Covering Your Bases: Do You Know the Difference Between These Three Types of Landlord Insurance?

Every landlord works to make a profit. They typically don’t purchase a building for use by others unless they can generate income from the property or obtain a tax write-off. However, the property needs to be protected at all times so the landlord doesn’t take an unintentional loss. Fortunately, a person may purchase landlord insurance to receive this protection. There are three types of landlord insurance every person in this position should consider obtaining.

Liability Insurance

A landlord may lose a great deal of money fighting lawsuits filed by tenants whether or not the claims have any basis in fact. If any person is injured on the property, for example, the injured person may file suit against the landlord and claim this individual was negligent when it came to maintaining the property. The same is true if a tenant’s property is damaged in any way due to the negligence of the landlord.

Liability insurance steps in to cover any legal fees incurred by the landlord, court costs, damages that must be paid to the tenant if they win the suit, and more. While this type of insurance isn’t mandated by law, it is recommended every landlord have a liability policy in place to protect themselves from the high costs of legal actions. Those interested in obtaining this type of coverage can see more at rogerbutlerinsurance.com

Property Insurance

Landlord property insurance is different in that it actually covers the structure located on the property. Imagine having a fire and the structure is completely destroyed. The landlord is responsible for rebuilding the property and must pay out of pocket to do so if no property insurance has been obtained. Tornadoes, hurricanes, and other natural disasters are typically covered under this portion of an insurance policy as well.

Additional coverage may be needed to cover other structures located on the property, such as a detached garage, shed, or other outbuildings. However, be aware that flood insurance may need to be purchased separately. It’s best to speak to a licensed insurance agent to determine what coverage is needed and in what amounts. Know the estimated replacement value of any buildings to be covered before shopping for this type of policy, as the agent will need this information to provide an accurate quote.

Additional Coverage

Landlords often spend their own money to make a property nice for tenants. For instance, a landlord may choose to install new carpeting right before a new tenant moves in. If something happens to the carpet, the landlord must then take money out of their own pocket to replace or fix it and then possibly sue the tenant to recoup the costs. Another option is to purchase additional coverage that will pay for these types of expenses so the landlord doesn’t have to. It’s an option every landlord should consider, weighing the benefits and costs of the coverage to determine if they feel it is necessary.

Landlords may also choose to include a clause in the rental agreement requiring tenants to obtain renter’s insurance. This type of policy covers any belongings on the tenant if they are damaged in a fire, natural disaster, or another occurrence. Again, speak to an agent to determine if this type of policy will be needed and when it should be obtained. The landlord needs to be protected at all times, and the right insurance coverage ensures they are.

 

Rental Property Owners Have Rights Too

As a property owner, you may be contemplating entering the rental business. There are many good reasons to, including a lucrative rental market, and the ability to diversify your income stream.

What’s more, it’s never been easier. Property owners can list their suite on platforms that do all the legwork by marketing the property, finding a reliable renter, and handling the finer points of the transaction.

Despite these benefits, you may be apprehensive. It’s true that while most rental transactions go smoothly, some can hit obstacles. In this unlikely event, you should know that you have rights too. Some of these are as follows.

#1 The Right to a Deposit

Before your renter moves in, you can collect a deposit. The amount usually equals one month’s rent but can vary region to region. It’s crucial that you collect this for your security.

#2 The Right to Collect Rent

You are owed rent on the day it’s due in full. There are no two ways about this. The onus is on your renter to pay on time, even if there is an interruption due to holidays. As the property owner, how strictly you apply this rule depends on you.

Many property owners give renters some leeway in special circumstances, especially if they maintain a healthy relationship with them. At the same time, if you’d like to act against a consistently late paying renter, the law is on your side.

#3 The Right to Increase Rent

If you follow the guidelines, you can increase the amount of rent once every 12 months. These guidelines include giving advance notice and calculating the increment as per local laws. It’s advisable to add these annual increases, even if small, to help offset the cost of inflation. On the other hand, forgoing them may help you retain a good renter.

#4 The Right to Inspect Your Property

You are entitled to inspect your rental property because it’s your asset. At the same time, it’s also your renter’s home and their privacy should be respected. By giving proper notice before a visit, you can find the right balance, which can be determined by consulting your regional rules.

#5 The Right to Approve a Sublet

Sometimes a renter may consider subletting their home when leaving for an extended period. As the property owner, you have the right to deny them this request.

