From rent collection to addressing tenants' issues, condominium management can be a nightmare for newbie condo owners. It can be difficult for seasoned condo owners too! During such a case, it will be beneficial to hire a condominium management company. Such companies specialize in condo and homeowner associations. Here are 5 benefits of hiring a condo management company - 1. Experienced A self-managed community may crumble due to a lack of experience and training. On the other hand, a condo management company will effortlessly handle all legal and financial issues. Moreover, a property management company has the expertise to handle any issue as they have already dealt with it before. 2. Consistent Condo management companies implement rules and regulations consistently. This reduces conflicts between the owner and management. 3. Unbiased Condominium management company work as a third party and practice fair rules and regulations. Working closely with a homeowner will improve communication and relationship. Moreover, property managers can respond to all concerns and desires of the condo owners. 4. Minimize stress Managing a condo can be a daunting task. As an owner, it can add to your stress and work. On the other hand, hiring a condo management company will reduce your workload. From rent collection to resolving tax issues, a property manager will take care of everything and save your valuable time. 5. Legal Knowledge A condo management company boasts legal knowledge regarding landlord and tenants' laws.
They can prevent expensive legal battles and reduce your headaches.
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So you might have heard of a condo and apartment! But, what is the difference between them? Well, if you have never lived in one, you might think perceive them as identical. But, there are key differences between the two. Discussed here are 4 points of difference between a condo and an apartment. Without further ado, let’s explore them below - 1. Ownership While condos are individually owned units, an apartment complex or buildings are owned by the property management company. An apartment dweller has to consult a property manager for any issues. On the other hand, a condo occupant has to collaborate with the owner. Rent payment, repair, and maintenance, disputes, etc. are dealt with by a property manager and landlord of an apartment and condominium. 2. Management As mentioned earlier, condo is an individually owned property. Hence, condominium management relies completely upon the landlord or condo association. Whereas, the property manager is responsible for apartment management. For a condo, rules and responsibilities are set by the condo association. Therefore, you will be obliged to follow the rules as a renter. 3. Maintenance The maintenance and repair duties are fulfilled by the owner of the condominium. This is applicable even when they occupy or rent an entire unit in the complex. They are responsible for providing habitable conditions to the tenants. On the other hand, an apartment owned by a large company will be responsible for maintenance tasks. Moreover, they are at a better position to provide perfect habitable conditions. The maintenance staff will take care of the duties and perform all tasks quickly. 4. Costs Condo owners are torn between the mortgage payment and expenses involved in managing a condominium.
Tenants have to pay condo fees every month. It may include utility bills, amenities like laundry and gym, etc. In the case of apartment units, you will have to pay monthly rent and other maintenance costs to the property manager. Are you looking to branch out in commercial inspection? Well, you are certainly heading for a ‘right’ turn. Dabbling into commercial inspection will surely give you an edge over regular home inspectors. But unlike regular home inspections, commercial inspections require certain sets of skills and expertise. If you are determined to become a commercial inspector, here are 5 challenges and opportunities you need to know - 1. Qualifications A transition from home inspection to commercial inspection can be a challenging task. For regular home inspections, you will not require certifications or specified skill-sets for the job. On the other hand, commercial inspection demands more expertise to perform the task. Moreover, you will need to have a background in engineering and plumbing inspections. You can also hire someone else for better work execution. 2. Leading a commercial inspection team If you have been into the construction and inspection business for a long time, you would know that the person who leads a commercial inspection team, earns more. If you plan on turning your venture into a lucrative one, you can pull some strings and become the team lead. 3. Commercial vs. home inspection As far as commercial inspections are concerned, it purely a business decision and there are no emotions attached to a commercial property. They can also boost your income opportunities. For the record, a home inspection business highly depends upon the real estate market. If you are qualified and available to hold such inspections, you will be more in demand. 4. Reputation When it comes to commercial inspection, a strong background and experience in this field will take you a long way.
