8 Things To Consider Before Buying An Investment Property

While buying a rental investment property may seem like an exciting undertaking you want to be sure it is the right step for you and your finances. Buying real estate can be a good way to build a financial portfolio but do some serious research first. Be educated on what owning a rental property is actually like. Do not assume it means making money with very little effort as maintaining a second or third property can be very time consuming.

Once you have done your homework and decided to go ahead and buy another home, I suggest jumping in with both feet. If managed properly it can be a great place to invest your savings. If you like the sunny Okanagan, find a Penticton realtor to guide you in the right direction as there are many rental home opportunities there. Here are a few things you will want to take into account when contemplating buying an investment property.

  1. Set Your Budget

As with any big purchase your first step should be to create a budget to follow. This type of property is a medium to long-term investment so ensure you can maintain your payments over a number of years. When buying a home there are always costs above the mortgage so you need to be able to cover them all comfortably. You do not want a situation where fund shortages force you to sell early.

  1. Insurance and Tax Rules

As an investment house is not your primary residence you need to familiarize yourself with insurance conditions for rental property as well as how it affects your taxes. Most insurance companies charge a higher fee so factor this into your expenses. Also be aware rental payments are considered income so treat this accordingly and prepare for tax season by putting money aside.

  1. Rights of Tenants and Landlords

Tenant and landlord rights vary depending on where you live. You want to educate yourself on where you stand before putting in a potential tenant. Even before you buy I suggest taking the time to learn what is expected of you as a landlord. This will lower the likelihood of misunderstandings or surprises down the road when it comes to dealing with your tenants.

  1. Rental Location

The area you buy in is important when purchasing any home but with a rental property this is even more so. A home in the suburbs may be less attractive to renters than one near a university or college. I suggest buying a place that has good walkability and an active rental market. Having a rental house that is difficult to rent out is not ideal. It will add more stress and increase the time you spend finding and retaining renters.

  1. Quality of House

Do not buy a fixer-upper house due to the fact you want to start making a return on your investment as soon as possible. If you purchase a property which is move-in ready for renters your first mortgage payment is covered without having to dig into your savings. Renovating or remodeling can cost more than you think so opting for a new home may mean a better return in the long run.

  1. Property Managers

While many of those new to the investment property community chose to take a more hands on approach there are many benefits to hiring a professional property manager to deal with your rental home. It is their job to handle renters so they know all the ins and outs and they are used to dealing with any problems that may arise. They also do background checks, organize new renters and follow up on late rent.

  1. Saving for Emergencies

Ideally you will not be in a breakeven or deficit situation after the rent has been paid. As a landlord you should save up to 30 percent of your rental income for maintenance, repairs and emergencies. You never know when the fridge may quit working or the water heater will malfunction. Having funds to cover these costs is critical to owning an investment property.

  1. Hire a Handy Man

Unless you are lucky enough to be able to do repairs and maintenance on your own I suggest having a handy man in your contact list as being a landlord means you have to fix any issues your tenant have. Tenants often let things slide and your property may become rundown if you are not keeping up on things. Having a person who deals with emergencies and upkeep ensures a smoothly running rental house.

What Pests Could Invade My Home?

If you live in the UK, there are quite a lot of creatures that might decide to move in with you, and most are only active in the summer months. From May until October, you are most at risk from a pest infestation, and the following creatures all thrive in the UK.

  • Ants– There are several species of ants that might invade your home, with both red and black ants a common occurrence. Rather than wasting your time trying to kill these hardy little insects, a call to the best pest control in Huddersfield will soon have the ants removed, and what’s more, they are unlikely to ever return.
  • Cockroaches– These amazing creatures have been around for 50 million years, and most people can’t stand the sight of them. They are associated with dirty places, although this is very much a myth, as cockroaches will inhabit a clean environment, providing there is food available.
  • Rodents– Rats and mice are notoriously difficult to eradicate, and while you might enjoy a degree of success with traps and poison, the pest control professionals have a number of tactics that really do work.
  • Bedbugs– These tiny insects feed off dead skin cells that are naturally expelled by our bodies while we sleep, and while a good vacuum might have some success, the pest control technician can ensure they pests are removed forever.

Should you ever find the above pests have taken up residence in your home, a quick call to your local pest control service is all it takes to set the wheels in motion, and once the technician has inspected the site, he will know what to do.

When you want to sell property in Malta…

When you want to sell property in Malta, give us a call.  We are RE/MAX.  We are the experts in terms of Malta property for sale by RE/MAX.  We can make this claim with pride and confidence because we are one of the few real estate companies whose website and real estate agents are designed for and trained to ensure that our clients are able to sell their properties above market price, and are able to buy properties for prices which are below the market price. We guarantee nothing but success and satisfaction should you choose to list or buy with a RE/MAX real estate agent.

