the tenant feel better and get through the issue. Talking about it always helps in the long term.

Options

If both you and the Property Manager MA agree that breaking the lease is necessary, then you have several options. If there is the need to upsize, then you can always move to a bigger unit. If there is the need to downsize, you can look at the option of a smaller space. Try to see if you can move to another property owned by the same property management company. Do remember that there are fees associated with a move to a different unit.

Be up front

It always helps to be upfront when you negotiate properly in the beginning. Add a clause which will help you break the clause. An important point to remember is that the clause has to be meaningful for you to be able to get out of it. No Property Manager MA will accept a clause which does not make sense. If you feel that you won’t be in the unit for a long time, try to go for a flexible lease which will offer you a way out. So add a clause for relocating if your job makes you move or one where you can move out if the living situation is unacceptable.

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Boston Property Management: Stay at home before you renovate

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Boston Property Management: Stay at home before you renovate

There are some buyers who skip homes which need to be renovated, in favor of ready to move in homes. This means a lot of homes go unsold longer. There are smart people who will always go for them because they can renovate them and make a profit. This is why it makes a lot of sense for the buyers to live in the home before they make the improvements. These are the reasons why you should opt for that.

You can change your mind

Once you buy the place, you will have a lot of ideas on what you want to do with it. However, living at the place will give you a better idea of how to go about it because you will be living there. Once you have a day by day living experience, you will know which areas need focus. This can be an enriching experience.

Boston Property Management: Break time

Once you go through the process of buying a home, you will need a break. It can be quite daunting spending your savings and going through a mountain of paperwork. This can take a toll on the system and this is why you need some time to decompress before you undertake any renovation projects. So treat yourself to some downtime till you know you are ready to renovate the place.

Take your time to plan

When you undertake a renovation project, you need to plan everything properly. It should not be rushed as you know you want the best results. So talk to all professionals involved to get an idea of what is required. They may have different opinions, but it shouldn’t really matter so much.

At least you will get to see it from their eyes and you will be able to make more informed decisions. Anything feasible will help you save money in the longer run. So don’t rush and see how your cash flow will be before you undertake that project.There may be a situation where the buyer wants to renovate as soon as possible, because the mortgage will be an additional strain. It will not help as they can be prone to more errors later which can lead to higher costs.Experts claim that people end up buying homes which require work even if they assume it does not. The home buying process is quite interesting.

So in the end just plan everything before you make any decisions.

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Property Manager MA: Protect your deposit

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Property Manager MA: Protect your deposit

It is a great time in your life when you make an offer on your dream property and the seller accepts. The next step is for you to sign a contract, pay a deposit so that the seller can see you are serious about moving ahead.

The reason why a deposit makes a difference is because it shows the seller that you are a serious buyer. The money is deposited in escrow and can’t be touched by both buyer and seller. Fortunately, there are ways of protecting the deposit.

 Get to know the property

You need to ensure that you add a clause in the contract which allows you to inspect the property before you buy it. An inspector will check the home with a fine tooth comb. This could mean everything from the foundation to the roof in the case of older homes.

If there are problems within the property, you can choose to back out of the sale. If the problems are minor and fixable, you can always go ahead. The good thing is that the contingency clause will help you get out of that contract.

Property Manager MA: Get everything in writing

The most important thing for you is to make sure that you get a written notice for a loan approval. Don’t let the property appraise for less than the purchase price. So add that contingency clause which allows the buyer to get a written approval before the sales closes. In the event the loan fails, you can easily exit the sale and get your money back. There can be a risk where the lender won’t give you a written notice for the loan, don’t remove the clause as you will never get your deposit back. Even if the lender does approve the loan, they can pull out at the last minute.

You can always ask the seller for an extension if it is possible. It’s not in anyone’s interest to stop the deal. The problem is that if you sign off that you have an approval and you don’t get a loan, then you can lose your deposit.

Another way of protection is to add an appraisal contingency where the property should not appraise for less than the purchase price. So you should be able to walk away if the appraisal value is less than the selling price.

Property Disclosures

Sellers have to make sure they disclose regarding their knowledge and experience within the property. They are required by the law to disclose all property defects or anything which would make the property a sore point. This will also give you the opportunity to review state reports, building permit histories and earthquake/flood maps.

This will give you the opportunity to exit the sale if you discover something negative about the property. The caveat is that you have to sign off on those disclosures at some point. After you do that, your deposit is at risk. You are allowed to ask questions and probe further.

