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Property Management Blog

Published on Monday, February 22, 2010

Getting To Know About Houses For Rent

 

Literally houses for rent means those houses that have been taken on the basis of lease. It means tenants live in the house and it is not invalidated by the owner. The system is getting popular day by day because modern system does not permit you to stay in the same place for long. You are on a constant move either for education or for the job. So it is much easier to hire a home than to buy one of your own. Again if you are a lazy one who needs a space of your own purpose but do not want to face the hazards of the ownership then the rented house is your ideal match. If you have a broken water pipe or a stuffed drain or walls of your house need a facelift just dial the number of your landowner. It is his duty to perform the job as quick as possible. Is it not an enjoyable thing?

There are quite a number of websites who provide you the addresses of the houses for rent . They will also help you to contact the land owner. On websites you will get three dimensional picture of the house you are going to take. So it will be easier to choose according to need. Other than the plan of the house what you get more from the website are the contact number of the owner, the rent rate, the information about the neighborhood, the local hospital or medical facility, the performance of the local school and many more such things. If you have children you will be especially interested in the last one.

There are different types of houses for rent . Some are very small and some are very large, some are very simple and some are very luxurious. Choose one according to your budget. Some houses are so small that living, dining, cooking and bedroom all are combined in a large room and only one small separate place is used as a bath room. They are called bed-sit, studio or bachelor style. Medium sized is known by the number of bedrooms. There are the garden homes where the house is accompanied by a patch of garden. Naturally the rent is slightly high for the garden home. But if you have a substantial budget then goes for the condominiums and live in luxury.

Houses for rent can be taken both for long period and very short period. Short period leasing is mainly made by the tourists. Nowadays tourists prefer homes than the hotels because in a rented house they can get the comforts of living in a home and the hiring price is comparatively low. Whereas the hotels maintain formality and the styles are predominant over the comfort. Moreover the charge and the tax upon the service are quite high. So to avoid all these things tourists prefer rented houses.

When you are taking houses for rent try to maintain a good relationship with your land owner. Pay your rent in time. Present yourself as a gentle and disciplined tenant. While handling the products of the landowner that have been provided to you be extra cautious because your landowner will like to get back his or her product as it is when you will leave the house. Be very clear about your pets because most of the landowners dislike them for the cleanliness purpose. At last try to maintain all rules and regulations to avoid altercation because without the cooperative of the tenant the leasing business can not run long. 

 

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Landlord Knowledge Base

If you’ve ever considered investing in a few rental properties in Philadelphia or Bucks County, PA now might be a good time. Prices are still low in Philadelphia, but have been on the upswing. According to the National Association of Realtors, the median price of an existing home in a US metropolitan area grew 13.7% between July 2012 and July 2013, the latest in a 17-month streak of year-over-year price increases. 

New landlords can choose from properties that are likely to appreciate and a large pool of potential renters.Licensed realtor Pat Mueller cites a few reasons for this trend: “Many families have lost their homes to foreclosure and are entering the rentals market for the first time in years. Mortgages are also harder to get now, so fewer people are qualifying for a new one.”The more skills you bring to the table to get into Houses for Rent in Philadelphia Philadelphia or Bucks County, PA and the more time you have to devote to your properties, the faster you can make a return on your investment. 

But investing in rentals can also be disastrous (or too stressful to be worthwhile) without expertise. Here are three professionals you may consult about your new rental properties, and what you can do to mitigate how much they cost you:Handyman:  You may need to hire a specialist for some work on your rental. If you need new outlets or new pipes, for example, hire an electrician, plumber or licensed contractor. Handymen usually tackle smaller, more manageable tasks, like:

  • Painting and paint removal
  • Drywall repair
  • Minor appliance repairs (fixing a leaky toilet or faucet, among others)
  • Installing tiling or flooring, moldings, windows, doors
  • Refinishing decks, cabinets and other wood items

When You Could Skip It: You could do any (or all) of these projects yourself if you have the time and interest in learning. Of course, this only works if you live relatively close to your rentals and are flexible enough to service them on short notice. And if you’re willing to respond to the occasional 5 AM basement flooding.

Average Savings: Any base rates or costs-per-hour vary from location to location in Philadelphia or Bucks County, PA , but nationally, you can expect to spend an average of $60 to $85 per hour for repair costs. It general costs less to hire an individual handyman than a handyman employed by a company. Expect an additional charge if your job requires a trip to the store for materials.

Resident Property Manager As the owner of a handful of rental properties, you may be able to manage them yourself, but if you want help, a single resident manager would probably be more cost efficient than a property management company. Resident managers may:

  • Serve as a handyman
  • Advertise vacancies in your units
  • Show apartments to prospective tenants
  • Review rental applications
  • Collect rents

When You Could Skip It: Again, the closer you live to your properties and the more spare time you have, the less likely you are to need a manager. The obligations of being a boss will also cut into the time you save on maintenance.

Average Savings: The national median wage for residential managers is just over $25 per hour. Research the wages in your community and adjust according to how much responsibility your manager will take on. 

Real Estate Agent: Once you’ve gotten your financials in order and done your own research on the neighborhood(s) you’re considering, you might contact a realtor to show you potential properties. You can also arrange for a realtor in Philadelphia or Bucks County, PA to show rentals once they’re ready to rent.

When You Could Skip It: It depends. Even if you’re a local, or have thoroughly researched the neighborhood(s) you’re considering, a realtor is a great resource for a first-time rental buyer. Realtors have access to data and statistics not necessarily available to the general public and first-time buyers may not know all the right questions to ask. Using a realtor to fill your Houses for Rent vacancies is less of a no-brainer, depending on your other time commitments or whether you plan to hire a resident manager who could do the same thing.

Average Savings: As a buyer of rental properties, as when buying your own home, sellers typically pay most, if not all, of the buyer’s realtor fees. In this case, Mueller points out there’s little reason not to work with a realtor. For help in filling your units in Philadelphia or Bucks County, PA, the services of a realtor would set you back between 10-20% of the unit’s rent per month.  Mueller recommends interviewing with several brokers before making your final decision to invest into Houses for Rent .

The Bottom Line: As a new landlord, you can’t necessarily control the flexibility of your schedule or the amount (and cost) of unexpected repairs to your properties. Rentals are a long-term investment. However, to maximize profits from your Houses for Rent, new rentals, you can buy close to home and start small. It is best to begin with just one or two properties. This will allow you to maximize the time you spend on your properties’ needs, and minimize the amount you’ll have to pay anyone else.

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