Security deposits – a tenant鈥檚 last line of defense against unexpected cleaning fees and a landlord鈥檚 safety net for surprise damages. Ideally, when a lease ends, the deposit is returned in full – or, at the least, with reasonable deductions. Unfortunately, the reality is not always such a happy ending.

Many tenants in California find themselves faced with a refund check that is suspiciously light or, worse, missing altogether. There are times when a conversation with the landlord can lead to a fair resolution; for other times, heads will not stop metaphorically butting, and eventually, the time comes to take things up a notch. And by 鈥榰p a notch,鈥� we are talking small claims court.

When to Act

First, let us set the stage. California law is fairly clear on security deposit returns:

Landlords have 21 days after a tenant moves out to return the deposit, which must be accompanied by an itemized list of any deductions. If a landlord were to miss this deadline (or if the deductions seem more like an exercise in creative writing than a legitimate expense breakdown), you may well have grounds to take legal action.

Not every dispute warrants a trip to court. If your landlord is deducting for actual damages beyond normal wear and tear, that is their right. But if they鈥檙e charging $500 for 鈥榙eep carpet cleaning鈥� when you left the place spotless – or claiming an entirely new refrigerator is needed because of a couple of minor scratches – there鈥檚 a good chance you鈥檙e dealing with an overzealous attempt to keep more of your money than is fair or warranted. In that case, it is time to weigh your options.

Attempting Diplomacy Before the Legal Battle Begins

While the idea of serving your landlord with a court summons might feel satisfying, litigation should always be a last resort. First, try the good old-fashioned route of good-natured communication. Send a polite – but firm – letter or email, outlining your concerns; and by all means reference (Civil Code Section 1950.5) if you want to sound fully aware of your rights. Ask for documentation of any proposed deductions and suggest a deadline for a fair resolution.

If that does not yield results, a demand letter is the next step to take. This is essentially a formal

鈥業鈥檓 serious, give me my money鈥� notice warning the landlord you are prepared to take legal action. Courts tend to look favorably upon tenants who have attempted to resolve the issue amicably before filing a claim; plus, sometimes, just the mention of court is enough to get a stubborn landlord to back off and agree to fairer terms.

The Power of an Attorney Demand Letter

If polite requests and a personal demand letter go unanswered, you might consider taking things a step further with an . While hiring a lawyer isn鈥檛 required for small claims court, a letter from an attorney can sometimes work wonders. These letters carry extra weight, because they signal that legal action is imminent and that you are serious about pursuing the matter. In many cases, landlords respond quickly to avoid the hassle and potential costs of litigation; if your landlord continues to ignore your requests or refuses to negotiate fairly, then small claims court remains a strong next move.

The Small Claims Court Process: Filing, Fees, and Facing Off

Landlord still is not budging? Small claims court is calling. Fortunately, California鈥檚 system is designed to be accessible – no lawyers are necessary. You can sue for up to $10,000 (plenty to cover even the most extravagant deposit disputes), and the process is relatively straightforward:

Step 1: File Your Claim

Head to your local small claims court (or check online) for the proper forms. You will need to provide details about your case, including the amount you are suing for and why you believe the landlord is in the wrong. Filing fees range from $30 to $75, depending on the amount you are seeking; if cost is an issue, you can apply for a fee waiver.

Step 2: Serve the Landlord

Your landlord needs to be formally notified of the lawsuit, and this is not something you can do (or should do) yourself (California courts are very fussy about that). You will need a process server, a sheriff, or even a friend who is not involved in the case to deliver the papers.

Step 3: Gather Your Evidence

Winning in small claims court is all about documentation, so bring everything: lease agreements, move-out photos, email exchanges, text messages, receipts, even a witness if you have one. If your landlord deducted $300 for a scuffed wall, but you have a time stamped photo showing it was already there before you moved in, that is the kind of proof that can tip the scales in your favor.

Step 4: Show Up and State Your Case

Court dates can take weeks or months to arrive, so be patient. When the day comes, dress professionally and be prepared to tell your story clearly and concisely. The judge will ask questions, review evidence, and, in many cases, decide on the spot. If the ruling is in your favor, your landlord will be ordered to pay up. If they refuse to, you may need to take additional steps to enforce the judgment – but that is another story.

Post-Verdict Possibilities: Collecting What鈥檚 Rightfully Yours

Winning in court is one thing; getting your money back is another. If the landlord does not pay voluntarily, you might need to use wage garnishments, bank levies, or even place a lien on their property. Fortunately, most landlords will comply once a judge tells them they must; after all, defying a court order is not the best business strategy.

Know Your Rights, Keep Your Receipts

Security deposit disputes are frustrating, but California law is on the side of tenants when landlords overstep. The key is to stay organized, act promptly, and be willing to go through the necessary steps. If you ever find yourself in a deposit tug-of-war, remember landlords hold the money, but tenants hold the law. Sometimes, the courtroom is the only place to make sure that balance is restored.

The post Security Deposit Disputes in California: When and How to Use Small Claims Court appeared first on Blog | 皇冠体育app.

Are you a rental property owner wondering how the home-office deduction might apply to you?

Owning rental property can be lucrative, but you need to understand all the laws, especially tax-related laws, which might impact your revenue.

Jeffrey Zhou, CEO and Founder of , advises, 鈥淣ever leave money on the table. Understanding tax laws is one of the smartest investments a property owner can make. It can mean the difference between maximizing profits and missing out on valuable savings.”

Tax regulations are typically complex, but knowing the law and the potential benefits you can legally claim may open doors for revenue growth and cost savings.

Tax laws are best discussed with a tax attorney or CPA. However, this article will give you an idea of the possibilities available with home-office deductions.

Let us get started!

What is the Home-Office Deduction?

鈥淭he home office deduction is a tax benefit available to self-employed individuals and business owners who use a particular part of their home solely for business,鈥� shares David Haskins, CEO at .

