Would you like to start earning more money from your rental property? You can increase rental income by taking the time to make some inexpensive repairs to your property. Property maintenance and upkeep helps to prevent your property from losing its value, and it’s a great way to show your tenants that you care about giving them a nice place to live. You can make some simple upgrades to the rental property that will allow you to charge more for the property when you have new tenants. If you do need to increase rent, making some upgrades to the property is a great way to show them you are using this extra money to improve the property. Here are some upgrades to consider adding to your rental property.

Refinish or Replace Cabinet Doors

The kitchen and the bathrooms are two of the most popular rooms in the home. Having a nice-looking kitchen does make a difference in the overall perception someone has when they come to your home. As a landlord, you want to make your property as attractive as possible to lure new tenants to renting from you. Consider taking the old doors off, sanding and staining the cabinets and doors. If you do not want to do an extreme makeover, simply replacing the hardware on the cabinets may work well to give the kitchen a slight facelift.

If the cabinets are worn out, you may want to consider tearing them out and replacing them with new ones. You can find some great deals online, or even heading to a home improvement store and buying stock cabinets will allow you to give the kitchen a facelift in a hurry.

New Paint

A fresh coat of paint can go a long way to improving the look of a home. Fresh paint also gives the home a new smell, which can play a role in helping new renters identify an attractive place to live. Stick with neutral colors if you are adding paint. Neutral colors are easier to decorate with, and they also allow you to keep the property looking clean and bright. If you want to save more on paint, consider buying it in bulk.

New Flooring

Do you have old carpet or linoleum? Thanks to new trends in flooring, most homeowners can put together a new wood floor in a day or two. Flooring is on the more expensive side of remodels and repairs, but it does have a massive impact on potential renters as they look for options to rent in Houston.

New Doors

If you want to give the interior and exterior of the home an upgrade, you should add some new doors. A new front door is a gateway to the home and it makes an instant impression on renters. Replacing a door on your own is not terribly expensive, but you may want to hire a handyman to help out as they do have the training, tools, and experience to hang the door correctly. A little air leak can increase heating and cooling costs, and that is not something you want to deal with.

New Plants and Landscaping

Curb appeal is everything when you are trying to attract renters. Maintaining a well-kept yard is a great way to enhance the look of the property. You may want to consider adding some new plants or features to the yard to decorate it and make it look nicer.

Pressure Washing

Cleaning the exterior of the home will improve its curb appeal while also impressing potential renters. Pressure washing isn’t difficult and it doesn’t cost much to do it yourself.

Try these inexpensive upgrades that increase rental income and watch your bank account grow! If you need help managing your property, contact Houston Keyrenter today!

Houston residents survived terrible hurricane aftermath following Hurricane Harvey’s destruction of the city. If you are a homeowner, repairing damaged property following a hurricane falls solely on you. Unfortunately for many homeowners, insurance did not cover the flooding costs and expenses endured following Harvey’s aftermath. However, what about all those individuals that are renting? Are their possessions lost forever? What are the landlord responsibilities? Should the property owner be liable for those expenses? Keyrenter Houston has some tips and insight that may help property owners and renters understand what to do before and after a hurricane.

Assess Property Damage

After a hurricane, walk around the structure and inside the structure to determine the extent of the damage. The landlord normally has liability insurance, which covers all or a portion of the costs to repair the structure. Anything that is part of the building itself will fall on the landlord to repair.

Landlords need to make repairs quickly and diligently. Leaks in the roof and cracks in the walls are not safe and livable conditions. Tenants may need to relocate and some tenants can even hold you liable to pay for hotel expenses. Acting promptly is the best way to reduce additional costs. As a property owner, do your best to communicate with your tenants and keep them aware of the updates to the property. Being upfront is the best way to help renters know the situation and if they should consider relocating.

