A residential property is one of the most valuable assets you can own. Many people buy properties to make money through capital appreciation, while others lease them for rental income. Purchasing a rental property can be a highly lucrative revenue stream, but just how lucrative depends on the quality of your tenants. If your tenants pay all their bills on time and treat your property with respect, you will have no problems at all. But every landlord has experienced problem customers who refuse to pay their rent, damage the property, get complaints from neighbors, and in the worst cases, take unjust legal action against you.
Evicting such troublesome tenants can be a long and painful process, particularly if they refuse to go quietly. The best course of action is to implement a strict screening process from the start to ensure you find the most respectable tenants and weed out any potential troublemakers. Here are some tips to help you find the perfect tenants for your rental property.
Ask for recommendations
You will usually find the highest volume of applicants come from online listings, but the safest way of finding a respectable tenant is to ask your family and friends. A prospective renter who comes with a recommendation from someone you trust is much more likely to be well-behaved and respectful of the property than a complete stranger. Chat to people at work, post on your social media profiles, and call your loved ones to see if they know anyone looking for a new place to live.
Do background checks
It is usually standard practice to conduct a background check on a prospective tenant, but not all landlords do this sufficiently. If a tenant is not properly vetted, not only may they cause problems, but your negligence could result in your landlord insurance becoming invalid. Financial and identity checks can be easily applied for online. They will tell you whether a tenant is reliable and trustworthy enough to keep on top of rental payments, as well as flagging up anyone with a criminal record. Always ask for references from an employer or previous landlord to get a better sense of their character.
Conduct an interview
You may not get to spend a lot of time with someone before they move into your property, so it is imperative that you ask them the right questions and try to get a sense of who they are. Usually, a short chat is enough to get a feel for someone. Trust your instincts. Even if a prospective tenant looks great on paper, if you don’t feel good about them, don’t be afraid to accept another tenant instead.
Although it is impossible to know for sure whether a tenant will cause trouble, following these steps carefully will minimize the risk. Once they have moved in, you should check in with them on how they are getting on with the property. For peace of mind, consider installing a smart home sensor such as Minut, which can alert you if tenants throw noisy parties or leave the heating on. Always have a legal professional check over your tenant contracts to ensure it will be easy to evict a problem tenant if needed.
Many businesses choose to buy or rent an existing commercial property, as opposed to commissioning a build. You’ll indeed save time this way, so purchasing an existing building is an attractive option for some. However, if you can afford the wait, building a property from scratch for your commercial needs offers some great benefits. You’ll get total control over the design, meaning that you’ll get exactly what you want in a commercial property. Besides this, you’ll get yourself a brand new building that’s never been used before. New builds are generally more durable, eco-friendly, and require less maintenance than older buildings. Before you reach a decision, there are a few key considerations to make before commissioning a commercial property build.
1 . Safety Laws
When you’re having a new property built, safety is the number one consideration. You’ll need to ensure that the building site is free of toxic substances and contaminants. It’s vital that the building is constructed with the correct ventilation and sanitation capabilities. The building should also be equipped for proper waste disposal and drainage. A commercial property should adhere to regulations concerning the conservation of energy, power, and fuel. Depending on your sector, your building may also need to be soundproofed to account for any potential noise pollution.
2. Energy Efficiency
When you are commissioning a building, you should work with the architect to ensure that the property is as energy-efficient as possible. From the insulation to the lighting, windows, and flooring, all should be geared up to save energy and avoid wasting resources. Consider a building which has a solar panel roof, to utilize the energy of the sun for power. You could also deploy a low-pressure water system to ensure that water is used sparingly throughout your building. It’s best to work with building contractors and architects who support eco-friendly choices. Greener business solutions are great for branding as well as for the planet.
3. Vet your building contractors
It’s important to properly vet any building contractors who will be working on your property. Doing so will ensure that you get the highest quality work from the most experienced and reliable professionals. Obtain references, perform background checks and research the associated companies. Failing to find the right building contractors may cause unwanted setbacks which complicate the build. You won’t want any more downtime than required, so it’s vital to be thorough when you are choosing who to work with.
4. The right architects
It’s important that you find the right architects to design and complete your building. Look for quality and talent, take a detailed look at previous projects. Communicate your needs from the get-go and be very specific about what you are looking for. Do your research, and do not rush any decisions. Tectonic Design Build has a wealth of experience in both general commercial building and aviation building projects. The company combines pre-construction services with quality architecture to meet your goals and budget.
For those of you thinking about moving house soon, you will probably be viewing properties to find that ‘perfect’ home for you. It can be a stressful process, especially when you factor in the possibility of an expensive mistake if you choose the wrong property.
So, don’t just spend twenty minutes exploring a house before making up your mind. Don’t decide to buy a house sight unseen. Take your time when visiting the properties that take your fancy, as you will get a better understanding of the house in question. And, for the context of this article, take special care when viewing a house that comes at a bargain price. There could be a reason why the house is selling so cheaply, so ask yourself the following questions when viewing.
#1: How safe is the property?
You don’t want to move into a potential money pit, where you will be spending a fortune on repairs for many years to come, so be sure to check for any maintenance problems. Does the roof look stable? Is there damp on the walls? Are there any weird smells or sounds emanating from the property? If you spot signs of trouble, you might want to think again, unless you have the assurance that the issues will be dealt with. It’s in your best interest to pay for a home inspection too, and even drug testing, as the home could be chemically unsafe if previous residents had an addiction problem.
#2: What is the owner hiding?
If the owner plays loud music while you’re walking around the property, you have to wonder why. Are they hiding any suspicious sounds that could point to a maintenance issue? If the owner refuses to show you a specific room of the house, you need to have your guard up. What is wrong with the room in question? What secrets lie beyond the walls? And if the owner fails to answer any of your questions about the property, you need to be suspicious. It might simply be that they don’t know, but then again, they might be trying to keep any potential issues hidden from you. If your suspicions are raised, then do the sensible thing and leave.
#3: What are the neighbors like?
The house could be the ‘home of your dreams,’ but if the neighbors are a problem, you aren’t going to enjoy your time in the house. So, when viewing the property, listen out for any voices or sounds from next door. If you can clearly hear the neighbors, there is obviously an issue with soundproofing, and while you can fix this issue yourself, you might still think twice if the neighbors sound particularly disruptive. You should also spend time outside of the property, as you may be able to get a better look at the neighbors. Do they appear friendly? Look for warning signs too – if the neighbor’s property looks uncared for, they could single-handedly be negatively impacting the house prices in the area. This is great news if the property you are buying is cheap, but when you later intend to sell, you might regret your initial decision to buy.
Finding the right is never easy, especially when you later realize you have made a mistake with your purchase. So, be it a bargain property or otherwise, take your time in your search, and ask yourself the questions we have raised before signing on any dotted line.
You’ve been thinking about investing in property for a long time and now you’re here. You’re at the point of really going through with it. A word of warning however, because once you get bitten by the property business bug you’ll be changed forever. A word of caution as well, although property investing and owning is a very lucrative business avenue, it has to be done right. Real estate is such a complex industry which won’t be apparent to many newcomers because of the immense power properties have. Properties always rise in value year-on-year, so mistakes that owners make can be disguised by the added value you get from pretty much doing nothing. For your first task, you must figure out where you’re going to start your new property project? Forget about building, renovating or marketing for the moment, just focus purely on the location.
Going where the heat is
Of course every industry has a hotspot, where the most amount of money is going and where the most lucrative opportunities exist. For the real estate industry, it’s the city. Owning a property in the city is a surefire way of making a return on investment because more and more young professionals are moving to the urban areas of the world and tourism is always doing well in capitals. For example gestione airbnb Roma is how property owners can let their homes out to tourists that want to avoid hotels. With the help of airbnb you are given a service of improving the decor of the property so it can command a higher rate. They deliver a package service whereby everything is done for you, such as housekeeping services, tenant comms, check-ins and reservations. The booking and the care of the occupiers is taken care of from their management system.
The sea salt air
All across Europe, the humble cottage is making a valiant comeback. These older homes were seen as too small to be a good investment for most of the property industry. But times have changed and now tourists are willing to stay in smaller places in the countryside as long as they are in prime locations to do all the sightseeing they wish. Much like tourists renting properties in cities for their holiday, they are doing the same in the country. It’s a good idea to buy a country cottage somewhere close to the seaside as this provides you with a constant stream of customers looking to rent. The sea salt air, great historical sights and a cosy cottage to sleep in, with all the privacy you will need is one of the most popular ways to have a rural holiday these days.
Remember to look up
High-rise apartment buildings are being built in huge numbers all across the world. Urban cities are building upward rather than spreading out. Buying apartments in newly-built towers is a concrete investment as wealthy tourists and travelers will want to stay in the city and pay extra for a great view. Excellent contemporary decor is also something that comes as standard in such prestigious apartments.