鈥淚f you qualify,鈥� he adds, 鈥測ou may take advantage of allowances for expenses such as mortgage interest, insurance costs, utilities, repairs, maintenance, depreciation, and rent for the portion of your home that serves as an office for your business.鈥�

Do Rental Property Owners Qualify for the Home-Office Deduction?

The landmark case answers this question. In this case, the court held that the petitioner, a dermatologist who managed six rental properties, was entitled to deduct expenses for the portion of his home used exclusively and regularly as his principal place of business for rental activities.

This principle is notable because it established that managing rental properties can be considered a trade or business for tax purposes, even if it is not the taxpayer’s primary occupation.

However, the first thing to note is that the home-office deduction applies only to people running an active business or trade. While many businesses, including rental property businesses, qualify under this provision, passive investors are excluded.

To claim the deduction, there are three key requirements:

• Exclusive Use: The designated space must be used solely for business.
• Regular Use: Business activities must be conducted consistently and continuously.
• Principal Place of Business: Your home office should be the primary location for managing your rental properties.

Conrad Wang, Managing Director at , weighs in with some advice for rental property owners. He says, 鈥淭he key to proving that your home-office meets the requirements laid out by law is demonstrating that you have or play an active role in managing your rental property.鈥�

Even if you have agents working for you, their activities may also count in determining whether your involvement in the business would qualify you to claim the home office deduction.

Who Will Not Qualify for the Home-Office Deduction?

If you are still unclear about whether your business might qualify for the home-office deduction, here is a list of people who will not qualify:

1.     Passive investors

Passive investors invest in a business but do not actively participate in its operations. Since they are not considered self-employed or business owners, they do not qualify for the home office deduction.

2.     Employees

Employees who work from home are not eligible for the home office deduction if they are employees rather than self-employed or business owners.

3.     People who use their home office for other businesses

If you use your home office for multiple businesses, you cannot claim a deduction for any of the businesses. This is because the space must be used exclusively for one business or for other rental properties that individually meet all the requirements to qualify for a home-office deduction.

For example, a person who owns four rental properties may dedicate a room in her home exclusively to managing them. She may use this room to meet with tenants, process repairs, and manage the finances of her properties. Thus, she likely qualifies for deducting a portion of her home expenses from her rental expenditures.

On the other hand, a person who owns a rental property but hires a property management company to oversee all aspects of the business and only occasionally reviews reports in his home office is a passive investor and will likely not qualify for home-office deductions.

Using a property management firm might not aid your chances of qualifying for a home-office dedication, but there are times when you might need one. We answer this question in our article on determining whether you need a property management firm.

Claiming the Home-Office Deduction

Expenses related to the portion of your home used exclusively and regularly for your rental property business are included in your overall rental expenses. These expenses might consist of a prorated portion of:

• Mortgage interest
• Property taxes
• Insurance
• Utilities
• Repairs and maintenance
• Depreciation

One thing you can do to improve your chances of qualifying for a home-office deduction as an active owner of rental properties is to acquire some real estate credentials.

Grant Aldrich, Founder of , explains, 鈥淎chieving real estate professional status isn’t just a badge; it鈥檚 a game-changer for tax efficiency. This is because the IRS will more readily recognize your rental activity as an active business.”

Final Word

The home-office deduction offers an excellent opportunity for rental property owners who actively manage their businesses.

Gary Hemming, Owner & Finance Director at , shares this insight: “Every bit of gain in managing your taxes counts toward your revenue and bottom line. If you are a rental owner, claiming tax deductions on your legitimate home-office tax home is smart, and you should investigate it. Otherwise, you鈥檙e practically giving money away.”

With your taxes and tax deductions properly accounted for, you can create realistic rental property budgets and plan accordingly.

Be sure to keep meticulous record-keeping to support your case in the event of a dispute with tax authorities. These records are also pivotal in the event of a legal dispute.

As Lev Peker, CEO at , shares, 鈥淭ax planning is a year-round endeavor. Understanding deductions like the home-office rule can significantly reduce your tax liability. Keep detailed records of all income and expenses related to your rental properties, including documentation of your active involvement in managing them.鈥�

You will also need to keep these records even after you have filed your tax returns. In the US, the IRS actually asks that tax records and supporting documentation be kept for at least three years after you file your tax returns.

As we have shown in this article, you will have detailed, specific rules to comply with to claim a home-office deduction successfully. We strongly recommend you consult a lawyer or CPA for tax advice specific to your circumstances.

For more information on growing your revenue with real estate, we recommend reading this helpful guide to investing in real estate.

The post The Home-Office Deduction for Rental Property Owners appeared first on Blog | 皇冠体育app.

You spend most of your time in the kitchen, either preparing food or eating, so even if you rent, you will probably want to add some d茅cor and personality to make it look and feel like home. However, renovating a rental property kitchen is not always feasible because there might be explicit instructions in the rental agreement not to make any major changes to the property without the owner鈥檚 consent, or the landlord may prohibit any modifications to the interior. This, however, does not mean that you cannot make minor d茅cor changes to the house.

You can easily make cosmetic changes to the kitchen that are not permanent and will not infringe on your rental agreement. Whether it鈥檚 better to own or rent property now is an ongoing debate. But the reality is that for many people, renting is the answer because they might not be able to get financing yet, or they may need a temporary home while advancing their careers or just starting out after college. Fortunately, there are ways to give a rental property a little personality with a few tweaks here and there. This article discusses eight simple ways to give a rental kitchen a renovation or revamp with a limited budget and zero hassle.