#6 The Right to End a Tenancy Agreement

If your renter hasn’t broken any rules, there are only two ways you may end a tenancy agreement – provided you properly compensate them. The first is if you or your family need to move in, and the second is if you are selling the property.

However, you could also end a tenancy agreement early in the following unlikely events.

  • Your renter doesn’t pay rent
  • Your renter engages in illegal activity
  • Your renter damages property
  • Your renter negatively affects the reasonable enjoyment of others in the building
  • Your renter breaks health, safety, or housing laws

As mentioned above, most tenancy arrangements go smoothly with both parties getting what they signed up for. But rest assured, should a special circumstance arise, you have entitlements as well.

The Unknown Benefits of Working with a Real Estate Firm

Whether you’re looking for your next home, or you’re a real estate investor, working with an agent can provide you with the resources you need. From buying a home to managing rental property, the right real estate firm can help you meet your needs more efficiently. Your agent can save you time and money, but they can also help ensure you’re complying with tax laws and local ordinances throughout the purchase and management of your next property.

One thing real estate investors don’t consider is how much a real estate agent can help in terms of operating rental property. Your agent can assist in property management San Antonio, taking over the day to day obligations that go into keeping your property profitable. This includes ensuring each unit is occupied as consistently as possible, while also ensuring rent payments are made on time. Your agent begins by using their resources to find tenants with good histories, who can pass credit and background checks. This will ensure your property will continually generate a profit.

Your agent will also make sure the units are maintained in good condition. This means making sure repairs are made on a timely basis, so you won’t have to personally oversee the work. As a tenant vacates one of your units, the agent will evaluate the unit and determine any needs for repairs or updates. Their goal is to get the unit ready for the next tenant, so vacancy time will be minimized. Your agent understands that each day your unit is vacant is money lost.

Perhaps you’re just looking for your next home. This is still a good reason to rely on a firm like San Antonio Luxury Realty, because they can help you find the home that meets your needs. You’ll waste far less time scouring through real estate listings, when you leave the search to your agent. Simply tell them what you’re looking for and they will gather the luxury home listings that meet your needs. Since your agent is skilled in searching listings and is a part of a network of agents, he or she will be able to find listings that will appeal to you, while disregarding those that won’t meet your needs.

You’ll find that you’ll be invited to more open houses as well. Your agent will notify you of upcoming open houses, so you can be among the first to view the newest listings. They may even become aware of homes that will soon be available, so you can get a jump on other home buyers in your area. In an increasingly competitive market, this type of advantage cannot be underestimated.

These are just a few of the ways working with an agent will benefit you. Just as you would trust a lawyer to handle legal matters, or a doctor to treat an illness, your real estate agent can be trusted to help you find the ideal property to suit your needs.

Is Real Estate a Good Investment in 2019?

Are you interested in investing in real estate? Does it seem like a viable option to increase your wealth and build up a nest egg?

Many Americans think so. In fact, 34 percent believe that real estate is the best investment option. Only 26 percent of Americans say the same about investing in the stock market.

Is real estate a good investment, though? Is that where you should be placing your hard-earned money?

Read on to learn more about the pros and cons of real estate investment to figure out if it’s a good option for you.

Types of Real Estate Investment

Before we get into the pros and cons of real estate investment, it’s important to understand the basics. This includes learning the different types of real estate investment.

The following are some of the most popular types that you might want to consider:

Commercial Properties

As the name suggests, commercial properties are intended for commercial use. They include office buildings, retail shops, and industrial properties (warehouses, manufacturing facilities, etc.).

Residential Properties

Residential properties are places where people live. You could invest in single-family homes or multi-family homes (townhouses, apartment buildings, etc.).

Mixed-Use Properties

Mixed-use properties are a combination of commercial and residential properties. You can read more here about these and why they can be a good investment option.

REITs

Buying a property to rent out or sell is the most popular real estate investment option. You don’t necessarily have to buy property to be a real estate investor, though.

For example, you could also invest in REITs (real estate investment trusts). These are companies that own commercial real estate and pay high dividends, so they’re a great option for folks trying to save for retirement.

Is Real Estate a Good Investment? Pros and Cons

The answer to this question isn’t exactly black and white.

As with other types of investing, there are pros and cons to investing in real estate. For some people, it’s a great option, but that doesn’t mean it’s right for everyone.