At RE/MAX Malta, we offer our clients many tools which will assist them in buying the property of their dreams, or in selling a property at a price that is well above any they could have ever imagined!  The first and most important tool is our website.  Our website is comprehensive and features a lot of tools which our clients will find useful in their quest to buy or sell property.  The landing page of our website features a user-friendly search engine.  This search engine is easy to use and has many of the key features clients are looking for when they want to buy or sell the property as search parameters.  Good examples are the buy/rent options, the property type field, the minimum, and maximum price desired, etc…While other companies have similar features on their websites, none are as comprehensive as ours because we list every property that is on the market for purchase or sale in Malta.  We also have a featured properties section on the landing page which lists and describes prime properties for purchase, rent, or sale which are very popular in Malta at the moment.

Another key tool we offer our clients is the information found in our blogs in the blogs section of our website.  True, other real estate companies have blogs on their websites but are any of them comprehensive in nature in terms of explaining property laws specific and unique to Malta like the inheritance tax, or konvenju?  We also offer useful on a wide variety of real estate topics, ranging from renting apartments to finding the best places to dine in Malta once the client has purchased his or her dream house.  Many of our clients are pleased to find that this section serves as a mini real estate consultant which is able to answer real estate related questions while they are waiting to hear information or decisions regarding the property they are interested in buying or selling from their real estate agent!

The two tools mentioned above are just a few of the many tools and resources our clients can access as they seek to sell or buy property in Malta.  Because we are interested in fulfilling dreams and not just in helping people buy and sell the property, we treat our clients like royalty!

The Right Contractor Makes a Big Difference with Your Roofing Repairs

Having a fully functional roof is important for many reasons and if something goes awry with your roof, it is good to know that the experts can come out quickly and make it right. Roofs last for a very long time, usually decades, but they do occasionally crack, buckle, or suffer with loose tiles. When this happens the, right contractors will come out and make the repairs that are necessary so that your roof is once again attractive and functional.

Finding the Right Contractor Is Easy

Competent roof repair companies can be found everywhere and the ones that offer local roof repairs in Fife include services such as:

  • Work on chimneys
  • Installing skylights
  • Sealing services
  • Work on uPVC fascia and soffits
  • Removal of moss, leaves, and other debris

These companies can clean, maintain, repair, and even replace your roof when you need them to and they work quickly but efficiently every time to make sure that the job is done right, enabling you to concentrate on other things.

The Many Perks of Using a Professional

Professional roofing companies offer 24-hour emergency services, free quotes, fast turnaround times, and competitive prices, not to mention excellent warranties on their workmanship. They come out quickly to make the repairs you need and even clean up after themselves once the work is done because they are true professionals and always take their responsibilities seriously. They also make sure that the areas surrounding the roof are also functional because they know that the gutters, downspouts, and even the siding need to work well in order for the roof to work the way it is supposed to.


 

Does Your Home Need Rewiring

Rewiring a home is imperative, especially if you do not want your structure to end up being a statistic. Because old wiring increases the risk of fire, you should contact an electrician about rewiring, especially if you have been experiencing some warning signs.

Signs You Need New Wiring

An electrical system frequently alerts you to issues that indicate that you need to contact expert electricians in Sheffield immediately. Some of these signs include the following:

  • A frequent recurrence of tripped breakers or blown fuses
  • An over-fused electrical panel
  • Discoloured or hot plugs, cords, or switch plates
  • Buzzing sounds
  • A burning odour
  • Sparks from an outlet when you unplug or plug in a cord
  • Outlets that are loose.
  • Insulation that is cut or cracked

Electrical systems will wear out over time. That is why you need to have regular inspections made of your wiring. Research indicates that most electrical fires that happen could have been prevented. Therefore, make sure that your wiring meets electrical safety standards. Any defects should be corrected immediately.

Scheduling an Inspection

Some homes have not had an inspection in 40 years. Therefore, you definitely need to call out an electrician if you have not had an inspection made recently. If you have not had an inspection made in the last ten years, you also need to set an appointment. Electronics and appliances may have been added that are placing a strain on the current system.

Even if you had an inspection five to nine years ago, you still should have your electrical system examined to correct any defects or possible wiring problems. Your safety is of the utmost importance when it comes the use of electricity.


 

Why You Should Always Hire a Professional Electrician

When there is electrical work to be done around the home, it is always tempting to do it by oneself. Simple things like changing light fittings and installing wall sockets are done by homeowners every single year, but saving money in this way is never a good idea.

What Can an Electrician Do for You and Your Home?

Changing light fittings, for example, might seem like a pretty easy thing to do. For the average electrician, it’s something that they do every day and the process doesn’t take long. For the average homeowner who is not a professional electrician, however, there are always risks.

The truth is that working with electricity is always dangerous. Even if a homeowner thinks that they have done everything right, there is always the risk that they could be injured, or worse. By hiring affordable electrician services in Middlesbrough one receives the following benefits:

  • Electrical services done by a professional so there is no risk of injury
  • A job done right so that wiring is correct and there is less risk of a home fire due to faulty wiring done by an amateur
  • A guarantee for the work that has been performed

A Job Done Right Every Time

Working with electricity is a risky business. This is why we hire professionals to get the job done for us. Whether it is an additional electrical socket, a new light fitting, or a component that needs rewiring, hiring a professional electrician is the best way forward.


