Category: Home Solutions

Renting out your home can be a great way to earn extra income, especially if you’re not using the space yourself. However, becoming a landlord can also be daunting, especially if you’re unfamiliar with the process. This article will provide a comprehensive guide to renting out your home, covering everything you need to know. And remember — taking care of the details — all the details — is what we do, in excellence. So don’t let the process feel too daunting, we can take care of it all for you! Just give us a call to discuss!

The time has come. You bought an investment property. You upgraded the cabinets, patched up the walls, and put in fresh new carpets. Finally, you are ready to start renting out your house — or are you?

As a first-time landlord, you might be wondering what do you need to rent a house and feeling a little bit anxious about choosing the right tenant and entering into a binding lease agreement with them. After all, you may be stuck with them for a while. There are requirements to rent a house that you need to be aware of, and the process of renting a house can seem overwhelming at first. But as a new landlord, learning how to deal with unexpected situations goes with the territory. To help you on your journey, follow these steps to renting an apartment, and you will be well on your way toward managing your rental like a pro.

Set your price and paperwork.

Figuring out how much would my house rent for starts with evaluating your property. One of the first things you need to do is to establish a fair market price for your rental. The best method is to research comparable rental properties in the area. Choose other rental homes that have similar features and amenities to yours for a more accurate comparison.

Another thing that is absolutely essential to do before listing your rental is to make sure you have an ironclad understanding of state and federal fair housing laws. The Federal Fair Housing Act makes it illegal to discriminate against tenants on the basis of race, color, national origin, religion, sex, familial status, or disability. Know that various states have laws that protect additional classes. In practice, this means you need to be very careful in how your rental listings are worded. For example, saying your home is “great for families” would be a violation as it potentially discriminates based on familial status.

Finally, you’ll need to prepare a rental application and a lease agreement. The lease is a binding agreement between you and the tenant that grants them the right to inhabit and use the property. It also outlines the duration of the lease, the monthly rental amount, any fees, and policies — such as whether pets are allowed or not. Because state laws vary, you’ll need to make sure that any lease or application form you choose conforms to the laws where your rental is located. To be on the safe side, consider getting an attorney to draft these documents for you.

Consider ways to boost your investment.

• Add solar panels: The addition of solar panels not only appeals to conscious tenants but lowers utility costs as well. Google’s Project Sunroof can calculate the savings potential for your home.
• Adding rental storage spaces: Adding additional storage space, such as a backyard shed, is an amenity that can boost the rental amount. If you have a tenant that isn’t interested in the storage space, you could rent it out to someone else for storage only.
• Make it pet friendly: While you might be inclined to not allow pets because they might cause damage, any incidents are typically covered by rental deposits and by the best landlord insurance policies. By allowing pets you will widen your potential tenant pool and can earn additional income by charging pet rent.
• Include a washer/dryer: An in-unit washer dryer is one of the most sought-after amenities. Some renters won’t even consider your home without it. Having one in the unit or house will allow you to charge more for rent each month.
• Don’t neglect the yard: Curb appeal matters when it comes to rentals. Great-looking landscaping can help you command higher rents. Outdoor living spaces such as patios, decks, and fire pits, can add value as well.

Get listed.

The moment you’ve been waiting for — advertising your rental. There are a handful of methods for getting bites on your property, but we will start with the most basic first. If you’re lucky, putting a “For Rent” sign out front might be all it takes. But unless your property is on a busy street, you might be waiting a while. Classifieds in your local paper are the next logical step. You can also list on Craigslist or rental listing aggregators like Apartments.com for a small fee.

Your other option is to hire a real estate agent who will tell you exactly how to become a landlord — by finding you a tenant. Realtors typically charge anywhere from half a month’s rent up to the full monthly rental rate as a commission. This might seem steep, but could be worth it if your rental is in a particularly competitive market and you are having trouble attracting tenants on your own.