Listed below are some pros and cons you ought to know if you’re considering real estate investment:

Real Estate Investment Pros

When you invest in real estate, you have direct control over your investments. This isn’t the case with other types of investments, where you’re subject to the fluctuations of the market.

Real estate investing allows you to earn passive monthly income from your tenants. It’s a great option for long-term investors who want to add to their retirement funds or want to reach another financial goal faster. You can also earn tax benefits when you choose this type of investment.

Investing in real estate is also great because, in many cases, you’re investing in a physical asset. That asset is also insured and always has value. Even when the market drops, your investments are still worth something.

Real Estate Investment Cons

There are lots of reasons why real estate investing can be a great option. It’s not right for everyone, though.

Real estate investing can be quite time-consuming, especially if you plan to rent and sell multiple properties.

As a real estate investor, you might also have to act as a landlord and deal with tenant issues — unless you choose to hire a property manager, which can be expensive.

Real estate investments are insured, but they come with additional liability, too. It can also be hard to secure financing, and you’ll have to make sure you keep tenants at all times, otherwise, you could be subject to serious cash flow issues.

Getting Started with Real Estate Investment

After reading through the pros and cons of real estate investment, have you decided that it’s something you’d like to pursue?

Whether you want to invest in commercial real estate, residential real estate, or mixed-use real estate, it’s important to have a good investment strategy up your sleeve.

Read on for some tips that will help you get started and make the most out of your investments:

Do Your Research

Start by doing some research into the real estate market in the area where you’re considering buying property. Learn about the different types of properties you can purchase, too, and think about which one is ideal for you.

Set Goals

Think about what you want to accomplish with your real estate investing, too. Why do you want to invest? What do you want to do with the money you earn from investing?

Raise Funds

Your next step is to secure funding for your property. Start meeting with lenders to see who will help you fund your investment. Keep in mind that lenders are often more willing to provide funding for commercial properties than for residential properties.

Buy Your First Property

Once you’ve secured funding, it’s time to purchase your first property! You might want to consider hiring a realtor to help you find a great property in a great location.

Fix it Up

Depending on the state of the property when you purchase it, you may need to do some renovating to get it up to code and suitable for tenants. You can also fix up properties and then sell them for more than you paid — this is known as fixing and flipping.

Find Tenants or Buyers

If you do decide to rent out your property, you’ll need to start looking for tenants.

List your property on real estate websites or in the local paper to find people who are looking for a place to rent.

If you’re going to flip your property, you can still list it on these websites or in the local paper, you’ll just be looking for buyers instead of renters.

Learn More About Investing Today

So, is real estate a good investment? For many people, the answer is yes.

The key to really benefiting from investing in real estate, though, is to make sure you’re that you have a good strategy in place. Keep these investment tips in mind and you’ll have a much easier time seeing benefits from this type of investing.

Do you want to learn more about investing?

Whether you want to continue to pursue real estate investing or you want to learn about other options, you’ll learn everything you need to know by checking out the Investing section of our site.

Visit it today for all kinds of helpful articles on investing and making your money work for you.

Why You Should Seek Advice From a Mortgage Adviser

Getting a mortgage can feel like a long, complicated process at times. From working out your budget to finding the right deal, to calculating all the various costs, it can feel like a lot. As a mortgage is one of the most significant financial decisions that you’ll make in your life, it’s crucial that you do all you can to make sure that you’re find the right product for you.

With how much there is to cover when choosing a mortgage, many people enlist the help of a professional to find the right deal. Either an online service or a physical person that you got to see, a mortgage adviser is there to give you advice during the whole process as well as helping you find the right deal.

Mortgage Advisers in a Nutshell

Mortgage advisers (or brokers) are there to act as a middle man between you and the lender.

There are thousands of loan products on the market split between many lenders, so trying to go through them all and find the right one might seem like an arduous task. If you talk to a bank or building society, even if you’ve been with them for many years, they will only have a small number of loan products and definitely won’t tell you about any better deals out there.

If you use their service, it’s then their job to find you the deal best suited to you and your situation. Most will also offer to help work out other costs as well such as Stamp Duty, Life Insurance or Building’s Insurance.

How They Work

There are two different types of adviser: Online and physical. While both have the same goal, they operate in different ways with the outcome depending on your own input and financial situation.