Install a Peel-and-Stick Backsplash for a No-Fuss Kitchen Renovation

A great way to give a rental kitchen a quick and affordable refresh is to update the backsplash. These are fantastic because they come in sheets of various designs and colors that can be cut up for smaller spaces or tiled together for larger areas. They have a tacky back that makes them easy to apply and removing them is just as simple because they do not leave any residue or marks behind. You can tile the entire wall or just the area behind the stove and sink where most splashes occur. This will also make clean-up easier because the stickers have a glossy finish that can be wiped clean with a little dish soap and a microfiber cloth.

If the landlord permits you to install a permanent backsplash, then they will definitely require the renovating company to be registered with the required professional bodies in the area so that all work completed complies with the region’s standards. For instance, a reputable kitchen renovation company in Toronto will be uniquely qualified to deal with safety regulations and directly contact building material manufacturers to ensure the entire project is of the highest quality. You can to learn more about the kitchen renovation process and what to expect when renovating a kitchen in a rental home.

Add Caf茅 Curtains for a Quaint Look

If no curtain rails or blinds are installed on the kitchen windows, then an easy fix is to hang caf茅-style curtains instead. These curtains slip onto a retractable curtain rod that fits inside the window frame and is held in place with suction stoppers that adhere to the walls. This means that you can make them as long or as short as you need. And their easy installation mechanism does not require any drilled holes.

Add Rugs to a Boring Floor

More often than not, rental properties are designed with neutral finishings, making them easy to maintain and repair when necessary. Some landlords do attempt to make the properties look unique by including wow factors in the rentals, like modern light fittings or attractive flooring, but your rental property might not have these.

If the kitchen floor looks a bit worn or boring, a pretty rug or mat with bright patterns or designs can give it an instant upbeat feel. Areas in the kitchen prone to lots of foot traffic, like the stove area, sink area, or the spot in front of the fridge or door, can benefit from a mat or rug.

Use Wall Decals to Add Personality to a Rental Kitchen

The plethora of available wall decals makes it possible to give a rental property kitchen a unique look that can be easily removed when you move and reapplied in your new home. You can arrange them in a pattern to mimic wallpaper or group them together in little vignettes all over the kitchen鈥攅ven on the cupboard doors.

Try some stickers with oversized fruit or vegetables for a fun twist on traditional wall d茅cor. There are motivational sayings or stickers of your favorite desserts with which to adorn your walls so that you always feel inspired to cook. They are also great conversational starters.

Hang a Large Mirror or Artwork to Make the Space Feel Bigger

If you have a small kitchen in the property you are renting, there are some tricks you can use to create the illusion of more space. The first is hanging a large piece of art on a wall as a focal point to draw the eye. The second is to use mirrors to reflect light in the space, making it feel bigger.

The natural tendency is to hang small frames in a small space, but this only reinforces the cramped feel of the space. By using large mirrors or framed art, you鈥檒l be playing with proportions to and make the kitchen feel spacious. The larger the mirror or frame, the better.

Switch Out Cabinet Hardware to Add Elegance

The cabinet doors and drawers will probably have standard brushed metal or plastic handles or knobs that are easy and cheap to replace if damaged. But you can easily swap these with matte black or copper hardware to give the kitchen a modern feel.

Be sure to first measure the distance of the holes in the cabinets where the handles screws in to ensure the ones you replace them with will fit because you do not want to have to drill holes in the landlord鈥檚 cupboards. Then keep the old handles and screws in a plastic Ziploc bag to put them back when you move out.

Add Ambient Lighting Under Cupboards

It is unlikely that you will be able to replace light fixtures without permission or without a qualified electrician. But if you want to dramatically change the look of a rental property kitchen, then lighting is the ideal way. Lights play a significant role in your , so having a well-lit kitchen is essential.

You can adhere LED light strips beneath the wall cabinets or along the cupboard kickplates to add ambiance to the space. These strips have various color and dimness settings to enhance the look of a rental kitchen and give it an upscale feel.

Include Extra Attractive Storage

Installing extra storage space in a rental home鈥檚 kitchen is easy with a free-standing shelving unit. The modular units that are available at most retail stores make it possible to create a custom unit that fits the available space and that you can reconfigure when you move out. Not to mention that a free-standing shelf can be placed on large castors and moved around the space to create a room divider if the area is open plan.

Conclusion

Renting a property does not have to mean you are limited in your d茅cor and kitchen improvement choices. Things like peel-and-stick tiles and wall decals can add unique personality and intrigue to your rental property kitchen. Adhesive LED strips are also easy to install along the cabinet tops or bottoms to give the kitchen a modern look. Throw down a funky rug to cover dull tiles or worn floorboards or hang a set of caf茅 curtains to disguise a dull view. If you feel like the hardware is boring, swapping the handles and knobs is simple too. Kitchen storage can sometimes be limited in rental properties, so using DIY modular units to increase storage space is a great way to enhance the look of a kitchen and make it more functional.

The post 8 Creative Ways to Renovate Your Rental Property Kitchen on a Budget appeared first on Blog | 皇冠体育app.

Real estate scams cost buyers, renters, and landlords billions of dollars annually. The transition to digital real estate solutions and a rampant housing market resulting from the COVID-19 pandemic has seen them increase more than ever before.

You should be mindful of these four real estate scams currently trending in the digital sphere, from wire fraud schemes to phony home and apartment listings.

1. Closing Wire Fraud

Buying a house is equally exciting and nerve-wracking whether you’re a first-time buyer or someone constantly on the move. Imagine the stress when a transaction is nearly completed and the closing funds suddenly vanish.

According to the Federal Bureau of Investigation’s (FBI) 2021 Internet Crime Report, wire fraud accounted for investments and closing funds in the United States. However, only were reported, with victims losing an average of $100,000 last year.

Real estate transaction schemes are a popular tactic for hackers to scam homebuyers, often impacting closing and title companies the most. The scammer hacks inboxes looking for a pending transaction, then creates a legitimate-looking email address as a credible alias.

