Melissa Barth's Blog
New Bedford, MA 02740
Rental properties are becoming extremely common in the world we live in today. Many people are realizing the huge profits they can make from rental properties, and the need for these rentals isn’t going away any time soon. If you’ve ever wanted to be a landlord and rake in some cash on the side, you’re not alone. However, buying rental property isn’t always easy and there are some things you should understand before getting the keys to your new home.
Make Sure You’re Ready
The fact of the matter is, owning rental property is harder than it looks. From insurance and laws to home repairs and dealing with tenants, it can all be a very time-consuming and stressful job owning a rental property. And if owning property isn’t your full-time gig, the process can be even more difficult. Make sure that you do your homework and that you’re prepared for anything that can happen regarding your new property. Research everything that needs to be done for a rental owner, then also look up how to manage tenants properly. Also, managing a property takes a lot of time and energy, especially if it’s your first time. It's also important to have the right schedule while managing a property. While you can still have a full-time job, you should have the flexibility to meet with the tenants and take care of repairs or issues when needed.
Keep a Proper Budget
When owning rental property, you’re owning a home that can see damage, which can be very costly. And if you don’t have the money to handle repairs and disasters when they strike, then you could have a home just sitting there with no tenants interested. This is why you should always budget for the unexpected. Some examples of what can go wrong include:
Be Cautious of a Fixer-Upper
While you’ve always had a dream about buying a fixer-upper and creating something incredible, this dream doesn’t pan out for many. That’s because many of these people bite off a little more than they can chew, and they don’t have the time, energy or resources to really build something profitable. Therefore, you should be very cautious before trying this method for yourself. It is possible to make money from a fixer-upper, but it takes tons of work and can be very difficult, especially if you’re buying your very first rental property. Dealing with one of these properties might require spending thousands on materials, hiring professionals, dealing with plumbing issues and possibly dealing with structural damage. While you may be very tempted, try looking for a property that needs a few simple renovations and one that is priced below market value.
Preparation is Key
Before you jump into buying a rental property, consider the three tips outlined above to have confidence throughout the process. This will ensure that you're well-prepared for what's to come. Fixing a home, dealing with tenants and paying for insurance can all be stressful, so it's best to understand these responsibilities before purchasing a rental property.
If, on the other hand, you adopt more of an isolated lifestyle, then the experience of home ownership may be a lot less fulfilling.
Taking the time to have a friendly chat with your neighbors, once in a while, can be helpful both now and in the long-term. While not everyone has a gregarious, outgoing personality, making the occasional effort to say hello can open the door to a number of benefits.
Home Security: The best neighborhoods are those in which everyone looks out for one another. When you know your neighbors on a first-name basis, they'll be a lot more likely to keep an eye on your house and let you (or the police) know when they observe any suspicious activity. It's also nice to feel comfortable enough to be able to ask your neighbors to watch your property while you're away -- either for the weekend or when you're on vacation. Even in low-crime areas, burglaries and vandalism has been known to happen, so it's in everyone's best interest to know their neighbors and be ready to help. Although Neighborhood Watch groups are not active everywhere, there's no reason why people still can't be alert and responsive to loitering, trespassing, or other questionable activity.
Networking Benefits: You may not need a plumber, electrician, or a reasonably priced HVAC technician, right now, but sooner or later, you will -- guaranteed! There may also come a time when you need emergency child care or fast help jump-starting your vehicle. You're probably not going to approach your neighbors for help if you don't know them, but there's a good chance you will if you do have a rapport. By sharing information, resources, and recommendations with neighbors, you'll be paving the way for a mutually beneficial relationship. While you may or may not become best friends, it's nice to know that there's someone nearby you can count on for support and help.
Feeling of community: Although some neighborhoods have a more friendly, close-knit feeling than others, it's often easy to break the ice with neighbors when you're outside -- either doing yard work, walking your dog, or going for a stroll. By taking the initiative to welcome new people into the neighborhood, you'll not only have a positive impact on their lives, but you might even forge a new, long-term friendship. You can also make social connections by chatting with people at yard sales, block parties, or by joining and being active in neighborhood Facebook or Nextdoor groups. While it may feel easier to just keep to yourself and avoid venturing outside of your comfort zone, becoming part of a larger community in your neighborhood (and beyond) is often much more rewarding!
For those who recently bought or sold a house, it may be only a matter of time before you need to pack up your belongings and move them to a new address. As such, you'll likely need to figure out how to properly pack your artwork to reduce the risk of damage while moving.
Luckily, we're here to help you take the guesswork out of packing your artwork prior to moving day.
Let's take a look at three best practices for packing artwork.
1. Use Acid-Free Tissue Paper
Acid-free tissue paper offers advanced protection against moisture – a serious problem that may cause artwork to fade or deteriorate.
You should have no trouble finding acid-free tissue paper at any store that sells moving and packing supplies. Plus, acid-free tissue paper usually is inexpensive and can make a world of difference as you pack up your artwork.
Ideally, you'll want to wrap an entire piece of art in acid-free tissue paper. This will offer immense protection until you unwrap your artwork once you reach your new home.
2. Take Advantage of Specialty Boxes
Specialty moving boxes are available for artwork. Pick up a few of these boxes, and you can pack your artwork accordingly.
Use caution as you place artwork inside a moving box. Ensure the artwork is secure inside the box before you seal the box as well.
Also, don't forget to label all moving boxes, including those that contain artwork. Place a "Fragile" label on boxes that contain artwork to further minimize the risk of damage during your move.
3. Store Artwork Carefully in a Moving Truck
When moving day arrives, you'll want to do everything possible to guarantee your artwork travels safely from Point A to Point B. If you place artwork on its edges and in a spot where it won't fall over inside a moving truck, you can limit the chance that your artwork will get damaged while in transit.
In addition, you may be able to wedge artwork between heavy objects in a moving truck. That way, you can secure your artwork throughout the moving cycle.
If you require extra help as you pack your artwork and other belongings, it often pays to hire a professional moving company. This business employs friendly, knowledgeable moving experts who can help you streamline the process of getting all of your belongings to a new address.
Lastly, a real estate agent is happy to put you in touch with moving companies in your area. This housing market professional understands the challenges associated with packing artwork and other items and can provide plenty of support as you get ready for moving day. Furthermore, a real estate agent will ensure anyone can achieve the optimal results during the homebuying or home selling cycle.
Simplify the process of packing up your artwork – use the aforementioned best practices, and you can quickly and effortlessly prepare your artwork for moving day.
Finding the right house that meets your family's needs is an important decision; it's one that can affect the quality of your life for years to come. That's why it's especially important to be in a focused, resourceful state of mind when house hunting. It's also helpful to have a clear idea of what you're looking for and have a system in mind for comparing the strengths and weaknesses of every house you visit.
Knowing What You Want
Chances are, you're going to approach your house search with some preconceived notions about features like the floorplan, bedrooms, and number of bathrooms. You may also have strong preferences for a particular school district, the size of the back yard, and proximity to neighbors. One thing's for sure: There are a lot of details on which you'll need to concentrate as you meet with your real estate agent and visit different homes for sale. While conditions are not always ideal for taking it all in, here are a few tips which may help you get the most from the experience.