The location is more important than the property itself when it comes to urban property investment. However, you also have small humble cottages that provide excellent renting opportunities for tourists.
Your home is usually your most valuable asset, and it’s always worth investing in it wisely, whether that’s financially, or just with some time and effort. A renovation project, however big or small, is a great way to increase the value of your home and improve your family’s quality of life there. Whether you’re planning to sell your house in the near future, or can see you and your loved ones grow older together there for many years ahead; a little TLC towards your home can go a long way.
Ensuring that you have a clear, organized, and high-functioning environment to live in, will also ensure the success of your abode. Therefore, it’s always a great time to consider your home as a whole and go through each room to work out how it’s working for you. If there are changes that need making, there’s no better time to start planning and preparing; the sooner things are done, the more time you’ll have in your property to enjoy it. Home improvements will also add value, or make your house far easier to sell, should you wish to in the future. The following are some ideas and inspiration for homeowners who want to make the most of their living environment, and an array of ways to improve their space, no matter what their budget.
Extending a house, or adding to the number of rooms in the property is a sure fire way of increasing your home’s value. However, large renovation work and paying off building jobs can be an expensive task, and if you don’t have a lump sum to start with; you might have to consider getting a loan, or read more into the right credit card for you and your family. As long as you know you can pay everything off successfully, your investment will add value, both financially, and physically. Make sure you get a reputable company to come in and quote the job you want carrying out; it’s worth comparing quotes with a few builders so that you get a decent understanding of what the work will cost and what can be achieved within your budget.
If you can’t manage to extend your home; perhaps you could consider making the downstairs open-plan and look into other things that make a home appealing to buyers like the family market or young professionals (depending on your location). Making sure that your home not only looks great but functions well and will last for years, will add plenty of value to the property and you’ll have no problem selling it for a profit, should you choose to. If you decide to stay put; investing in your home will give your family an enjoyable environment to reside i and return to each day. Or, perhaps you’re looking to grow your family, but want to stay put, as you’ve found your ideal area or location; this is when invest in the building itself and paying for renovation work, will always pay off long term.
An attractive property from the outside will always tempt potential buyers, so your home’s exterior is worth investing in. If paintwork, wood, and guttering look tired; do a little DIY or get the professionals into spruce up the outside of the house and ensure that it will remain in great condition for the foreseeable future. While it can seem like a considerable expense upfront, getting in a commercial roofing contractor or a specialist to add those extra ingredients will make sure your home looks fresher for years to come but also will ensure the safety of the property, especially when it comes to protecting it from the elements. Weatherproofing your home with the right paint, stains, and coating is a great way to ensure that it remains looking fresh, and when you do decide to sell, it’ll have serious curb appeal.
Maintaining things like your glazing, gutters, and drains will not only add to the aesthetic appeal of your home; but, it will also ensure that your family won’t have to live with issues like damp and mold as a result of dated systems. Check out all the online resources for plenty of ways to maintain your home’s exterior and pick up some tips. Spend money wisely to prevent any issues from occurring now, and ensure that the improvements will last into the future so your property can stand the test of time. The more regularly you check the exterior of your home and update when needed; the less likely you are to suffer damages and problems. You’ll also have created a welcoming space for when you and your family arrive home after a long day. Therefore, not only will you be upping the curb appeal for potential buyers, you’ll ensure that you have your dream home no matter where you’re stood.
It’s always a great time to get rid of your old, unwanted items, and freshen up your living space. Gather together some boxes and large bags, before going through each room of your home and cleaning out everything that hasn’t been used, worn, or looked at, for more than six months. Create a sorting system of things that are no use to anyone and should be thrown away, items to give to shelters and charities, and usable pieces that you can sell in a yard or trunk sale. You can hold a successful yard or garage sale, which could be a fun experience for the whole family to get involved with.
Encourage your kids to clean out their rooms, and to sell anything they don’t need anymore, for some extra pocket money (this is always a great incentive). You’ll be making some extra cash to squirrel away for the holiday season, and creating a clean and organized living environment for you and your family. Collecting together any sentimental items, like photos, artwork, and ornaments that you don’t want to throw out, will allow you to rethink how to display them and adorn various areas of your home. Streamlining your home, and the objects within it will ensure that you have space for the influx of gifts and homewares you’re bound to accumulate over the winter period. Again, the internet is a great resource to get some inspiration on organization and opening up your living environment through decluttering. Be as ruthless as you can, and grab yourself some boxes, and a couple of spare weekends, to get the job done as thoroughly as possible.
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