They use the email address to send the buyer wiring instructions for a down payment, mortgage or final closing costs, which are funneled into the scammer’s accounts instead. Buyers often lose hundreds of thousands of dollars they will likely never recoup.

Wire fraud scams gravely impact buyers, sellers, and the entire real estate industry. Clear communication between all parties regarding wiring money is the only preventive measure to avert these digital real estate scams.

2. Timeshare Resales

The American Resort Development Association (ARDA) estimates that 鈥� many of whom probably signed up excitedly while on vacation themselves.

Timeshares appear to be a fantastic opportunity at first, but they typically prove burdensome. Buyers often get regarding the right of refusal, survivorship, and continuity within the never-ending pages of the contract.

As if the initial timeshare signup wasn’t dishonest enough, resale scams are also gaining traction. For example, scammers call timeshare owners pretending to be real estate agents with an interested buyer.

They might use real names, personal details, business phone numbers and, sometimes even professional websites and paperwork to appear credible. Once they’ve convinced you to sell your timeshare, they’ll ask for you to wire the money upfront. You’ll likely have lost a large sum of money by the time you realize the buyer and sale were fake.

The Federal Trade Commission (FTC) reminds sellers to contact their timeshare management company or developer directly and fast transactions, several interested buyers, and guaranteed returns on the unit.

3. Phantom Rental Listings

There were about in the U.S. in 2021, a historic high not seen since 2006. However, with the increase in properties hitting the white-hot real estate market, an uptick in online phantom listings has surfaced 鈥� especially in the rental sphere.

Consumer credit reporting agency TransUnion detected a from March to August 2020, including many fake tenant identities and listings.

Craigslist is a hot spot for fraudulent rental listings. It’s possible to find a great deal on an updated apartment in a safe neighborhood, but Craigslist hosts many scammers eager to take advantage of prospective renters.

Scammers will search reputable listing sites 鈥� such as Zillow and Trulia 鈥� collecting photos, descriptions, and other essential details. They’ll create a fake rental listing on Craigslist using the stolen pictures and captions, pricing the unit below market value.

Renters then contact the scammers thinking they’ll get a good deal, often putting a placeholder deposit down without ever seeing the unit in question. The scammer clears the funds only for the renter to find out the listing was a hoax.

Whether you’re buying or renting, if a listing looks too good to be true, it probably is.

4. Short-Term Rentals Payments

Short-term rentals from Airbnb and VRBO have grown in popularity throughout the last few years. Short-term rental bookings are becoming more common as the world reopens from COVID-19, with people looking to travel again. However, property managers and guests are at a heightened risk of being targeted by various scams.

The most typical short-term rental scam has to do with transactions. Scammers might ask Airbnb users to pay a security deposit or for a booking outside the platform by check or a third-party app. They often persuade renters with the promise of a beautiful rental at a discounted rate. A similar scenario happens to the property managers and owners who fall victim to phone scams from interested Airbnb and VRBO users.

People reserving a short-term rental should conduct all bookings, communication, and payments through the official platform.

Avoid Falling Victim to Digital Real Estate Scams

Technology has reshaped the real estate industry, making it easier to perform marketing and sales tasks. However, while online wire transfers are faster and property listings can reach broader audiences, real estate professionals, buyers, sellers, and renters must be vigilant and protect themselves from digital scams.

About the author: Evelyn Long is the editor-in-chief of, an online resource for the real estate market. Her freelance writing has been published by the National Association of REALTORS庐, Insights for Professionals and other prominent industry magazines.

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There are many reasons why people decide to sell their property. One of the most common ones is, of course, profit, or the lack of it. You might have spotted a chance in the market to profit by selling your property, or you have simply realized that renting it will not bring you the kind of profit you’re looking for, so you naturally decide to sell it. Nevertheless, there are many other reasons why people opt for this decision.

Selling a rental property is an exciting adventure, but you need to do it right. This is precisely why our 皇冠体育app team has decided to share some valuable tips for selling a rental property, so let’s get into it.

Come up with a reasonable price

Without a doubt, profit is the most important thing to any seller. The price you set will determine how much profit you’ll make. However, setting a price is very complicated. You need to consider many factors. For example, setting a price too high will make it more difficult to sell. Incorrect pricing can result in a longer time on market or offers below your asking price.

On the other hand, pricing it too low could lead to a quick sale, but you could wonder if you made as much profit as you should. Therefore, it’s essential to study your market and do some comparative analysis. That will help you find a middle ground and set a reasonable price that’s appealing to both you and the buyers. Working with an experienced agent is essential when it comes to figuring out a competitive sale price.

Prepare your property for the market

This is complex and probably one of the most time-consuming tasks in the sales process. Staging is an integral part of the real estate world. So, you can’t avoid this if you want a successful sale. Staged properties will undoubtedly sell much quicker than empty or highly personalized ones because you are helping buyers envision themselves in the space. Your property simply needs to appeal to future buyers. Otherwise, they’ll look elsewhere. How much work there is to do will depend on the unit’s size and the land’s size. But bear in mind that there are some upgrades to avoid when selling certain properties.

The importance of good photography

Once your property is staged, it won’t account for much if you don’t take good photos of it. Once again, make it appealing to potential buyers. Photography is an art, so if you want to do it right, you might want to hire professionals. Indoor photos are crucial because the interior is often what buyers look at the most. Consider arranging the furniture in an appealing way prior to photos.

Also, if some pieces of furniture are not in good condition, you should probably get some new ones. If you do, make sure to that will expertly transfer the furniture from one place to another. Preparing your property for sale is simply too important a step to neglect. Therefore, make sure to do it right.

Boost your income prospects and minimize the expenses

Two essential tips for selling a rental property are maximizing the income prospects and, naturally, lowering the expenses as much as possible. The challenge is to do this without jeopardizing the appeal and quality of your property.

There are specific ways to add value to your home without breaking a budget. This also works well with minimizing the expenses because you won’t spend much. Improving your kitchen or bathroom is one of the first things that come to mind. Increasing the curb appeal of your property is also important. You can do all of this without significant expense. And, as far as the costs are concerned, you can get affordable modern appliances for your property that will lower the operational cost and, at the same time, make the property appealing to buyers.

Study your market

Understanding the market is crucial when dealing with real estate in any way. While we’re sure you’re familiar with some aspects of your market and how it works, it won’t hurt to learn an extra thing or two. Keep this in mind when studying the market:

• Is the economy stable in the area, and what is the unemployment rate? (Bad economy lowers the prospects of your profit)
• Is now a good time to sell? (Depending on if the rental prices are going up or not)
• How many houses in the area are for sale? (Fewer houses lead to a quicker sale)

Connect with advisors who understand the process

Everything in life is much easier when experts in a particular field are helping you out. Their services will often cost money, so prepare for some expense. However, this is a vital process, and you should do everything in your power to avoid risks. Gather a team of professionals around you. Research legal advisors to consult and hire one of the best local real estate agents to boost the chances of a successful sale.

Final thoughts on selling your rental property

Even if your market is good for sellers, you won’t maximize the profit by neglecting some of these tips for selling a rental property. Make sure to devote enough of your time and attention during this period. If you put in the necessary effort, we have no doubts that your sale will be a success for both you and the buyers. Good luck!

The post 7 Tips for Selling a Rental Property appeared first on Blog | 皇冠体育app.

Renting a property out may seem like a relatively simple task, but for first timers, there’s a lot to learn.

That said, once you have a clear understanding of what’s involved, it’s a matter of working through the steps to best ensure that you attract great tenants, and everyone can have a positive experience.

Here are the critical steps to take to rent out your property for the first time.

Understand and Adhere to Legal Obligations

As a landlord, it is your responsibility to understand and adhere to the local, state, and federal laws pertaining to landlords, rental properties, and tenants. Some of the primary ones include:

• Discrimination – there are federal laws in place to prevent landlords from discriminating against tenants and applicants.
• Lease agreements – landlords must follow their state’s rules regarding lease agreements. For example, if a state law stipulates that landlords must give a five-day grace period for late rent, the lease agreement must not specify a shorter period.
• Security deposits – landlords can collect security deposits in every state, but local laws differ regarding how much you can collect, where you can hold that deposit, and more.
• Safe living conditions – landlords are responsible for maintaining a safe rental property for their tenants to inhabit. Appliances must be working, and heating, cooling, plumbing, and electricity must all be functioning well. There cannot be mold or pest infestation issues.

In addition to these, there are laws regarding repairs, tenant privacy, evicting tenants, criminal activity, and how to go about ending lease agreements.

Prepare Your Home for Tenants

In accordance with the laws and regulations that you have researched for your particular state, you can prepare your property for tenants.

The better the property’s condition is at the start of the tenancy, the better the condition you can expect/demand upon the cessation of the lease. In other words, give the property a deep clean, ensure that all appliances are in good working order, and most importantly, make sure that every aspect of the property is up to code. There are many resources online that provide checklists for rental properties, and these can help ensure that you don’t miss anything important.

If you have completed significant renovations, you may need to reassess your property value. Don’t forget to to see if you need added protection.

Determine the Rental Price

This can be tricky, as you obviously want to get the best price for your property while remaining competitive and attracting the right renter.

Take the time to do some research in your local area. You will likely find an abundance of information online, with similar properties for rent in your area to gauge a price from. If it’s hard to find any direct comparisons, it may be helpful to calculate an average of all the asking rents in your area for similar size and styled properties.

Market the Property

Once you have prepared the property for rent, it’s time to advertise it. Start by writing a listing that describes what makes the property most appealing. In addition to the standard details regarding the number of rooms, etc., include any desirable features, such as a swimming pool, hardwood floors, granite surfaces, air conditioning, etc.

Take photos of the property in sunny daylight, taking time to perfect the angles to best showcase the home. Be sure to include pictures of the features that stand out the most.

Next, you’ll need to post the advertisement. Local newspapers can still be effective, but you certainly want to make sure you get maximum coverage on reputable websites. You can also utilize the highly effective local reach of social media – is a great example of this.

Carefully Screen Prospective Tenants

It’s essential that you thoroughly screen applicants and choose your tenants extremely carefully – after all, you will be relying on them to take care of your property, pay the rent on time, and be respectful and reasonable when communicating and problem-solving with you.

You will need to gather and check references and run a check on their credit history. Many people opt to use tenant screening services for this or put their property in the hands of a property management company altogether. This may cost you around 10% of your monthly rent, but it takes a huge weight of responsibility off your shoulders, and you can learn a great deal from their expertise.

Seek Professional Guidance

Whether or not you choose the property management route, you will need to seek out professional guidance for a variety of tasks. Everything from ensuring that you are abiding by the local property rules, zoning guidelines, tax laws, etc., will require expert advice.

Real estate attorneys can assist you in navigating your state’s landlord-tenant regulations, as well as drawing up a legally binding contract that adheres to these rules. An accountant can help you identify your tax deductions and prepare your tax returns.

The internet has made it significantly easier for first-time landlords to navigate renting out their property unassisted, but it still requires a great deal of work and research. Get clear on your preferred strategy upfront for maximum efficiency and seek the guidance of a property management service if it’s all too daunting.

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If you鈥檝e decided that you want to rent out your home or investment property, you may think that all you need to do is publish a listing and, voila! You鈥檝e got a new tenant! Well鈥� renting out your property may not be as simple as it seems. Before creating a listing online, there are a few things you need to consider.

Look into Rental Rates

Choosing an amount of rent that is both fair and competitive is important to securing a tenant. First, make sure to research how much landlords are charging per square foot in your area. This will help you get a rough estimate of what you should charge for your property based on its size and the number of rooms.

Next, consider the advantages and disadvantages of your property to adjust the rental price. Some key aspects to review include:

1. The condition of your rental. Are there any rooms that require renovation? Are there urgent repairs to be made?

The general condition of the property determines the overall opinion of the potential tenants. Therefore, rental units with improvements or those that have undergone repairs are more attractive and have significantly higher prices.

Often times, newly constructed rental properties are preferred by the tenants. Modern housing construction is distinguished by high quality, use of selected materials, and better functionality.

2. The location. Is the property near the city center or is it located on the outskirts? Is it close to schools or shopping? In the current market, the location has the most influence on a residential property鈥檚 market attractiveness and price.

Location is becoming more and more important for tenants. Being in proximity to reliable public transportation, parks, and public institutions like schools and universities make a property more desirable and are an incredible advantage when it comes to finding tenants.

3. The elevation of the property. Is your rental unit a top-floor apartment with a great view, or is it located on the lower floors where it is easier to access? Does your home have stairs? Tenants have different requirements and preferences, but make sure to accurately describe your property while emphasizing the perks.

By taking all these factors into account, you will be able to come up with a rent amount that is both competitive and fair.

Increase the Value Proposition

As a landlord, you must put yourself in the shoes of a potential tenant and think about what would make you want to pay a certain price for a rental, and what would cause you to pass. Consider investing money in improving the aspects of your rental unit that most tenants value. Focusing on improvements that appeal to a small demographic will likely not raise the value of your rental.

After you鈥檝e carefully analyzed the condition of your property, you may want to address some of the disadvantages that it has or enhance some of its key selling points. For example, you may decide that the kitchen is in desperate need of improvement or the bathroom should be retiled. Research the investment to estimate the return on investment that you can expect- some renovations may not make financial sense to undertake.

Screen Possible Tenants

You wouldn鈥檛 invite a complete stranger to your house, would you? You can (and should) apply the same logic when it comes to renting out your rental unit. The more you know about your tenants, the better. lets you learn about your applicants鈥� financial, criminal, and rental history, helping you make a more informed decision and thus greatly increasing your chance of rental success.

Tenant screening reports will often help you notice any red flags in the applicant鈥檚 application. For example, you will know if they have been sued in the past by their landlord for past-due payments or if they have a long criminal record. Additional red flags could include a long track record of evictions, a low credit score, legal problems with previous landlords, damages, etc.

Having more information about your potential tenants lets you objectively evaluate and compare applicants. In addition, it guarantees that you are handing over legal possession of your property to qualified tenants that are likely to pay their rent on time and keep your property in good condition.

Create a Comprehensive Lease

Before renting out your property, you need to ensure that the lease you will sign with your new tenants covers everything that might come under dispute later down the line. In addition, you need to consider that as a landlord, you can be held accountable for everything not strictly outlined in the lease. Here are some things you should add to your lease:

1. Document the state of the furniture and the rooms of your rental thoroughly. This will ensure that you will be compensated if your tenants happen to leave your property in poor condition.

2. Include areas for the names of all of the occupants as well as an occupancy limit. This will help you prevent any unauthorized visitors from staying on your property.

3. Specify the amount of rent, acceptable payment methods, due dates, and late fees. For example, you likely do not want to receive rent payment in cryptocurrency.

4. Clearly state if you allow pets on the property and if you do, what types and sizes. For example, for smaller rentals, you may allow small pets like parrots, turtles, and fish that aren鈥檛 capable of damaging your furniture.

5. Make sure to specify who pays the utility bills as well as the repercussions for late payments.

After you have drafted the lease, make sure that it is signed by all parties.

In Conclusion

Deciding to rent out a property is a major choice, and there are several factors that you should consider before finalizing your decision.  Take the time to research the local rental market, potential improvements, and the return on the investment.  While leasing out properties can be a great opportunity for some owners, it may not make sense for everyone.

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One of the biggest disputes among renters and landlords is the security deposit. Almost all apartment management companies or landlords require one. If a problem does arise, it usually involves the renter receiving less than the amount they thought they were entitled to.聽 Let’s dive into scenarios and common questions about security deposits. Specifically we will attempt to answer the question of how renters can get their entire deposit back quickly.聽

What is a Security Deposit

First of all, the security deposit is your money. Its purpose is solely to be used against any damage that you cause during the rental.聽

For example, if you damaged anything inside the unit that needs to be repaired, this will be deducted out of the security deposit amount.聽 It is not to be used for anything else.聽

Some states actually require the landlord to deposit the money into a separate account. They must also report the name of the bank, and the account number to the lessee.聽

Common Misconceptions聽

Contrary to popular belief, unless it’s clearly stated in your lease, you don’t have to clean your apartment home before you move-out. Your landlord cannot charge you because you didn’t dust the blinds or vacuum the carpet. But they can charge you for leaving trash on the premises.

Some renters falsely believe this, and will spend cleaning beneath the appliances and scrubbing the toilets. Our professionals recommend that if you spend time doing anything, that you make repairs to any damages caused directly by you or your guests.聽

Your security deposit is not supposed to be used to pay your last month’s rent. If you leave your rental home without paying your last month’s rent, you won’t receive a refund. In fact your landlord may come after you in court to get the last month’s rent you didn’t pay. 