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Boston Property Management: Senior Citizens who Rent

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Boston Property Management: Senior Citizens who Rent

Senior citizens tend to rent a lot these days because the scenario has changed tremendously. It is estimated that the numbers have grown more than half ever since. These are the advantages and disadvantages of renting when you go past the retirement age.

Senior citizens don’t have to worry about paying mortgage because they know they don’t need a permanent home anymore. It’s even better when you have paid off your mortgage and you can sell your home, so you can rent somewhere and live an easier life. This means downsizing to a smaller place and living comfortably off the interest.

No more monthly payments

Tired of slowly chipping away at your home loan? Your monthly mortgage payments will become a thing of the past when sell your home and start living life as a renter. (Sweet relief!) Depending on your financial situation, this could even mean you’re entering retirement completely debt-free.

The only problem is that you will miss out on the tax breaks. This means missing out on deductions on property taxes and mortgage interest.

Boston Property Management: No ties to one place

The good thing about renting is that you can be flexible with where you want to live. You can easily travel the world and go around without having to worry about maintaining your home. The downside is that you can’t call yourself a homeowner. It can be worse if you have sentimental ties to your home. This means trying to detach yourself from your home and moving on.

No worries about maintenance

The best thing about renting is that you don’t have to worry about maintaining your property. As a homeowner you would have to do everything yourself or hire someone to do it for a price. When you live in a rental property, the Boston Property management company will be responsible for all those tasks. Yet once again it will be quite expensive for you to rent as compared to a mortgage. You get no equity in your home and you have to pay more.

Amenities

If you move to an apartment building, you get access to a lot of amenities such as a pool, private parking, party room, lounge etc. This will make it easier for you as you don’t have to do much about finding amenities in the area. This is good as you can enjoy all the comforts without having to travel so far.

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Boston Property Management: Home Security Cameras

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Boston Property Management: Home Security Cameras

Home security is always a priority for all home owners. Those homes which don’t have a security system are more likely to be broken in. A security system will make you feel much safer especially when you are not at home. With the advents in home security cameras, you will feel a lot safer when you are away.

Weather Resistance

It is always a good idea to get a camera which will be able to stand the weather. Smart homeowners need to put a camera outdoors so that they can monitor the perimeter. If it rains a lot in your area then you need to make sure it can stand the rain. The thing is that you may pay more for it but they will be more durable.

Remote Video Monitoring

Technology advances have made it easier to access the video feed remotely. There are some solutions which allow users to integrate with the smart home hubs. The only problem is that they require a proprietary app. This can be a godsend as it will allow you to keep track of what is happening at home, even if you have to pay a premium.

Recording

A good security camera can be hooked up to a computer or a DVR so that there is footage of the recording. The more sophisticated ones will allow you to upload it to the cloud. So remember that the more you pay, the better features you get.

Size

The size of the camera means a lot to the user. If you want passersby to see the camera, then a large one will work. If you don’t want anyone to see the camera, then you should get a small discreet one for indoors.

Boston Property Management: Motion Detection

This is a great feature which will alert you if someone is prowling within your property. This will let you see if it’s a situation which needs to be tackled. They are more expensive but then it’s worth the investment.

Adjustable

Security experts would recommend an adjustable camera if you want to record a larger area. If you want to monitor a small area, then a fixed camera will do just fine.

Night Vision

Most burglaries occur during the day, but many still happen at night. Depending on what you’re recording, you may want a camera with infrared capability to increase the distance your camera can record images in low- to no-light conditions. The better the infrared capability, the more expensive the camera. You will want to find a balance between night vision quality and price based on your security goals.

Speakers and microphone

Modern cameras have speakers and microphones which will allow you to monitor what is happening at your premises. The only problem is that if there is an incident, you won’t be able to use it in a court of law. This can be quite expensive as well.

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Property Manager MA: Home Insurance Tips

Property Manager MA

Property Manager MA: Home Insurance Tips

Home insurance can be a pain when you are buying it for the first time especially as you have no idea about how the market works. The good thing is that there is nothing in the law which would force you to buy home insurance. However, it is essential to buy home insurance as your lender would like the investment to be protected.

Type of Insurance

Home insurance policies usually cover the liability, structure, contents as well as other living expenses. Structure insurance is essential because it helps your home get rebuilt/repaired if there is any damage. The only caveat is that you need to set the coverage for what it would take to rebuild your home. Content coverage kicks in only if your belongings are damaged or destroyed. This is for around 50 to 70 percent of your structural coverage. Do remember that high-value items have a cap and you would need to add a rider policy to it.