They are legally required to offer advice when they recommend any kind of loan to you. With a physical adviser, the first thing they will do is assess your financial situation. They will do this by looking at the documentation you provide them. This will usually include:

  • Bank statements (At least three months’ worth)
  • Your most recent P60
  • Payslips (at least three)
  • Business accounts (Only if you’re self-employed)
  • Proof of address (a recent utility bill)
  • Proof of identity (A driving licence or passport)

After the paperwork has been reviewed, they will usually ask more questions about your financial situation to gain a better understanding of your needs. Should you have special circumstances, they will also need proof. It’s always a good idea to be as organised as possible before your first meeting. If you want to make sure things run smoothly, all available paperwork should be on hand as well as any questions you might have already written down. Plus, having all your documents to hand will already give you an idea about your current financial situation even before you meet with an adviser.

The Benefits of Getting Advice

While talking to a professional before you apply for a mortgage isn’t a legal requirement, it does have many benefits. One of the main ones is that they are experts in their field. Plenty of people find the process confusing, so an adviser will be there to guide you through and explain everything in plain English.

Since a mortgage adviser has a good idea of your finances, they’ll be able to work out the level of repayments you’ll be able to afford month to month as well as what the best type of loan will be. This means you’re all but guaranteed to end up with a mortgage deal that’s perfect for you.

They will also have the resources to look into all the deals on the market, with some even having exclusive deals with certain lenders. Many will also offer to chase any conveyancing paperwork for you which can mitigate some of the stress involved in the whole process.

If you still aren’t sure, remember that you aren’t limited to talking to just one. Feel free to consult mortgage advisers, your bank and do your own research if you really want to get all the information that you can.

The Risks of Not Seeking Advice

If you choose to apply without getting any advice, it’s called an “execution-only” application. While this is an option, keep in mind that it comes with its own set of risks.

Even those who are financially savvy can feel overwhelmed by the process of getting a advisor. If you do it alone, you must bear full responsibility for your choice. You could end up for the wrong type of deal for your situation which would be a costly mistake. You could also be rejected from your chosen lender. While no lender will say no just because you didn’t take advice, they will if you either didn’t understand the restrictions of the deal or what type of circumstances the deal was originally designed for.

Getting advice will also give you more rights should you want to complain. If you get advice and the mortgage you end up with turns out to be unsuitable, you’ll have more of a legal leg to stand on.

It’s important to think long-term when applying for a mortgage. Not only is it a huge financial decision, but it’s also one you could be paying off for decades. While it’s completely your decision whether or not you seek advice, keep in mind that it’s a few hours of your time that’s helping set you up for borrowing a lot.

3 Benefits to Using Adelaide’s Property Market Valuation

If you’re looking for an expert team of property valuers operating around Adelaide, then it’s important to do your homework first. Property valuation is an essential engagement for lenders, home buyers and sellers as well – it allows all involved stakeholders to unearth the fair market value of a particular property. There are four essential elements that determine the value of properties around Adelaide: demand, scarcity, utility and transferability.

The property in question must provide enough utility to attract prospective buyers. Check out this property valuation in Adelaide to understand the median value of homes within this region.

Here are 3 benefits to using Adelaide’s property market valuation:

 

  • Reliable and accurate

 

The most essential element of any effective property valuation is accuracy and reliability. Property valuers are responsible for examining different properties and assessing their value based on the four key pillars described above. Sadly, some valuers only conduct a single property valuation and post this information online so the public can view it. Such valuations soon become outdated and unreliable, providing inaccurate information to those who require it. Rather than conducting only one valuation, it’s important for property valuers to examine the same property frequently and update their property market valuations.

In Adelaide, all property valuations are accurate because they are kept up-to-date. If you’re looking to sell your Adelaide home, you can easily get a reliable house value estimation online. Home buyers can learn about the current suburb house trends and selling history in Adelaide by conducting a thorough online search.

 

  • It’s easy to compare different properties

 

Buying property isn’t a walk in the park – it requires proper planning and budgeting. You also need to identify a serene neighborhood that contains all the appropriate amenities such as water, electricity and security features. Using the reliable property market valuation in Adelaide will help you to locate a variety of houses whose prices fall within your budget. Once you’ve pinned down a few properties, you can compare them based on price, location, design and a plethora of other factors. Creating a succinct list of potential properties will help you make an informed decision.

Properties in Adelaide have a tendency to increase in value as the years pass by. Homeowners who reside within this city can take advantage of the escalating values of their properties by requesting for an in-depth property valuation. This way, they’ll successfully learn about the current value of their homes and what renovations can be implemented to increase this value even further.

