After 45 years as a property manager, I’ve collected quite a few stories about what can happen when you rent your property to others—and some wisdom about what to expect. If you own a rental property, or are thinking about it, here are some things to consider. Raising the Rent Let’s say you find out … Read more
Having been in the property management business for more than 45 years, I’ve seen all sorts of strange things and I’ve learned some interesting tidbits along the way. If you own a rental property, or are thinking about it, here are some things to consider. Normal Wear and Tear As a landlord, I expect normal … Read more
As I’ve said before, landlords and tenants often see things from very different perspectives. Having been in the property management business for decades, I have seen all sorts of crazy things. Sometimes the landlords are right. Sometimes the tenants are right. Many times, it comes down to the details of the lease agreement. Even though … Read more
Last week, I began sharing information about the process people must go through to determine whether a property has environmental contamination, and if it does, what to do about it. Decades ago, people used materials that were toxic to people and the planet on a somewhat regular basis and even regulations are now in place … Read more
Decades ago, health and safety regulations and environmental protections didn’t really exist, so people used materials that were toxic to people and the planet on a somewhat regular basis. Thankfully, this is no longer the case, but once in a while when a property changes hands, the buyer discovers an old problem that was never … Read more
If you’re at least 62 years old and you own your home outright, you can borrow against it and never have to pay back the loan. It’s called a reverse mortgage and it allows you to convert some of your home’s equity into cash. Unlike traditional mortgages, the loan does not have to be repaid … Read more
In a small community like ours, most people know several Realtors, so what do you do when it’s time to buy or sell property–who do you choose to represent you? The answer is simple: you pick the person who can best meet your needs (as opposed to the person you meet for drinks after work). … Read more
These days, buildings are a lot safer, more technologically advanced, and environmentally friendly than they once were, which is great. What isn’t great is the increased costs that occur when the government starts requiring every new home to incorporate each new innovation. If new technology is worthwhile and cost-effective, people will adopt it without the … Read more
Last week, I shared the tax benefits associated with having a home office. This week, I’ll share another way to reduce your tax burden: if you have a medical condition that requires upgrades to your home, you may be able to write off part of the cost of those upgrades. Before I go on, I … Read more