Proper Uses of the Security Deposit

State law will dictate what sorts of repairs you will be liable for, and other items that should not apply. Remember landlords realize that there will be typical “wear and tear” as a result of tenants inhabiting and using the rental home.聽 This is not classified as damaged due to abuse.聽

聽Let’s go over some examples that will show the normal wear and damage.聽

Normal wear and tear might be:

• A few stains in the carpet聽
• Faded blinds from direct sunlight
• Thin scratches in the wood floors
• Small holes in the walls
• Finish beginning to wear away from knobs and handles
• Cracks in ceiling from the foundation shifting

Here are some examples of damage that a landlord can subtract from the security deposit:

• Punch holes in the walls
• Heavy and numerous stains in the carpeting
• Deep scratches in the wood flooring
• Malfunctioning dryer due to tenant not changing filter
• Cracked mirrors or windows
• Chipped tile in the bathroom or kitchen

While the landlord understands that the condition of the accommodation will certainly be worn out after everyday use, they don’t expect to have to pay for repairs. If you or a guest of yours damages the apartment, after you move-out they will deduct money from your security deposit.聽

Schedule a Walk-Through Before Move-Out

Checklists should have been provided to after you submitted ,聽 but before you took possession of the unit. This is where you had the opportunity to list any defects. Remember to take photos as documentation. This will eliminate confusion.

Before you hand over the keys to the landlord, you want to schedule a walk-through with them. They will inspect the entire rental space while you accompany them. They should be able to tell you what damages, if any you will be responsible for. 

If there are no damages, then you can rest easy. Just make sure you don’t leave any trash on the premises and move-out.聽

If there are damages, then you will have a couple options at this point.聽

1. Let the landlord make the repairs. These will be deducted from your security deposit. Some states will require that the landlord provide receipts. If the damages exceed the total security deposit, you will be required to pay.聽
2. You could potentially make the repairs. If you are certain that your workmanship will be sufficient, you might be able to save yourself from any future charges.
3. If you don’t agree with the damages you may dispute them, but this is not the easiest method.

When to Expect Your Refund聽

So you moved out and handed over the keys. Remember that you also need to include a forwarding address. The landlord cannot be held responsible for holding onto your deposit if you don’t include the forwarding address.聽

Most states dictate by law that the landlord must return your funds used for the security deposit within 30 days. If not, you can take them to small claims court.

Any damages should be itemized. If you live in a state like Massachusetts, the landlord must provide copies of the receipts as proof.聽

So there you have it, that is how to get your security deposit back after you move out. Make sure to leave your past home clean and in best shape possible!

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Are you looking for an apartment to rent? Are you wondering what some of the most essential considerations before committing to an agreement with a landlord? Moving into a new apartment can be an exciting new chapter in your life. Whether it is your first apartment or your tenth rental, there are some things you need to do and understand before you commit to a lease.

While renting an apartment should be more relaxed and less stressful than buying a home, there are some potential issues you need to think about to avoid problems, let’s take a look.

Your Credit History

Having an excellent credit score is essential when buying a home, but it can also play a role when renting apartments too. You may be renting because your financial history isn’t the best, but some landlords will need to see you have a good credit score to accept you as a tenant.

For this reason, you would be wise to check your credit score before starting your renting apartment search. A score of around 700 and above, is typically considered reasonable. If you are in the early stages of thinking about renting an apartment, you may want to sign up with . Credit Karma is an excellent tool for getting your financial house in order whether you are renting an apartment or buying a home.

By using the site, you will get your credit report along with your credit score. The beauty of using a site like Credit Karma is that it will show you the many ways you can improve upon your credit score.

Paying Rent Doesn’t Contribute to Your Score

Landlords don’t normally give details to credit bureaus, so even if you pay on time every month, don’t expect to see an improvement to your credit score. Paying credit card bills or other loans on time each month will have a positive effect on your credit and should be something you consider if you want to improve your score.

Changing Rental Costs

The rent you have to pay for your new apartment isn’t fixed and will likely rise in the future. So, what may have seemed like a great value apartment initially, may not always stay that way.

Landlords usually are going to be keen to increase their earnings at your expense. This can happen after your one-year lease expires, providing an opportunity for the landlord to increase your monthly charges. You need to be ready for this, and not stretching your monthly finances to get the apartment in the first place is advisable.

Another way rent can increase is if the rent you pay is linked to your income. Sometimes the landlord will only check your income when you want to rent the apartment, but they could request this information every year and alter your rent accordingly. This can sometimes affect whether they consider that you still qualify for the residence as well.

Co-Signers and Joint Applications

Having someone co-sign on your lease can make it easier to get the apartment you want. Much like a lender does when a mortgage to buy a home, the landlord will take into consideration the credit scores of both people, and enable you to get an apartment you wouldn’t otherwise qualify for.

This can become a problem if the person you co-signed with wants to move out. They won’t be able to get their name removed from the lease agreement and will remain responsible for payments until the period is up. Then all of a sudden, you could find that you no longer qualify to live in the apartment when the lease ends. It is critical to make sure you fully trust that your roommate is going to keep up with their end of the bargain when going in on a rental together.

Insurance

You will still need insurance even though you are renting. The landlord will have insurance, but this will only cover the building and not your possessions. The premiums shouldn’t be too expensive, and they will protect you from losses due to theft or other damage. Going without content insurance on any property you rent is a significant mistake.

The Neighborhood

Before you commit to a new apartment, you should explore the neighborhood to make sure it is somewhere you want to live for at least the next year. You may think the property is perfect for you, but if the local area is unsafe at night, it will seriously affect your time in the home. You will probably also want to find out if all the modern conveniences are going to be at your disposal.

Is there a Starbucks or Dunkin Donuts nearby? How about a grocery store, the bank you use, or enough restaurants to keep you satisfied? Don’t just focus on the apartment itself but the whole picture.

Trusting an Agent

Whether you are buying a home or finding an apartment to rent, it is helpful to have a real estate agent in your corner. A seasoned agent will be able to offer valuable guidance of not only the area in which you will be looking but also personal opinions on any drawbacks about the apartments you are considering.

In many areas of the country, the is very tight, so a real estate agent can offer great assistance in searching for an apartment. Use these tips to get the most out of using a top local agent.

One other thing to keep in mind is that there are quite a few you need to avoid. Most real estate agents will be in tune with these shady dealings.

Checking the Apartment

When you have found the property you want to live in, ask to have a final look around with the landlord. This will give you the opportunity to check everything is in working order and note any damage. If there is damage, take some photos of it so that you won’t be held responsible for it when your lease is up.

It is highly advisable to always fill out a property condition report before moving in. If you are working with a real estate agent, they will be able to help you with this task.

Your Lease Agreement

Before you sign anything, you should read it first, this is also true of your apartment lease. It isn’t going to be the most enthralling of reads, but you must understand your obligations and agree with all things in it. Don’t feel pressured to sign without reading through it first. If there is something, you don’t understand, it is advisable to speak with a local attorney for additional guidance.

The excitement of potentially moving into a great apartment could cloud your judgment. But you don’t want to find yourself trapped in an agreement which you will later regret. Understanding the rental process allows you to avoid the pitfalls, and makes sure you have a great experience in your new apartment. Following these and other will put you in the best position to be a happy camper in your new apartment. Best of luck!

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Having an additional stream of income is a wise choice nowadays. After all, the cost of living will just continue to rise.

Thus, if you have an unoccupied space, condo, apartment, or house, you can rent it out to other people to supplement your current income. Not only can it be a solid and continuous source of income, but it also helps you earn extra without the need to get involved that much.

With more and more people preferring to rent a property than own one, all you need is to keep up with the maintenance. However, if you want to make money, then you have to target a specific group of people. A great demographic to target are millennials.

Good thing there are plenty of ways you can make your rental property much more attractive to the generation. Check out these tips listed down below.

Put some effort in your online listing

Millennials are subject to a lot of online listings when they鈥檙e shopping online for clothes, when they鈥檙e looking at posts upon posts, funny cat pictures or cat videos, and so on.

Therefore, they know a poor online listing when they see one. Luckily, there are plenty of ways you can improve your online listing.

What Millennial Renters Want

1. Upload High-Quality Images

If you put in shaky photos of your property, then you鈥檙e definitely not making yourself look good to anyone. Aside from that, you should make sure that the property is in great lighting to make it look more welcoming.

2. Name Your Listing Right

Having an accurate listing that is also attractive is a great way of getting people to take notice of your rental. Of course, you shouldn鈥檛 just ram every single keyword in existence on it. Be particular but be interesting too.

3. Have a Great Property Description

Having a great property description means that you should ensure that every single relevant details about your property is included in it. Put yourself in the shoes of the ones who want to rent your property and figure out what you would want to know about a property and list it there.

Make Your Property Eco-friendly

Nowadays, a lot of millennials have beliefs that they want to be reflected in different aspects of their life. Be it the things they buy, the clothes they wear, or the food that they eat, millennials are a lot more conscious of current events.

This also explains why is on the rise. Therefore, if you want to attract the renting generation to lease your property, then you need to learn eco-friendly and sustainable practices when it comes to managing a property. Afterwards, you can use this to your advantage and market your place as such.

Do remember, though, that it鈥檚 not enough that you market your property as eco-friendly; you have to push through with your promise. A lot of millennials are a lot more discerning so they won鈥檛 take kindly to false advertising.

Use high-tech features

When renting to millennials, it would be a good idea that your apartment has some .

These features don鈥檛 have to mean that you put any and every available smart home feature that you want. Otherwise, you might end up having a home to rent out that not a lot of millennials are able to afford.

You don鈥檛 even need high-tech features on the home itself. Just your services and information about your property is arranged in a convenient manner on your website is good enough to impress.

As mentioned before, they prefer to be more sustainable. So if you can make the transaction as paperless as possible, they will appreciate it.

Make it Pet Friendly

A lot of people are fond of having pets. For a lot of them who are born in the Internet age, you would know just how much content about pets there is online.

With that said, you can increase the number of potential tenants on your property by .

It鈥檚 understandable that you may have trepidation about making your home pet-friendly since pets can damage furniture and fixtures in a house. However, the love of pets that millennials have may mean that they鈥檙e willing to pay a little extra just to have their furry family members with them.

Add Modern Touches

Adding a few modern touches to your rental property will attract a younger audience.

Although it鈥檚 ideal that you keep your house up-to-date in style, it doesn鈥檛 mean that you have to be in complete control over the look. As long as it looks presentable, clean and customizable, then millennials will like your home.

You can receive help of providers to ensure that your tenants and guests will walk in an organized and immaculate home.

Another thing you can do is that you can allow your potential tenants to paint the house themselves if you want to bank on the uniqueness of your rental property. If that concerns you, then you can always limit the areas of the home that they can customize.

Make Sure it鈥檚 Easy to Maintain

Lawn maintenance is not something that a lot of homeowners are into. In fact, they want every space in the house to be used for something instead of just having patches of land that they have to maintain.Thus, it will do you good to make sure that your home is easy to maintain.

Offer Great Service

As a landlord, you should make sure that you offer great service to your tenants. Oftentimes, a lot of people end up not liking the people they鈥檙e renting out their place to.

As for millennials, they won鈥檛 hesitate to share with friends and colleagues and even the Internet about ill-treatment. And mind you, based on the , more and more of them prefer to rent a house than to own it.

Therefore, the least you could do is offer great service. Try and make a genuine connection with people renting out your property. Make sure that you make it easy for your tenants to contact you for maintenance issues that they may have. That way, you can address issues in your property as soon as possible and not make it worse for you and your tenants

Know What Amenities Do Renters Want

Making your rental property appealing to millennials is not as hard as it may seem. In fact, they鈥檙e quite simple changes that you can do right now if you want to.

From adhering to their advocacy to simple maintenance issues, you can create a rental property that millennials will find attractive and liveable.

Good luck with the search and make sure you apply these tips for the best results!

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