Damage to Possessions

Property owners are not liable for damage to a tenant’s possessions that have been damaged following a hurricane. Renters need to consider investing in renter’s liability insurance to protect their possessions and prevent expensive costs from occurring due to a major disaster like a hurricane. Renters should study their policy to see what is covered and what is not covered. Following the aftermath of Harvey, it is a good time to take a look at your policy now and consider obtaining more coverage to protect your possessions from a future hurricane.

If renters are on a property where the landlord provided furniture, the landlord is on the hook for the replacement costs. Major appliances will need to be replaced or repaired by the landlord if they were damaged. Like the exterior, the landlord must provide an interior that is livable.

Working Together

One of the best things landlords and tenants can do after a hurricane is to work together. Landlords need to be lenient to renters and renters need to be reasonable. Major repairs can take weeks or months to repair. If both parties discuss the situation and work together, it may help to reduce the financial stress and burden for both the landlord and the tenant. Discuss a timeframe for the repairs and what can be done to make the property livable once again. Some landlords find it possible to reduce rent while repairs are being made as they will still need the income to help pay for the repairs, but feel it is not fair to charge a tenant for rent when the home is not livable. For more information on how to handle hurricane repairs to your rental property, contact Keyrenter Houston today.

Property is an aspirational asset for many Americans. Whether you rent it or buy it, most people desire access to a place they can call home. The rent vs buy debate has existed for a long time, and this is because choosing to rent or buy property is a significant life investment. One, therefore, needs to look at both options to find out what can best work for them.

Buying Your Home

Owning your home outright can be alluring. The homeownership rate in America from the middle of the 20th century hovers between 62 percent and 70 percent. There are several things to note when considering whether to purchase your home instead of renting it.

Costs Involved in Buying a Home

It goes without saying that any acquisition of property comes with a set off accompanying costs. Some of them are borne upfront while others recur once you make the purchase.

1.Upfront Costs

There are costs you will incur before buying the property, and they include:

• Home Insurance for the First Year

When getting a mortgage facility from a lender to purchase a home, you need to prove you have home insurance on the property. The premium for the first year is typically paid up front in full either when you are closing the purchase or when you acquire the policy.

• Appraisal

When choosing to buy property, you want to be sure that the selling price accurately reflects value. Getting the home appraised in necessary for this purpose.

• Taxes

Tax charged on the property is paid in advance. Therefore, the seller has usually already incurred this cost and requires compensation for the amount paid between the date you close on the purchase and when the current tax period ends.

• Inspection

Any property you desire to purchase needs an inspection to accurately ascertain the condition it is in before placing or confirming an offer.

• Miscellaneous Costs When Closing

There are other charges you incur that are associated with closing the transaction. These include credit report fee, title insurance fees, loan origination fees, etc.

• Down Payment

Once you settle on the purchase, you are required to pay an agreed percentage of the total property cost by the time you’re closing the transaction. The amount can vary depending on several factors. If it is an FHA loan , it will be at a rate of 3.5 percent. Other loan facilities can run as high as 20 percent.

2. One-Off Charges

These are costs that you incur once and for all during the transaction. They include:

• Moping cots when relocating your items into the new house.
• Renovation costs you incur as you opt to improve physical aspects of the property.
• Repair costs when rectifying damaged or non-functioning items on the property.

3. Recurring Costs

These are costs you repeatedly incur as the owner of your property. The differences in these recurring costs have typically played a part in swaying the rent vs buy decision for various people. They include:

• Utilities

Electricity, water, gas, recycling, etc. are some of the charges that you need to cover monthly as a property owner.

• Home Insurance

The premium on your insurance is paid monthly, and the actual amount can vary every year due to factors like a change in the appraised value of your home.

• Property Taxes

The tax charged on your property by your city or county is also paid monthly.

• Maintenance Costs

As a homeowner, you will need to continually facilitate repairs, replacement of damaged or worn out items and keep the house up to code on a regular basis.

Pros of Buying a Home

• No one will be knocking at your door at the end of every month asking for rent. You get peace of mind.
• You can opt to rent it out to earn more money in the future.
• As a homeowner, you build equity in time which can come in handy when seeking a future loan from a lender.
• You also qualify for some tax benefits, e.g., deductions and homestead exemption.

Cons of Buying a Home

• Significant costs before you purchase the property.
• The home can lose value over time in case the housing market underperforms.
• Recurring maintenance and repair costs can cause a significant dent in your finances in case you lose your job in the future and can’t afford them.

Costs Involved When Renting a Home

Renting a home comes with a lesser number of costs and the rent side of the rent vs buy debate has always been keen to espouse this point. Nonetheless, they are charges that you must still incur and they include:

• Deposits

When moving into a rental house, you pay a security deposit upfront. It is usually an amount equal to a month’s rents. Other deposits can apply, e.g., pet deposits. These can be non-refundable, unlike the security deposit.

• Moving Costs

You will need to pay movers and any other costs associated with relocating your belongings to the new rental house.

• Rent

A monthly charge for occupying the property is due every four weeks.

• Utilities

Some landlords will require you to foot the utility costs for the rental property you occupy. Others will only charge you for rent and cover the utilities.

• Pet Rent

Some landlords will forego charging a pet deposit upfront and instead add a pet rent to the amount due every month.

Pros of Renting a House

• You aren’t responsible for the cost of maintaining the house or carrying out repairs.
• There are no high upfront costs as you only pay rent and a one-time deposit.
• You don’t incur a loss if the property values go down. You are shielded from the ups and downs of the real estate market.

Cons of Renting a House

• You don’t gain from tax benefits dedicated to homeowners.
• While renting you always face the threat of eviction despite laws that govern it. This lack of security is one of the sticking points that drive the rent vs buy debate.
• When you opt to rent, you don’t build any equity over the years in the property you occupy. You lose out on the chance to increase your wealth despite being in the same house for many years.

Conclusion

When considering property many people experience the rent vs buy debate. To make a prudent choice you need to look at the costs involved with each option and the pros and cons. Different circumstances call for different options, and the right choice depends on what will work for your needs.

If you have rented a house or an apartment before, you may have heard many complaints about landlords on issues such as not fixing your leaking bathroom faucet among other. Other than the horrifying property owners, there are also miserable tenants who often leave their landlords in a lurch. Bad tenants are a reality as many landlords can testify how they had a difficult time dealing with a tenant from hell.Most real estate managers and landlords dread coming across these bad tenants because their effect is more than what other people may know. Unfortunately, you will not get a magic bullet on how to avoid bad tenants. This is because some tenants seem pleasant and very professional at first. They will pass all credit checks, have legitimate pay stubs, but after sometimes, things might change. They do not seem to be ready to pay rent or take care of their old items.

Most real estate managers and landlords dread coming across these bad tenants because their effect is more than what other people may know. Unfortunately, you will not get a magic bullet on how to avoid bad tenants. This is because some tenants seem pleasant and very professional at first. They will pass all credit checks, have legitimate pay stubs, but after sometimes, things might change. They do not seem to be ready to pay rent or take care of their old items.

Signs of Bad Tenants

Most landlords wait for things to escalate before taking actions. It is not rocket science to know when a tenant behavior and responsibility starts to change. However, there are changes that are easy to identify and they are a warning sign that a bad tenancy is about to be fully manifested. Below are some of the signs you should look out for in tenants.

• Possible bad tenants often try to ask for lower rent before they can even see the apartment they want to rent. This is an apparent sign that the tenant cannot afford to stay in the property. Asking about the price before inspection means that the value of that property does not mean anything to them and that all they care about is the cost.
• Bad tenants will also haggle over rent excessively. Excessive haggling means that you might not have a professional relationship with the person paying rent. They also haggle over the maintenance cost and the costs for moving in. The bond is usually refundable if the house is returned in good condition. If the person haggles the bond, there is a high likelihood that he or she does not intend to leave the house in the right conditions or may not have money to move in.
• The bad tenants also examine the smoke alarms to find out whether it is installed. Such people are mostly indoor smokers. They would disable or silence the smoke alarms to avoid being detected.
• The tenants would ask whether the fire sprinklers are functional. This is a significant question, especially on insurance. It is also important to avoid the stray cigarette from setting them off.
• They would also claim to hear sounds and detect smells that were not present during the inspection. The mysterious smells and sounds that the tenants claim to hear often leads to endless complaints about the house.
• You will notice a weak tobacco smell because it has a subtle aroma that a smoker cannot notice. In most cases, a smoker will not even notice when the whole house is stinking.
• Bad tenants also include those people who are always drunk.
• They yell loudly when speaking and their neighbors will often overhear their conversations. This is because they lack volume control and will get even louder on the slightest provocation or despair. You will know them by the questions they ask such as whether the apartment has children or pets. Other questions may be inappropriate such as whether another tenant is a bugler or a security risk.

How to avoid bad tenants

It may not be easy to know how to avoid bad tenants because you will not know whether they are bad until you start talking to them. Here is how to avoid bad tenants.

Referencing

It is important to make sure that you have references for all prospective tenants. This would include conducting credit checks and reviewing a tenant’s employment history and status. You should also look at their current or previous rental details. It would also be a good idea to ask for employment reference and the previous landlord reference.

Be wary of tenants who want to pay cash

The tenants who want to offer cash payment or up front rent for as long as 6 months and above should be scrutinized. It may be appealing for the landlord, but it could be hiding an evil or sinister motive. Sometimes the tenants pay cash and offer upfront, but they could be doing so with a motive to keep the landlord away as they conduct an illegal activity in the property such as a brothel or selling drugs. The tenant may also have a bad rental history and want to cover up by offering a large amount of money to avoid being scrutinized.

Avoid DSS tenants

The DSS is increasingly becoming associated with bad tenants. These people receive their housing benefits or assistance from the government. A majority of them is documented as becoming notorious in pocketing the entire allowances and never passing it to the landlords. It is, however, imperative to note that not all DSS tenants are guilty of these allegations. Before allowing any of them in your property, it is imperative to pay attention to the tips above on how to avoid bad tenants.

Do not fear to say no

It may have taken long before your vacant house finally gets a tenant, you might be tempted to compromise on some issues in order to have someone occupy it. This must be avoided, and you must be willing to scrutinize them. If a tenant fails your verification and you have doubts about him or her, it is good to say no than be sorry.

Check their behaviors

You should check how a prospective tenant behaves at first contact because this could give clues of the kind of person you will be letting into your property. All the previous signs of bad tenants could tell you whether to say no or accept them in. It is also important to make sure that you take a full deposit. Paying in installments is likely to increase their financial burden and create odd legal issues when you find yourself with a tenancy deposit case.

Tenants and landlords both ask the question “ What can a landlord deduct from a security deposit? ” It can be confusing for both parties when it comes to what’s allowed to be deducted from the deposit and what costs are the landlord’s responsibility. This is such a common question because many disputes result from misunderstandings between what is normal wear and tear versus damage.

Normal Wear and Tear

Security deposits, also known as damage deposits, are given to a landlord to protect him or her from aggressive tenants who cause serious damages to the property. It’s to help ensure that the renter will treat the unit properly while residing there. At the end of the tenancy, any damage or excessive dirt that isn’t considered wear and tear can be repaired using the security deposit. Any money left over is to be returned to the tenant within a certain deadline depending on the laws of the state. What can a landlord deduct from a security deposit? That will depend on a number of repairs that aren’t considered normal.

What Does it Mean?

Normal wear and tear is a vague description that can be interpreted in a variety of ways by different people. One landlord might believe that a tenant’s apartment shouldn’t need to be painted every 3 to 4 years while others believe that dirty blinds and curtains are not normal.

Carpet that is worn down from years of traffic is considered normal wear and tear on the unit. Small nail holes in the walls are normal wear and tear too. Frayed pull strings on the blinds would be normal while broken blinds would not be considered normal. Faded, worn and loose items can happen over time with normal use.

Wear and Tear That is the Tenant’s Responsibility

There are times when normal wear and tear can be the responsibility of the tenant. For example, a property management company in Missouri City might not be contacted regarding a leaky pipe. Tenants are responsible for letting a landlord or management company know if there are repairs to be made in the unit. If that leaky pipe weakens and loosens the cabinet underneath, the tenant’s security deposit could be held to repair the cabinet. Property managers in Missouri City want to hear about any issues in the unit to keep it in good repair.

Repairs and Costs That Can be Deducted

When questioning what can a landlord deduct from a security deposit, it comes down to big repairs in the unit. Broken walls from a tenant’s destructive behavior will be deducted from the security deposit. Broken tiles in the bathroom could be deducted from the security deposit unless it’s a result of a leaky pipe behind the wall that had to be fixed.

Along with broken and ruined walls, floors and appliances in the unit, a tenant is responsible for paint removal if the tenant painted without approval.

Dirt and Filth

• Excessive mold
• Dirty stove
• Pet stains in the carpet
• Filthy bathroom

Common Questions Answered

Flooring Questions

If there’s a worn path on the floor near the entry, is that the tenant’s responsibility?

A path in the carpet from high traffic isn’t the tenant’s fault. That comes down to normal wear and tear of living.

What about the hole in the carpet near the door?

This wouldn’t be considered normal living and the tenant would have to give up some of their deposit for the repair.

The tile in the kitchen is broken. Who is responsible for that?

There’s no reason that the tile should be broken during normal use. This would be the tenant’s responsibility.

Questions about Wall and Door Repair

Who should pay for the repair of the dent in the wall from the doorknob?

This would be considered normal wear. The tenant can’t be held responsible for a doorknob’s placement.

There are a few small nail holes and one major hole from hanging pictures. Who pays for that?

The small holes are easily repaired, but the large hole should be paid for by the tenant.

Appliance Questions

There is grease and food all around the burners. It’ll take hours to clean. Who should pay for that?

The tenant has to pay for excessive dirtiness in the unit, so that should be removed from the security deposit.

The new dishwasher doesn’t work and the technician said it was from misuse. Should that be deducted from the deposit?

Yes, it should be deducted from the deposit, but only if the landlord can prove it was the tenant’s fault.

Pet Damage Questions

Who pays for the chewed door frames in the unit when the landlord allowed pets on the property?

It doesn’t matter if the landlord allows pets. The damage from those pets is the pet owner’s responsibility.

When a tenant moves into a unit, the landlord and tenant should do a walking tour of the apartment with a checklist to see that everything is in order. The same should be done when the tenant moves out of the unit. At that time, the two can discuss any damage or normal wear and tear to decide what can a landlord deduct from a security deposit.

The amount of what can a landlord deduct from a security deposit might be under fire by a tenant after they’ve moved. The landlord should have receipts and statements by any repair technicians or cleaning crew regarding the work that had to be performed to bring the unit back to a rental state for new tenants.

Tenants liability insurance is something you don’t want to miss. You may take cover for your health or emergency, but your home needs cover too. The house you live in has valuables that need to be insured too. There are risks of fire, water damage, or other accidents that can destroy property in a building.

What is Tenants Liability Insurance?

Tenant insurance is a requirement in most states just like you need auto insurance to drive on the roads. This insurance covers all your personal belongings in the apartment you live in against cases of destruction or loss. The policy is all about taking out the management of rental properties to a third party that carries out management smoothly. You need to be covered on accidents that will happen while you are at home or away from your premises.

Areas covered under tenants’ liability insurance include:

• Damages caused by fire, water, smoke or even theft. The type of damage should be one that is covered under the policy
• Loss of private property like clothes and electronics
• The injury caused within the rental premises like falling of stone or wood.
• Any damage that makes the home not fit for living

Renters insurance covers tenants on issues like damage to the property owner’s property. If you interfere with the fittings, paint, or fittings in a rental house, you are likely to be requested to pay for them. If we give you a rental insurance policy, the costs are covered, and you are, therefore, set free from meeting any costs.

The Significance of Tenants Liability Insurance

Tenants’ Liability insurance is a good option for covering household items. It is equally cheap compared to other policies since you do not cover the building but the properties in it. There are misconceptions out there that keep many from taking the policy. Some of them include the belief that:

• Possessions you owe are not prized items; they do not cost much
• Facelifts made in the building are covered by the landlord
• The landlord’s insurance policy for the rental house covers your personal belongings
• Accidents and emergencies are rare in rental areas. If any, they should be covered by the landlord
• There will be proceeds from your insurance once you vacate a landlord’s premise

These misconceptions draw many tenants further from the truth regarding tenants liability insurance. The fact, however, is that much of the burden on properties you own remain on you. Equally important is the fact that once you sign out of an apartment, there is no more cover on your properties. You are on your own. Renters insurance comes in handy at this moment to give you the necessary financial boost to keep yourself going.

We urge you to take tenants liability insurance since it is the only way to keep low your insurance and operational costs once you are a tenant. Renters insurance is cheap, contrary to the narrative carried by most tenants out there claiming that it is costly. It is, however, important to note that your belongings are costly. If you compare their prices with the amount you subscribe to the insurance, there is a huge difference. This means that renter insurance is affordable and is worth taking. You do not need to wait any longer if you do not have one!

Tenants’ liability insurance also protects a tenant against potential lawsuits. This is another reason why you may never need to ignore renters insurance. Legal charges and court fines are not pleasant charges to incur. If we give you rental insurance, we shield you from a possible claim in court that will demand compensation to the tune of thousands of dollars! If you have taken this cover, such lawsuits on the property destroyed or tampered with while you stayed in a rental house are evaded.

The renter’s liability coverage also covers any loss you incur on personal property. If you depend on the property owner’s policy, it would then cover what is stationed physically or geographically within the building. With tenants liability insurance, any loss to personal property is covered whether the items are in the home or geographically away from the building. This gives the policy an upper hand in protecting your property.

If you own single-family houses, condos, or apartments in Piney Point Village, Texas, you need to note the impact renter’s insurance can have on your properties. The management is shifted from your back with expenses and coverage being taken over by our Keyrenter premium insurance services. The benefits not only accrue to the tenant, but the property owner stands to reap equally big from the arrangement in the policy.

If the house you live in becomes inhabitable for one reason or another, the additional living expenses are covered by the renter policy. The tenant’s liability insurance offers liability coverage that keeps you away from other expenses that you are likely to incur. If for instance, your house has been raced down by fire, measures will be taken to ensure you are comfortable as the house is being repaired. Your lifestyle is maintained even as you await the processing of your damages.

Owning a prime property, especially rental houses in Piney Point Village and the areas covered by Keyrenter property managers has been made convenient and economical. Costs are now shared by the tenant, landlord, and the property management company. Keyrenter housing is a property management company in Piney Point Village whose aim is to shift the management burden from homeowners. This is possible and has been tested and proved in the area. Tenants are the first beneficiaries and homeowners have not been left behind either!

Keyrenter Houston also offers property managers to advise and guide you in the management of your premises and homes. This is a team of experienced and technical advisers who help you to get the full potential of your investment. Of importance is the fact that management can also be done for you. The hustle of checking in tenants and keeping an eye on your houses is done by professionals.

Property management has taken a new twist. In Piney Point Village, Keyrenter Houston has influenced both tenants and homeowners. We have property managers in Piney Point Village whom you can contact from the nearest office. Do not be left behind on the new developments in the rental industry. We are ready to serve you all the time. Our services are by no doubt the best you can get in Piney Point!