It will build your reputation and bring more opportunities at your disposal! Investing in multifamily homes is a lucrative opportunity. Many businessmen turn to the real estate market for monetary gain and hence invest in multifamily homes. Moreover, it provides an edge over single-family homes. Multifamily properties like duplex offer a great return on investment. With proper management and maintenance, you can generate regular cash flow. Here are 6 advantages of owning a duplex home – Larger mortgage – If you are planning to buy a duplex, you can qualify for a larger mortgage. It is because the lenders might take rental income into consideration. Additionally, the banks also have low down payments and lower interest rates for multifamily homes. Build equity faster – It is not possible to own a house in an expensive neighborhood. However, you can buy a duplex in an affordable neighborhood to build your equity rapidly. Tax benefits – A multifamily property owner is exempted from taxes and other deductions. Therefore, owning a duplex home will help you write off various expenses like repair and maintenance, utility, etc. Potential for vacation rental – Many states in America allow vacation rentals. If you own a duplex, you can rent out half of the units during the vacation period. This will create an opportunity to generate more rental income during the holiday season. Rental income – Do you know rental income could cover more than half of your mortgage amount? You can live free for the rest of your life by renting rest of the units in your duplex home. Therefore, duplex home can get you a good return on investment. Great real estate experience – Your first real estate transaction will be a memorable one if you are buying a multifamily home! You can also learn how to be a great landlord!
Business owners have a proclivity to expand their businesses on every horizon. Real estate is a lucrative business opportunity and most businessmen are investing in commercial buildings. However, committing to a commercial building is a huge step. Unfortunately, many people take impulsive actions and get stuck with a bad investment for the rest of their lives. It is, therefore, very important to conduct commercial inspections. Commercial buildings must be locked down as early as possible. Thus, it is mandatory to work with an experienced commercial building inspector. Working with a trusted inspector can give you peace of mind. You can relax and let the man do his work. Here are the top 3 benefits of hiring an experienced commercial building inspector – 1. Save you from hassles – If you are planning to buy a commercial property, make sure to learn everything about the property. Buying a commercial building is a huge investment and you should make an informed decision only. By conducting a formal commercial inspection, you can determine whether the property is worth your investment of not. Always hire an experienced commercial building inspector. They have dealt with such properties and will be able to guide you better. 2. Get all the information – It is impossible to determine the true condition of a property. Nevertheless, a commercial property inspection can give you a clear picture. Experienced commercial inspectors know what to look for to help you make an informed decision. Many sellers do not mention any damages on the property. With the help of a commercial inspector, you will also learn about such damages on the property. 3. Offers leverage for negotiations – It is important to know all the relevant information about the property you are about to buy. It will give you an upper hand in negotiations.
If there are any damages on the property, you can either ask the seller to repair the damages or negotiate for the price. We hope after learning the benefits of an experienced inspector, you will definitely hire one. Got any suggestions or tips? Help us improve our blog. Leave a comment below or mail us at - [email protected]. Due Diligence is a crucial step in a real estate transaction. However, many buyers are in a hurry to make the offer and hence skip due diligence process. If you are considering to buy a foreclosed home, here are 8 due diligence steps you can follow – 1. Do a title review It is important to get a preliminary title report on a foreclosed property and look for any tax liens. Ensure there are no hidden liens or mortgage taxes on the property which might come as a surprise in the subsequent stages of buying. 2. Inspect property Some foreclosed properties are occupied and there you might not be able to get inside the property. However, it does not give you the liberty to skip property inspection. You should hire a professional home inspector to examine the condition of the property. A home inspection reveals all minor and major damages. You can also get an estimate of damage repair costs. 3. Scrutinize sales activity Check out the number of days since the house was put on sale. Determine whether the properties are having a faster or slower sale. Also, find out the rent vs. buy trend in the neighborhood. If there have been too many sales in a neighborhood, find out why they are moving out. 4. Consider surrounding properties and neighborhood Do not limit your inspection to the property structure only. Explore the horizon and look around at the landscaping. Also, check out the surrounding properties and neighborhoods. It can also significantly affect the value of your property. There might be abandoned houses due to bad neighborhoods. Due to the housing crisis, you may find unfinished houses too. 5. Review Price trends Do not end up paying more than the actual price. In order to avoid such situations, always research the price trends in the locality. Find out if the price is going up or plateaued. This information will give you an idea of whether the prices are going up or down and you can decide the amount to spend. 