Liability insurance comes in handy if someone is injured on your property. This can help for medical expenses or a settlement in case there is a death. You can start your coverage from $100,000. It is a good idea though to set it at between $300,000 and $500,000 as litigation hungry lawyers will make the price go up.

Living expenses will be useful if you need to pay for accommodation and food when your home is being rebuilt. Make sure that you get that covered if you want to have that provision.

Property Manager MA: Calamities

If your home is damaged by any fire, windstorms, hail, theft, vandalism, riots (with the exception of natural disasters), then you are covered. Plus, if your home is water damaged by burst pipes, then your home is also covered. You will need to get separate coverage for natural disasters if the area is quite prone to them.

Coverage

You will know how much coverage you need once you do your home inventory. This will allow you to appraise the values and make a proper list. A smart move would be to catalog everything and keep photos and videos. Receipts should be scanned and kept in a secure fire proof safety deposit box. This will make it easier to file claims. An important point to remember is that insurance companies always take your credit score, home location, age of the home, proximity to the fire department and pets into account.

You can save money on your insurance if you take multiple policies. This means that you can buy your auto and home insurance from the same provider. This could save you quite a bit. You could also raise your deductibles as this would lower premiums. Just make sure you can afford the deductibles before you do anything.

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Boston Property Management: Self-Employed Borrowers

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Boston Property Management: Self-Employed Borrowers

It may be a bit more difficult to get a mortgage if you are self-employed but it’s definitely not impossible. You just need to make a bit of an effort so that you can get a mortgage as a self-employed person. The key is to get everything ready on time and be prepared to get a lot of paperwork ready so that you can get that well deserved mortgage.

Documentation

Start gathering all your documents as early as possible. Once you get your rate quote, you need to start filling out all the forms. The stage after that is when you need to start submitting all your relevant documents. They are the same as for employed personnel, though the only addition is the 1040 tax returns. You might need the help of a good tax adviser as there are write-offs will hurt your debt to income ration. So you need to show something which the lenders would prefer to see.

Boston Property Management: Pay more for Mortgage

Self-employed applicants have to pay more for their mortgage because they are termed as high-risk borrowers. Lenders will always slap a higher interest rate unless you can show that you have a good payment history.

Approval Rate

There are certain ways you can get approval for your mortgage. All you need to do is to make sure your business is registered and licensed. This will make it easier for lenders to trust you. Pay yourself a W-2 wage so that the lenders consider you a good bet. Don’t have too many tax deductions as this can spook the lender. Keep your business and personal accounts separate so that your job is made much easier. Also make sure that you keep track of all your expenses. If you can afford it, then make a large down payment. One of the best bets is to work with a smaller mortgage lender which could be more helpful. If you don’t have any money, you can tap into your IRA.

So do your due diligence and get everything right so you can get that mortgage you are looking for. It will take you a bit of an effort but in the end you will prevail. So cross your fingers and apply for that mortgage. Who knows you might be able to get it?

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Property Manager MA: How to master a Home Appraisal

Property Manager MA

Property Manager MA: How to master a Home Appraisal 

Appraising your home can be a frightening experience because you never know what the end result will be like. However, you can do your best and make sure that your home is valued for the price you are looking for. Before you make a start you need to get someone who knows the area well and is state certified. This will help you get a fair price for your home.

Maintenance

Those who maintain their homes well always win in the end. So if you see anything which needs tending to, don’t waste any time. A loose nail can also bring the value of your home down drastically. Just make sure you keep a log of everything so that you know how you have spent on your home. As long as the home looks pristine, it will be quite an attractive one on the block.

Appliances

No one wants to buy a home where the appliances do not work, unless they are looking to remodel the home completely. So get any non-functioning items on the chopping block and replace them with working ones. If you can’t afford that, then you can always get them repaired. In the event they need maintenance, make sure you do that as this can be a problem later.

Property Manager MA: Ownership

If you have taken good care of your home, it will show. This doesn’t mean that you need to have an interior which has come out of a catalog. Homeowners will notice if you have maintained it well and kept it neat and tidy.

Neighborhood

Check other homes in the neighborhood to see how much they are selling for. This will give you can idea of how much your home will be valued for. Do check to see if there were any extenuating circumstances if the sale of the home was lower than expected. Circumstances can make one sell a home for lower than the value. This should not be a factor in your sale, unless you are going through the same thing.

Another factor is that even if you spend a lot of money on visual upgrades for your home, it could only add a fraction of the total cost to the value. This is why you must be smart when working on upgrades for your home. This is the best way to get some value for your home.

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