You may also potentially be able to list on a home rental site like Streeteasy. The site includes all of New York and its boroughs, and you can set up listings to include what amenities you’re offering, any limitations your property has, and more. Streeteasy also allows you to upload photos and videos of the property and show potential tenants the surrounding neighborhood, all for a small fee. You can also work with a brokerage to list here. Other areas also have sites similar to this, Apartments.com, and even Zillow that can help you find tenants more quickly.

Conduct tenant screenings.

Once you find a prospective tenant, you’ll need to screen them. This primarily involves checking their credit report, verifying their income, and looking to see if they have any criminal convictions. You will also want to ask about their previous rental history. What minimum standards you are willing to accept is up to your discretion, but it is a good idea to have those in writing so they are applied equally to all prospective tenants.

Primarily you will want to avoid running afoul of fair housing laws, so make sure you don’t ask any questions that could be considered discriminatory, whether in person, on the phone, or in a rental application. Some questions you can ask include:

• How many other occupants will be living with you?
• What do you do for work?
• Why are you moving?
• Do you own any pets?

Set up your payment portal.

When putting the lease together you’ll need to let your tenant know how rent is to be paid. As a landlord, you can generally choose which forms of payment you are willing to accept, but it must be written into the lease. For example, you may choose not to accept cash or personal checks. You also need to establish not only when rent is due every month, but also how rent can be paid, whether it is by mail, placed in a drop-off box or via a payment portal.

In addition to the previous, you should also establish a policy for late rent. Oftentimes, landlords provide a grace period, allowing rent to be paid up until the third or fifth of the month, but it’s important to have a fee schedule in place in case your tenants don’t pay rent on time. This can be up to your discretion, but including it in the rent will make it clear to the tenants.

Many landlords are opting to accept payments via online payment portals. These are becoming more commonplace as landlords discover the reliability they offer in terms of collections. Some platforms are free for landlords to use, while others offer more robust features for a nominal fee. Including this information in the lease packet for a new tenant will make sure you’re both on the same page.

Ready to take the hassle out of managing your rental property? We’re here to help! Our team can maximize your investment and minimize your stress. From managing showings to timing rent collection — we do it all for you. Let us know if you have any questions. Call us today at (954) 545-3027 and follow us on Instagram @homesolutionspm.

Reference: [https://www.mymove.com/moving/renters/how-to-rent-out-a-home/]

The world of real estate — like almost every other industry and sector — has seen monumental changes over recent years. Where once buying a home was a long-term goal of every generation, the newer demographics are not as motivated; they prefer to rent. Additionally, millionaires are capitalizing on the benefits of renting more than ever, as evidenced by this eye-opening insight into the phenomenon. 

Homeownership is the one true goal for Americans seeking financial security. At least that’s the advice handed out like candy at Halloween or beads at Mardi Gras. But, in fact, many Americans choose to rent, not because they can’t afford to buy a home, but because they find renting to be advantageous.

A newly published report from RentCafe.com about high earners and millionaire renters indicates that the American household is changing as homeownership is not a priority for everyone, especially not for Millennials and Gen Zs. With 43 million families living in apartments, the highest level in half a century, renting is popular even among high earners who are able to buy, but prefer to rent their home instead. In fact, the most recent analysis of IPUMS (Integrated Public Use Microdata Series) data shows that the number of renters with annual incomes of over $150,000 grew by 82% between 2015 and 2020, faster than renters overall, who inched up by 3.2% during the same time frame. There are now 2.6 million high earners living in rentals in the U.S. and among them is a new ritzy kind of tenant: the millionaire renter.

High-income renters earning $150,000 or more saw rapid growth of 82% in five years — the most significant increase among all income groups — followed by renter households with annual incomes between $100,000 and $150,000. At the same time, middle-income renters grew at a slower pace, but still posted double-digit increases. The only segment to register a drop was that of households earning less than $50,000, which decreased by 11.2%. This is explained by low-income renters moving in with family members when the pandemic started, as well as households whose earnings grew and transitioned to higher income groups.

