Feeds:
Posts
Comments

Posts Tagged ‘home warranty’

Owning Rental Home and Managing Expectations

This article will be the first in a series of articles that illustrate a variety of items that should be considered when leasing residential rental homes.

It can be very un-nerving owning a rental home.  There are countless variables to consider. It is beneficial for owners to approach their rental home and the process with clear eyes.

When meeting with new clients who are thinking about renting out their primary residence or purchasing rental property I often ask those clients about their thresholds for risk.  Early on I attempt to set expectations.  I find it helpful to enlighten about past experiences and pit falls.

The first consideration is that tenants, even the best of tenants will not take care of or maintain a property like an owner does.  Tenants can be careless with safe guarding walls and paint. Tenants will seldom remove their shoes when walking on wall to wall carpet and tenants will often send stuff down a garbage disposal that has no business going down the drain; and thus, rendering the appliance and drain hopelessly clogged.

Rental owners should consider painting every five or so years, depending on wear and re-carpeting every five to seven years depending on the quality of their floor coverings and the make up of the rental household.  When at all possible tenants should be prohibited by lease from painting or changing wall colors.  If permitted to paint then tenants should be held to professional standards.  The more people in residence including pets and children the greater the wear and tear on the house.  Often hardwood floors don’t fare much better than carpet so sometimes a man-made laminate is the best choice when prepping for tenants.

Owners should also spend some thoughtful time evaluating the exterior of their rental property. Tenants by their nature, typically will not spend the time, effort or energy keeping the yard trimmed and the flower beds tidy. Therefore, exterior spaces should be made as low maintenance as possible.  Additionally, structural characteristics like leaf guards on gutters and slow growing shrubbery should be considered. An owner on a wooded lot or with trees near their home will need to have their gutters cleaned at least twice a year and if the trees are long needle pine; more often.

Many owners ask if they should invest in a home warranty in an effort to prepare for system or appliance failure.  My response is generally dependent on the owner’s capital recourses.  If a cash war chest, or lack thereof is an issue, then a warranty might be a good idea.  However, the owner or their manager if they hire one, will be best advised to warn tenants that items needing repair will be at the mercy of the home warranty company’s time line, which is often much more protracted than calling ad hoc vendors.  Tenants might just have to exercise patience; which in our day and age is a scarce commodity.  For example, I can often have my plumber, HVAC contractor or electrician on site in less than twenty-four hours. Home warranty companies generally can’t attain this kind of quick turn-around.

Here are the take away points;

  • Carpet will need replacement every five or so years.
  • Walls will need repainting every five or so years.
  • Yards should be made as low maintenance as possible
  • Home warranties might be a necessary purchase if a cash war chest is lacking
  • Be prepared to clean gutters 2 or 3 times per year.
Advertisements

Read Full Post »

This slideshow requires JavaScript.

From Chapel Hill to Raleigh fine homes, townhouses and condominuiums in a variety of price ranges. For more details and information visit the Team Michael Sullivan web site.

If we don’t have a home listed that suits your taste or needs we promise that we can find one in our multiple listing system.

Call or text today 919-608-2372

Read Full Post »

This slideshow requires JavaScript.

4316 Beechnut Lane, walk to the lake, walk to the pool, walk to the dog park. Play volley ball with your neighbors on Saturday monring. Five Oaks offers so much to do.

www.fiveoaksclub.com

Read Full Post »

This slideshow requires JavaScript.


23 Prestwick Place in the Walden Pond neighborhood is just five minutes to Duke University, Duke Hospital and the VA Medical Center. This lovely townhouse is light, bright, open, airy and well kept. It is also very tastefully decorated and will compliment any décor.
On the main level is a modern, full equipped galley kitchen with modern appliances. There is a nifty pass through which could be converted into a breakfast bar if so desired. Beyond the kitchen is a large living room/dining room combination with a wall of windows at the rear and a wood burning masonry fireplace tucked into the corner of the room. The main level also has a half bath which has been nicely updated. At the living room a door leads to a brand new tree top deck.
Down one level is a full laundry space, a ceramic tiled bath and what could be a third bedroom, a family room, a home office, game room or bonus room. This space has a door to a large ground level patio.
The second floor offers two spacious bedrooms, a full ceramic tiled bath and lots of closet space.
23 Prestwick Place Durham NC 27705 is move in ready. A one year H.S.A. Warranty is offered on this property. The roof has been recently replaced as have the front and rear decks. The current owner has also had the Polybuteleyne piping removed from the property.
Interested in seeing inside? Call Michael Sullivan at 919-416-2254 or 919-608-2372 mobile/text or email him at MSullivan@fmrealty.com. You can learn more about Michael’s listings by visiting TeamMichaelSullivan.com

Read Full Post »

Gold Certified Homes

Raleigh, Durham Gold Certified Homes is a listing enhancement program which is offered exclusively to seller clients who are selling their homes using the services of Michael Sullivan, REALTOR with Fonville Morisey Realty. Michael Sullivan can be reached at 919-608-2372 or MSullivan@fmrealty.com

Gold Certified Homes operates on a very simple premise. Home sellers contract to have their homes inspected either before or while their homes are offered for sale. With an inspection report in hand, sellers then use Michael Sullivan’s extensive network of tradespeople and general contractors to correct any deficiencies that might have been found during the inspection process. Michael Sullivan’s home seller clients then offer a one year HSA Home Warranty on their listed property to further put buyer anxiety at rest.

Once a serious buyer prospect comes the seller offers to share their home inspection with the buyer; sellers and buyers are fully informed that the home inspection report belongs to the seller and the information shared with the buyer is for informational purposes only. Should the prospective buyer then wish to re-inspect the property our home inspectors will offer a re-inspection at a reduced fee. Of course buyers are always welcome to engage their own inspectors.

Our first on board inspector is First Call Home Inspections, John Cauthen. http://www.firstcallhomeinspections.com First Call will offer buyers a 40% discount on re-inspections of homes that they have inspected.

The philosophy behind marketing properties this way is that for far too long buyers and sellers of residential real estate get way into the process only to discover that homes have serious deficiencies and defects which then must be remedied well into the process where time is often a major constraint.

Interested in learning more? Call us 919-608-2372 or visit us on the web;

http://www.TeamMichaelSullivan.com

or

http://www.TeamMichaelSullivan.net

Read Full Post »

%d bloggers like this: