WINTERIZATION
Ever dealt with a broken pipe? Water gushing effortlessly out of a brick wall and not sure why?
Not having winterized your outside water spigots could be the issue. How do you avoid this dilemma? Easy. Turn OFF all interior water valves to your exterior faucets. OPEN exterior faucets and leave them open during the winter. Detach and drain all of your outside hoses.
You can go one step further during very low temperatures and increase the warm air circulation in the house by opening interior doors, as well as cabinet doors under the sinks, especially when your water lines are next to exterior walls.
In the event of a burst water line, immediately TURN OFF the interior main water valve and report the problem to your plumber…or your property management company.
Home Buyer Credit
President Obama signed the new tax credit into extension today. A few key changes:
1) DATES: extended through contracts ratified April 30, 2010, and CLOSE June 30, 2010;
2) First time homebuyers: $8000 or 10% of sales price, (whichever is less);
3) Existing home owners: $6500
4) INCOME: single: up to $125,000 to max of $145,000; joint: $225,000 with max to $245,000
5) SALES prices capped at $800,000
GOOD LUCK!! I am here to assist!
Katja Hom
Renting Your Property – Part II
Consulting a professional management company often eliminates possible issues with tenants at a later time. Too many owners develop relationships with tenants, not realizing that this might cross the path of keeping business and leisure separate.
The most common question owners ask when consulting a real estate professional: I have tenants living in my property and they stopped paying the rent. What do I do?
Well, got to do something! Hiring a lawyer might be the more important step at this point. Incorporating a professional management company will provide immediate assistance with the possible cleaning and prep work, so the house may be placed back on the market and new tenants can be found.
The annual cost for hiring a professional management company is rather minimal compared to hundreds of dollars you might spend trying to evict non-paying tenants. Like most things in life – we don’t see the benefit until it might be too late. Don’t wait for that to happen, act today and consult with a management company preferably in close proximity to your rental home.
Website to consult prior to employing a property management company:
Property Management Services
Every year, more and more owners become satisfied clients of Avery-Hess, Realtors® Property Management, because we give you, and your property, the service and attention you deserve!
We work hard on your behalf, striving to create the best possible situation for you and your tenant(s). Our goal is to ensure your tenants are happy, responsible, and reliable individuals who will take proper care of your investment.
For more information about our property management services, contact Katja Hom at khom@averyhess.com or at 703-448-0485 ext. 113.
Renting your Investement – Part 1
You got a great deal on a foreclosure, you spent the last few weeks renovating, fixing and cleaning the property and are ready to have a renter move in. After all, you know that people are becoming wealthy every day due to their real estate investment. You’re ready to be wealthy. If it would only be so easy.
Renting your investment might be the hardest piece of your wealth building plan. Consulting professional management companies can not only save you time but most likely money. The “Do-It-Yourself” approach can be difficult if emotions are involved. Renting an investment property is a task that involves several steps. The following are provided by Avery-Hess:
- Marketing your property
- Screening all applicants
- Rent collection
- Establishment of an escrow account for the security deposit.
- Making all payments, including mortgage, taxes, repairs, home owner association/condo fees, etc. (if requested by owner).
- Providing 1099 statements for tax purposes. Automatic generation of late notices to tenants.
- Consistently tracking lease status and expiration dates to prepare for renewal or new tenant search.
- Strictly adhering to local, state, and federal regulations regarding fair treatment of tenants.
- Maintaining contact with each tenant, responding quickly to questions or problems.
- Representing the owner in any disputes, including court representation. Informing the tenant when their lease is nearing completion and, if desired by the owner, offering renewal to the existing tenant.
- Ensuring all issues are resolved upon tenant vacancy, and handling security deposit issues as needed.
For more information about our property management services, contact Katja Hom at khom@averyhess.com.