 

  • Superb customer service

 

Property valuers in Adelaide esteem their clients above everything else. If you have questions regarding the state of Adelaide’s property market, simply contact any professional valuer within the city. They will provide crystal-clear responses to any inquiries you might have. In case you require valuation services, the professional Adelaide property valuers will conduct a prompt valuation of your home and prepare an accurate valuation report containing all the essential info you require. These professionals are always willing to answer your every beck and call.

These are some of the benefits you can accrue from utilizing Adelaide’s property market valuation.

Tips to Save for your Dream Villa

Buying the first home might seem like a wishful fantasy especially if you have not saved enough. Although at first it may look far-fetched, you can practice some stringent measures and save a considerable amount within a short time. Investing in a home is one of the biggest investment decisions you will ever make in your life.

Here are tips to help you save for your dream house

  1. Ascertain how much you need

The first step is to determine the amount you need to save. The clarity will help you create a clear plan and access the requirement for a mortgage application. It will also motivate you to start saving. You should consider partnering with someone in the family or a spouse to save more. Extra help will help meet the target faster.

  1. Open a home saving account

After determining the amount of money you will need, it is advisable to open a savings account. You should open a saving account that is solely dedicated to home saving. Make sure you have compared the different savings accounts available to get the best interest rates. To avoid the temptation of impulse spending, you can try to give yourself some days’ notice to access the money.

iii.            Sort out your budget

Once you have opened a saving account, it is time to get your finances in order. You can use an appropriate budget planner to keep track of your income and expenses. When planning for the budget, remember to include daily expenses like lunch, coffee, and transportation. This will provide you a clear view of your finances. Also, it will help you come up with realistic goals.

  1. Manage your household costs

If you want to realize your saving goals, you should cut your household expenses. Small things such as switching off lights and unplugging chargers can help you save a good amount of money in the long run.

  1. Bring in your lunch

You can avoid buying food every day by sparing some few minutes in the morning to prepare for home-made lunch. Apart from helping you save, it is also a good way to stay healthy. There is an unlimited number of blogs and videos on the internet on how to prepare quick meals.

Emaar Arabian Ranches 3 is of the biggest off-plan properties in Dubai. It is developed by Emaar Properties which is one of the largest real estate developers in the UAE. The project is scheduled to be completed by 2021.

5 Things You Should Know About The Costs Of Selling Your Home

When you decide to sell a house, prepare to incur more charges on top of the commission you will pay the agent. Some of the costs you will pay are closing costs, repair costs, staging costs and relocating costs. Other costs that can be incurred include landscaping, cleaning and repairs.  Also, you may incur additional charges as you look for the highest bidder. This article delves into costs that you need to know about when you decide to sell your house. It will help you know how much it costs to sell your house.

  1. Real estate commission

It is the amount of money you pay the agent that will market your house. Most agents charge between 5-10%.

  1. Preparing the home for sale.

Before you list the home, it is critical to ensure that it is ready for the market. This way, it will attract buyers who will be willing to pay more.  Also, you need to hire somebody to clean the carpet. It will cost you about $50 to hire a professional cleaner.

  1. Staging

You will incur expenses to arrange your home to make its best features be seen. The features will attract buyers and make them want to pay more. It entails improving on the décor, arranging the furniture to make it more appealing. To do this, you may need to hire a stager. When you stage your house, it will increase the selling price by an average of about 5%. They will charge you about $3,200 to do the job. You can save this money if you choose to do the staging by yourself. But the problem is that you may not do the job to the expected standards.

  1. Landscaping cost

Very few people know that the outside of a home is important when you want to sell it. So, you will need to spend some money on the landscape to increase the value of your home. Note that the landscape matters a lot to online shoppers.  They will be looking at things like flowers, mulching, pruning, and the loan cover.

  1. Home repairs

Of course, most of you think this is the most important thing when you want to sell a house. Yes, it is, and it determines how much money you will get when you sell off the property. All you need to do is to ensure that your home is looking good before you list it. It will reduce the likelihood of making huge concessions when you put the offer on the table. Have a home inspection check-list and walk through all the necessary repairs one at a time. Also, ensure that you give your house a new coat of paint.

Once you have done the repairs, landscaping, and staging the home, the house will be ready for listing.  List it with agents who understand their job. Don’t go for cheap agents since they are likely to sell the house at a low price. A good agent should charge you between 5 and 6 percent.