Why would those who can afford to buy turn to renting? Part of the answer may be found in high home prices, which made homeownership less attractive, especially for those well-heeled residents in pricey locations. This becomes even more obvious when comparing home prices to renter income in the cities with the highest increases in high-income renters: In nine of the 10 cities where the number of top-earning renters leapfrogged considerably, growth in home prices was higher than the national average (29%.)

An even more interesting phenomenon of the past few years is the rise of an unlikely new kind of tenant — the millionaire renter. The number of renter households with incomes of more than $1 million reached a record high of 3,381 in 2020 — three times as many as there were in 2015, when 1,068 millionaires were renting their homes in the U.S., according to the most recent data from IPUMS.

While home prices could be considered an obstacle even for high-income renters, what stops some millionaires from stepping on the homeownership ladder? It might be an issue of comfort and smart investing. Often homebuyers are struck with the realization that their new property needs more maintenance than expected. Couple this with the flexibility of moving between cities to pursue new career opportunities and that explains why even the most affluent sometimes choose to rent their home. Additionally, some high-earners, including some millionaires, prefer to funnel their cash into other types of assets that hold value.

According to a survey from Charles Schwab, Americans consider that an average net worth of $1.1 million represents being “financially comfortable.” And being financially comfortable appears to be a Millennial trait, with this demographic making up a majority (28%) of millionaire renters. For many Millennials of homebuying age and with above-average incomes, lifestyle renting is a better choice than owning. This mindset is mirrored among millionaire Millennials, too, who, unlike their Baby Boomer parents, decide to rent despite having the financial resources to own.

Gen X follows closely behind, making up 23% of millionaire renter homes. As the first generation that redefined and broke away from the American dream of homeownership, Gen Xers initially turned to renting due to the strain brought on by the 2008 housing crisis. Today, they’re following the same lifestyle renting trends as their younger counterparts.

According to IPUMS data, the rental home size of millionaire households varies across the U.S., with three-bedroom homes being the national average. Millionaire renters in Washington, D.C. have the largest homes. On average, they have five bedrooms, followed by Jersey City, NJ with four. Alternatively, in cities like Los Angeles, San Francisco and New York, the average home size is three bedrooms.

Wealthy renters live mainly on the coasts, specifically in California, New York and Washington, DC.

Do you have rental property and need help leveraging its value, finding the ideal tenants, or managing it? Leave your real estate needs in the hands of the Home Solutions experts! We are here to enhance your real estate ventures with personalized, concierge-like services that we will design exclusively for you! Get in touch today by calling (954) 545-3027 or connecting with us here.

In an increasingly fast-paced, busy, and stress-inducing world, it is a small wonder that people are placing more value on making their homes a haven of self-care and wellness. Making a few upgrades to your home can enhance your quality of life while you are there and increase its attractiveness to potential buyers if you were ever to sell. There are rarely such win-win opportunities, and it does not need to break the bank to get there. Consider some of these healthy home upgrades for the new year ahead.

There are countless articles and blog posts focusing on which home improvements will yield the greatest financial return on investment. But there’s another way to look at the ROI conversation: Which home improvements offer the best potential for improving your personal well-being. Those include the five facets of wellness design: health and fitness, safety and security, accessibility, functionality, and comfort and joy. Given the increasing importance of wellness to homebuyers, they might also add to the salability of your home when you do choose to put it on the market.

“It’s understandable why everyone is concerned about maintaining a healthy home,” comments Caroline Danielson, director of showrooms for upscale chain retailer Ferguson Bath, Kitchen & Lighting Gallery, adding that with recent research being made more widely available on the links between home and health, “It is no surprise that many homeowners are considering renovations that improve more than the look of a home.” These can all help homeowners clean faster, cook smarter and rest easier, she notes.

Technology

The topic of technology for wellness – including air and water quality, tunable lighting, and acoustic comfort – are all gaining popularity. “The pandemic brought the interest level up even higher,” observes Josh Christian, CEO of the Home Technology Association trade organization. Covid made the need for healthy indoor air urgent. Wildfires add to that urgency, with their smoke and ash infiltrating homes in nearby regions, and pollution is an ongoing issue in some areas.