 

How You Can Make Your Home Appealing to Buyers

Selling your home is both exciting and stressful, and if you are not prepared, it can also be very frustrating. It’s important before you list your home for sale that you have done everything possible to make it as appealing as possible to potential buyers. While most people know they need to keep the floor clean, make sure the home is dusted, and keep fresh flowers throughout the home to make it smell and look great, there are a few other things to be done as well.

Consider Your Furniture

You have to make sure your furniture looks great when you list your home, because although the new buyers will be bringing their own furniture with them, they will be judging your space. There are a few benefits of hiring professional upholstery cleaning services in Halifax, including the following:

  • Removal of unsightly stains
  • Refresh the smell
  • Reduce allergens and bacteria in your home
  • Improve overall appearance

Think About the Outside

In addition to making sure your furniture is as clean as possible, you will want to pay attention to the exterior of your home. It’s important that your front door is clean and has a fresh coat of paint, and that your front porch or stoop is always swept off and free of clutter. This will also keep potential buyers and their agents from tracking dirt into your home. You will also want to consider having your home pressure washed if it is particularly dirty or has mildew on any exterior walls.

With a little DIY work and the help of professional upholstery cleaners, you can ensure your home looks its best and is ready to be sold.


 

Homebuilders Rely on Joiners and Others to Create a Beautiful Product

Professional joiners make sure that your furniture, doors, and windows all look extraordinary when complete because they have been specially trained in this job and work hard to produce high-quality, durable products that work right and look great. A good joiner can make a big difference in the final outcome of your product and the ones hired by homebuilders know how to handle any product that you put in front of them.

The Right Start

Furniture and other products need joiners if the product needs to look perfect in the end and experienced joiners in Sutton provide their services to help make:

  • Sash and casement windows
  • Furniture
  • Staircases
  • Fire-rated doors
  • Shop and bar fittings

Much the same as other products, wooden items such as doors and furniture need the right foundation to turn out right, which is essentially what a good joiner provides. If it is made of wood in particular, joiners will make sure that all of its joints will fit perfectly and bring the entire product together so you always get the results that you want and deserve in the end.

Beautiful End Results

Of course, the final product is what you are most interested in because everyone wants the fixtures in his or her home to look good and work right. These companies’ end products can be standard or extensively detailed, small or large, simple or complex, because they work closely with all their customers to make sure that the product is just what you were looking for, ensuring your total satisfaction when the work is done.

Call the Locksmith for a Wide Range of Expert Services

You’re probably aware that the job of the locksmith has changed quite a bit in the past few decades. This professional is no longer called only to work with metal keys and locks, which most people would consider to be the traditional task in this field. A number of other jobs fall under the “locksmith” category, many of which have little to do with locks and keys.

Being Secure

When you arrange for the services of locksmiths in Beckenham, you can depend on them to help with an array of jobs that will keep your secure. The list includes the following services:

  • Preventing burglaries with upgrades and repairs
  • Double-glazing lock repairs
  • uPVC door locks
  • Security systems
  • Burglar alarms

If you need expert help with any of these important areas of home or business security, you have experienced individuals close to you who can complete the work efficiently and give you the peace of mind you want and deserve. They’re available around the clock, with 24-hour service when you need it most. In most situations, they’ll get to you in less than an hour.

Those Traditional Services

Of course, you can also call on them for help with many of those classic locksmith services, such as cutting new keys, providing replacement keys, installing and maintaining closed-circuit television (CCTV) systems, as well as fitting and repairing burglar alarms.

Burglaries are, unfortunately, on the rise these past couple of years, so you’d be wise to get in touch with an experienced locksmith today and schedule a survey of your property. This specialist can make suggestions and recommendations for keeping your property secure.


 

Asbestos Removal Companies Ensure the Job Will Be Done Right

Asbestos is a dangerous material that is still found in numerous household and construction items so if you are thinking that asbestos is no longer a danger, think again. Fortunately, the companies that remove asbestos are easy to find and do a great job of making sure that every bit of it is gone so your home can be safe once again. They do this with special equipment and tools that ensure that every last speck of asbestos is removed before they leave the premises so you can get the peace of mind that you deserve.

More Common Than People Think

Asbestos can be found in many different items, including:

  • Shingle roofs
  • Home siding
  • Floor tiles
  • Brake pads
  • Door gaskets in furnaces

This doesn’t mean that all of these items will have asbestos in them but you should always check the item out to make sure that it is asbestos-free before using it. When you hire a qualified asbestos removal company in Tonbridge, you can rest assured the job will be done right, in part because they guarantee their services with every job they do.

More than Just Removals

In addition to removing asbestos, these companies also properly dispose of it, generate asbestos surveys, and take samples to correctly diagnose the problem and determine the best course of action. Whether you need them for your home or business, they work quickly but efficiently to get the job done and if you are unsure of what you need for your home or office, they will consult with you so that the right decisions are made.