6. Find the number of foreclosures in the area Many real estate agents suggest a price drop in the foreclosures market during the next term. However, you can find a large number of foreclosures in the market. If an area has a significant amount of foreclosed homes, it indicates that the prices are extremely high in that area. 7. Visit open houses An open house is a great opportunity to visit and examine the property in detail. It will give you the liberty to reject the house right there too. You can look for the standard of quality and other important factors. Whether you are planning to rent a house or flip it, make sure do not overspend. 8. Check zone requirements If you are planning to rent out a property, consult an attorney to check if any laws could obstruct landlord-ship. There are some areas which do not allow rental properties. Whereas, in a few areas, there are a confined number of tenants allowed to stay. This might be a problem especially when you want to rent college students. Shall I invest in a multifamily property? Is it a good bet? Are there any benefits? Many people who are considering to buy a multifamily property might have similar queries. There are many myths associated with a multifamily home. It is usually perceived as a difficult-to-manage property. However, it truly isn’t! If you have a good deal on a multifamily home, go for it! To begin with, it has multiple benefits. One of the greatest advantages is consistent cash flow. Hence it is one of the best investment you can have at your disposal. Here are 5 reasons why investing in a multifamily property is a smart move – 1. Easy management – Okay. So do you prefer owning 12 properties spread across different areas in a city or 12 properties under one roof? Obviously the latter one! For 12 properties at different sites, you may need more than one property manager to manage the properties. However, in the case of a multifamily property, you will need only one property manager. Thus, it allows for easier management. The property management company will send one manager on site for rent collection, tenant issues, and other things. Before hiring a property manager, conduct a proper screening test. Always have a plan B ready if things do not work out the way you want! 2. Better forcing and phasing appreciation – In single-family houses, you cannot motivate or force the tenants to maintain the property since there are many things to look after. Whereas in multifamily properties, every tenant could look after his house. You can also encourage the tenants which ultimately boosts property value. Moreover, there are certain things you can add to your apartment building. You can add curb appeal, laundry, parking space, swimming pool, etc. These things will attract more tenants. If a tenant leaves, you get a new one within a month. This prevents pause in rental income. 3. More cash flow – Beside rents, there are different ways to create cash flow using a multifamily property. For instance, laundry facility, single bedroom unit for transient tenants, swimming pools, etc. give you an opportunity to make money. Rent is a traditional cash flow for a multifamily property owner. He can collect monthly rents from the tenants or hire a property manager to do the same. If your tenants are short on rent for a month or two, cut them some slack. This creates better understanding and prevents eviction. 4. Greater tax breaks – With a multifamily unit, you are providing a better and cleaner living space for the tenants who are unable to find a place. Your unit greatly adds value to the city. Therefore, the government will allow greater tax incentives. It is also known as tax breaks. Since you are running a business, you can take a lot of tax deductions. 5. Retain their property value – After property maintenance, you will attract thousands of tenants. Furthermore, it will also attract many investors who are interested in buying the property later. Therefore, it is important to invest in property maintenance. Look after all the tenant issues and address them as soon as possible. Hire a contractor for all minor to major damage repairs. A Multi-Family Home Inspection is a process which involves a thorough inspection of a tenant’s living space and their individual system. It includes a wide variety of aspects to provide the most accurate assessment of a property’s condition. Every component like the roof, foundation, and other important elements are assessed to ensure safety and better living condition of the tenants. For instance, a roof inspection is conducted to identify whether a replacement or repair is needed to keep the multifamily home protected. The foundation is inspected in order to determine the longevity and strength. Along with roof and foundation, other components like HVAC, electrical system, etc. are examined too. Before moving further, make sure the inspection with the regular life of your tenants. Here’s what you can expect from a multifamily inspection – 1. Inspect major systems – A multifamily inspection is supposed to reveal the true condition of the property. Therefore, make sure to scrutinize all the major systems of the house such as plumbing, HVAC system, electrical system, roof, and foundation. The inspection report should give an account of all the conditions such as water drainage, oil tank, ceiling cracks, types of wiring, etc. If such problems exist, hire a contractor to repair all the damages. 2. Hire an experienced inspector – Experience speaks volume for a professional. If you want to conduct a multifamily inspection, hire an experienced professional only. A qualified home inspector will be involved in thorough research. He/She would thoroughly inspect every nook and corner in the house. Furthermore, an experienced individual will be able to identify the damages by just a glance. A proper judgment will allow us to decide whether to get a replacement or simply perform damage repair. 3. Inspect every unit – Every multi-family property owner is inclined more towards saving money. However, it is recommended to get every unit inspected. Every unit might have different issues which you might not be aware of. Moreover, it will help improve the tenant’s living conditions. If you stress on inspecting limited units, then be ready to for exorbitant damage repairs. Suppose, there is mold infestation in one unit and other unit has roof damage, you have to look after both the problems equally. This is an important observation and make sure to get all the units inspected. 4. Determine the cost of repair –
Cost is an important consideration for many multifamily owners. The damages repair could account for thousands of dollars. Therefore, it is important to determine the cost of repair. If you are going for minor fixes like plumbing, mold infestation, etc. hire a handyman or a contractor. They charge relatively less for such repairs. However, if you are going for colossal repairs like foundation, roofing, and other structural repairs, hire an experienced contractor only. Even though they charge relatively higher fees, these contractors ensure guarantee in work. Moreover, you can rely on their work and always get an estimate before hiring a contractor. Hopefully, you will get what you expect from multifamily inspections. Do you have any suggestions or tips? Feel free to share them with us. Leave a comment below or mail us at - [email protected]. After eyeing on a commercial building for several years, you’ve finally managed to negotiate and seal the deal. However, before investing your hard earned money, time and energy, it is important to learn about its true condition. A commercial building should offer a safe and secure environment for the employees. Usually, such properties are inspected beforehand. However, prior to buying, it is advisable to inspect a commercial building in order to avoid future expenses. As the new owners, you should appoint a specialist inspector to get a thorough report. If you are not aware of what involves in a commercial inspection, don’t worry! We are here to guide you! Discussed here are baseline commercial inspection checklist- Building Structure – The building structure will expound the true condition of commercial property. It mostly depends on size, age, location, and complexity. The inspection of a building structure includes analysis of concrete, wood, and steel components. An inspector pays special attention to the roof if the building is old. Fire – A commercial building must have fire exits and safety routes. It is should be fully equipped with a fire suppression system. As far as inspection is concerned, the inspector checks fire escapes, sprinkler systems and fire extinguishers. They should be accessible to all users and must be in operable condition. Heating and Ventilation – Inspectors should test the heating and ventilation system of a commercial building. They must comply with standard building codes and regulations. Remember that replacing these systems can be very expensive. Therefore, make sure that these utilities are in proper working condition. Electrical System – The electrical system must offer a safe and effective power supply. Moreover, it can change over time and it is the duty of an inspector to check whether the electrical system is feasible to current use or not. Local Codes – Every state in America has respective local codes and regulations regarding the commercial building.
These codes are specially made to comply with standard weather and geographical condition of a state. So you have finally found your dream multifamily unit! You have signed and negotiated the price and signed the contract. Now, you are ready to pack your stuff and move in. But hey wait right there! Aren’t you forgetting something? Have you considered multifamily property inspection? Many people are unaware of property inspection during the due-diligence period. The ultimate goal of a property inspection is to determine whether the property is in good condition or not. If the inspection report unveils any damages, then you can ask the seller to slash the price or repair the damages. While performing an inspection, make sure not to miss any important thing. Here’s a list of top 8 things to do in a multifamily inspection checklist- 1. Roofs – Roof replacement is one of the costliest repair activities. You can save a lot by inspecting roof during a multifamily property inspection. Learn how much life is left in the roof and if it is coming to try to fix your budget for replacement. 2. Foundations – A solid foundation retains the life of a structure. It can also make or break your investment. It can be difficult to detect problems in foundations. You might need an expert during foundation inspection. Nonetheless, you can look out for vertical cracks and uneven floors to spot any issues. 3. Mechanical inspections – The mechanical inspection involves checking various electrical appliances, plumbing, heating, and HVAC systems. These utilities are designed to improve the comfort of your tenants. Therefore, make sure to get them inspected by a certified professional. Remember, it can take up a major part of your maintenance budget. Get them repaired before renting any unit. 4. Unit inspections –You should perform an inspection of individual units. This action will help you determine the condition of each unit and quality of life of your tenants. You can identify any underlying problems in a unit and address it accordingly. 5. Lease audits – Since you will be conducting a multifamily property inspection, it is important to perform lease audits. This action will help you identify any discrepancies in a tenant’s information. It is recommended to verify the background information and rent amounts. 6. Service contracts – It is advisable to review a service contract. These contracts consist of services performed on property like lawn care, snow plowing, trash removal, etc. 7. Financial audits – It involves verifying the financial information sent to you prior to making an offer matches with the actual information. Check bills, deposits and bank statements during a financial audit. 8. Utilities – During an inspection, verify the utility bills. It consists of water bills, gas, electrical, and sewer.
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AuthorHello! Fred here! To make your home more beautiful and attractive it needs to inspect time to time. But how would you know about it? Don't worry! I am here to share some interesting and useful insights about home inspection and home improvement. Stay tuned for more information. Categories |