“In-room portable air purifiers have exploded in popularity,” Christian shares, “though many homeowners aren’t aware that their whole home can have pure air with specialized air filtration systems.” These installations can be done through home technology integrators, he adds. “A good system can improve the safety of people in a home.” Real-time monitoring capabilities for water quality are not as advanced, Christian notes, “but when water filtration is part of a smart home system, there is extensive testing done up front to identify the best solution for the specific location needs.”

Materials

This is a challenging topic, because so many products offer both wellness benefits like softness underfoot, flame retardants and antimicrobial protection, while unfortunately introducing chemicals that can be damaging to our bodies. “The chemicals that help make a product flexible, light, sturdy have major side effects on our health including cancers, decreased fertility in both men and women and other hormonal related health issues, thyroid disease and elevated cholesterol,” cautions Alison Mears, director of the Healthy Materials Lab at Parsons University.

Looking at one surfacing material you’ll find in every home: countertops, Mears suggests porcelain slab manufactured without lead or asbestos, and natural materials like wood and granite (that may require more upkeep). For flooring, she warns against one of the most popular materials on the market today: luxury vinyl tile. Toxic dioxins are released during their manufacture that an persist in the body for years after exposure, she reveals. “With links to cancer, reproductive disorders, and hormone disruption, they have been called the most toxic man-made substance ever created. [Vinyl] floors also contain phthalates, which are endocrine disruptors. It is important [to] seek healthier alternatives in linoleum, cork, natural rubber, or bio-based materials that avoid any inclusion of vinyl,” she recommends. Options Mears prefer include floating engineered hardwoods with natural finish, ceramic tiles without heavy metal glazes, linoleum and polished concrete with a nontoxic finish.

When it comes to cabinetry, carcinogenic urea formaldehyde is a major element to avoid, Mears advises. NAUF (no added urea formaldehyde) products that reduce its use are a safer option. You’ll also want a cabinet with nontoxic finishes.

Appliances

Danielson points to appliances as one category where technology has always been a trending topic; lately it’s been heavily focused on wellness. “From steam ovens that allow homeowners to effortlessly prepare healthy meals to high-capacity, sanitizing dishwashers with settings to eliminate 99.999% of food soil bacteria by adding a high-heat final rinse to sanitize dishes, appliance technology is becoming more sophisticated.”

She points to a new category too: indoor plant growers. “Herb growing cabinets have captured homeowners’ imaginations,” the retailer observes. “Imagine making a salad with farm-fresh micro greens or cooking a meal and having the ability to use fresh herbs available right in the kitchen. All organic greens offer superior flavor and the best nutrition.”

Another category Danielson notes is the clothing refresher, which adds convenience to time-pressed homeowners. These allow homeowners to care for delicates without using harsh chemicals common in dry cleaning, she notes. They can also safely sanitize bedding between guests and children’s stuffed animals.

Fixtures and Faucets

“With the push for better health and wellness, home fixtures and faucets are now a great way to improve your overall well-being,” Danielson shares, pointing to the latest in water filtration systems and steam showers. The former will help ensure that the household is drinking clean water daily. “In addition to filtering out contaminants like lead or chlorine, these systems can also reduce smells and tastes that make your drinking water less desirable,” she says.

“Steam showers allow users to relax while enjoying aromatherapy benefits. They are especially beneficial for those with respiratory conditions or muscle tension as the warm steam helps open airways and decreases muscle soreness,” Danielson comments.

“The wetroom is seeing a surge in demand due to its frameless, zero entry design concept that creates an open and spacious atmosphere.” These spaces that place a tub within an oversized shower enclosure provide aesthetic appeal and greater accessibility, but as the Ferguson executive notes, their “increased popularity is largely due to their ability to keep germs from hiding in hard-to-reach places and allows for easy maintenance and cleaning.”

In general, she is seeing an increased focus on hygiene-enhancing fixtures. “Touchless faucets can help limit exposure to dirt and bacteria, while providing users with convenience and ease,” she notes.

Lighting

The pandemic has definitely had an impact on lighting. “Homeowners clean the air with a ceiling fan that cools and circulates the air using ultraviolet technology, verified through independent laboratory testing to kill 99.99% of SARS-CoV-2 (causes COVID-19) and other airborne pathogens while safely neutralizing allergens, odors, and fumes,” Danielson says.

She also points to lighted exhaust fans as problem blockers: “By removing moisture and odors effectively with a lighted exhaust fan, homeowners can prevent mold, bacteria and fungi growth on surfaces in bathrooms, laundry rooms or other humidity-prone environments.”

Danielson is bullish on preset dimmers as a great new lighting option for wellness, she says, noting they “make it easy to adjust your lighting levels depending on the time of day and can be set to ensure you have enough light without causing eye strain or discomfort.” This is a particular benefit to older adults for both safety and comfort. “This age-friendly feature ensures that you don’t have to worry about straining your eyes when trying to find something in a dark area or dealing with overly bright lights when going outside at night.”

Circadian lighting, also called tunable lighting or human centric lighting, is another way to boost wellness in this category. Many more manufacturers are offering these solutions now and the category has massively grown in the past four years, HTA’s Christian observes. This has also led to lower prices and more availability, but you get what you pay for when it comes to this technology, he warns.

Outdoor dark sky lighting is another new innovation that helps the health of your household and the planet. Health-wise, it reduces blue light emitted from LED bulbs, linked to sleep disruption in some individuals, Danielson comments.

Chromotherapy is another great innovation, often used in primary bathrooms. “This type of lighting uses certain colors to promote relaxation and healing properties in the body,” the Ferguson executive says. “Using different shades of blue or purple, you can create a calming environment that will reduce stress and anxiety while cleansing yourself or taking a warm bath or shower.”

Wellness Tips from the Pros

“When looking to upgrade your home in a way that promotes health and wellness, it’s important to visit reputable showrooms and work with a designer or contractor you trust,” Danielson recommends. “There are special certifications for wellness and universal design. For example, a certified universal design professional will help homeowners create an environment that emphasizes comfort and safety for all ages and abilities. Homeowners can ask the designer about their certification and determine if their specialty matches their wellness goals.”

Christian highlights the importance of working with professionals too. “Homeowners, architects, interior designers, and builders need a qualified home technology professional to consult about the latest in wellness tech,” he recommends and this consultation needs to start at the beginning of the planning process.

Mears keeps it simple: “Ask the questions: What is it made of? Do I need it?”

Last Words

One of the happy coincidences of climate change action is that can create healthier home interiors too. This urgency is driving local, state and federal legislation and incentives to reduce fossil fuel consumption, as Mears points out. Since their byproducts go into surfacing materials like LVT, cutting back on their use could lead to healthier homes too. Cutting greenhouse-causing emissions helps drive incentives to swap gas cooktops with induction models. What’s healthy for the planet can be healthy for you and your home.

You don’t have to be a billionaire to make healthy home changes either. “What we are learning is that affordability varies a lot based on budget, region and creativity. And a lot of what we can do to decrease costs or direct the budget to better materials is to change our practice,” Mears shares. She also notes that a simpler material palette might allow for higher volume in selected products and possibly offer better pricing. Being strategic with choices – e.g., a one-coat paint and primer combo – can reduce labor costs and, of course, working with a wellness designer who has relationships with healthy products manufacturers and flexible margins can save the homeowner money.

Resources

• Healthier Cabinetry – Healthy Materials Lab
• Materials Collections – Healthy Materials Lab
• Six Classes: A new Way to Eliminate Harmful Chemicals – Green Science Institute
• Acoustics Guide – Home Technology Association
• Technology Resource Guide — Home Technology Association

AUTHOR’S NOTE: