Renting a House? Be Wary About Making Major Interior Decorating Upgrades

When you rent an apartment, it’s unlikely that you can do a lot of major redecorating. Renting a home affords more opportunity to change the interior decor, depending on the personality and preferences of the homeowner. Landlords who do not want to see major modifications done to their property may place strict restrictions. Some homeowners, however, hope that their tenant will improve the interior of the home and welcome any changes. The latter type of owner may allow the renter a lot of flexibility and independence in their decorating options.As a Renter, How Much is Too Much?

Your budget should be the first consideration before you spend anything on improving the rental home. They say that renting is flushing your money down the toilet … spending a lot of money on improvements is like flushing your money down several toilets. You get nothing back other than improved living conditions or perhaps a grateful landlord who benefits from your money and work.

Some homeowners may allow the renter to make minor decorating changes such as hanging pictures, painting the walls or installing shelving. Extensive decorating work such as replacing the flooring, tearing down walls or adding skylights might not be considered acceptable by some property owners. Some landlords might approve of this type of extensive work so long as the work is to be done by a someone other than you, such as a professional contractor. Think about it … why on earth should you pay a lot of money in making major improvements to someone else’s property when you receive no tax or other benefit? You are better off making do with minor interior decorations and improvements and holding onto your hard-earned cash so that it will collect some interest and can be used as a down payment for your own property.

Before Redecorating, Check with the Homeowner

Reading and understanding your lease is the first thing you need to do. The lease contract might clearly prohibit certain improvements. It is unlikely that the lease will spell out each and every possible type of interior decor activity, so check with the homeowner before making modifications to the rental house. It is a good idea to get a written statement from the homeowner that sets forth the landlord’s approval of your modifications.

If It’s Iffy, Just Don’t Do It

As a renter, if you’re not sure whether you can perform a specific decorating activity and you are unable to reach the homeowner, it’s best to not make any changes. Being cautious will save you time and money in the long run, especially if the landowner demands that you to undo the changes.

Some Quick Decorating Tips

Regardless of whether you are renting a home from a landlord who permits a lot of changes or is very restrictive, there are some easy things that you can do to upgrade the home decor. Best yet, you can keep these improvements and take them to your next home (preferably, the one you buy) instead of investing in someone else’s home that you will not be able to recoup.

RUGS – If the carpet or tile in the rental home is stained or just plain ugly, cover it up with attractive area rugs or throw rugs.

ART AND PLANTS – If the wallpaper is hideous and you’re not allowed to repaint or change the wallpaper, hide it with some nice artwork. Large, leafy houseplants like Ficus trees add a touch of class to a home and can cover otherwise ugly spaces.

DECORATIVE FURNITURE – Nice furniture will change the look of a rental home. Futons offer an affordable decorating option. Cheap futon covers are available in a variety of colors and patterns that can change the look of a room. Spice your futons up with some colorful throw pillows and the room will take on a whole new appearance. For cramped spaces, futons are great. Use them as a couch or chair by day and a bed at night.

LIGHTING – Play with light to create a sense of ambiance and draw the eye toward art or other features in the room instead of the defects. Traditional lamps, canister lamps or tree lamps can be used to direct light. Just plug them in and don’t worry about having to change the light fixtures or having to install dimmer switches.

About the Author

Urbain Beck loves to write … and also loves the versatility and economy of futons. Begin your rental home redecoration by taking a look at the incredible futon designs that are available nowadays at http://www.futonheaven.com.

Buy To Let Still Attractive But Understand The Risks

Despite the downturn in the housing market, an investment in property can be a long term route to financial security. If you just think about how much your parents paid for their home and how much it is worth now, you can see the potential.Of course, simply living in a property long term does not really represent an investment in property. The main difference between simply owning a property to live in and investing in a property is that with an investment, you are buying for the purpose of making a profit – one where you can make use of the money.

One way to do this is by investing in a buy to let. This is where you buy a property with the intention of renting it out, and you hope that the incoming rent will pay for all outgoings (e.g. mortgage repayments and other expenses), giving you an ongoing income. In addition you hope to make a profit on the purchase when you sell a few years down the line. Many costs can be offset against tax.

Buy to let mortgages are readily available and are a cheap way to borrow money – even in these days when mortgage costs and interest rates are on the rise. It is important to be aware that there is no guarantee that you will be able to rent the property out without void periods, and there is a lot of effort in being a landlord and making sure that you have happy tenants.

The buy to let market is still viewed as a route to riches. In the long run it may be, but there can be short-term pain, and anyone new to the market should follow a strict and careful path. Buy-to-let is a business and as with any business the figures should work.

Traditionally, a buy to let investor would put down a deposit of 15% minimum for a buy to let mortgage and ensure that rental income would achieve 125% of the mortgage repayments. Up to the advent of the credit squeeze in the UK, competition was so tough between rival providers that they eased their qualifications for a buy to let mortgage, shifting buy-to-let from a soundly based business to something more like a gamble on rising house prices delivering capital growth as rental income was too low to cover outgoings. Anyone investing in those circumstances might now be having some difficulties as house prices have come down, rents have barely moved and mortgage costs continue to rise. It is not a place for nervous novice investors at the moment.

The purpose of the investment should be to make some money above the level at which you could make it by earning, saving or even putting in your building society account. With the possibility of making money from any investment comes a level of risk. So although you might make money, you might lose money too.

It is important to manage the risks, which means reducing exposure by having sufficient knowledge about what you’re doing to reduce the risk. The sums of money involved in property investment can be large, so it is important to take the management of risk seriously.

About the Author

An author on a variety of property related subjects, which include mortgage rate reviews and detailed analysis of the role mortgage brokers provide in the current climate.

Using a Lease Option to Your Advantage

Using a Lease Option to Your Advantage as a Real Estate Investor   by Judson Voss

As the sub-prime lending mess is unfolding currently here in the United States, people are loosing their homes to foreclosure at record levels. Where are all these people going to live? The quick answer is that they will most likely become renters. However, a couple years down the road when the market has adjusted and interest rates drop again, many will look to purchase another home to live in. And, one of the best ways they can do it is through a lease option purchase.A lease option purchase is one where you as the property owner find a high-quality, long-term tenant who is interested in the right to purchase your home down the road in a couple years. Maybe today the tenant is strapped for cash, has bad credit, etc… but in just a couple years they will be able to qualify for traditional financing. In this case when they want to buy, lease option is a good option for them to consider.When you set up your lease option purchase contract it is essential that you believe that the tenant will be able to obtain the necessary financing in the time specified in the contract. Morally, you should not lease option to someone who you do not think will ever actually purchase the home. While you may make some money on the deal, you will only be hurting their lives and not helping them out at all.

In a lease option purchase, you can stipulate that the tenant is responsible for any repairs and changes to the property during the time they live there, in exchange for a higher credit each month towards their down payment on your property. This removes you from being the “landlord” and places you in a position where each month you simply have to cash their check as a mortgage holder would. And, at the same time, you are giving someone a chance to own a home in the near future which they simply cannot purchase at the present time.

If you are in a lease option deal and the tenant is unable to obtain financing at the end of the contract and moves out, you retain full ownership of your property and owe them nothing. This places you with a choice of doing another lease option, putting the property for sale, or simply renting it out. What you ultimately choose to do should be up to you and what the market shows you to do at the time.

About the Author

Isn’t it time you learned how to capitalize on one of the best markets for real estate investing? With the recent flood of foreclosures now is the time to learn to invest correctly in real estate from the hosts of the nation’s leading show on real estate investing, Judson and Lynn Voss. Visit http://www.yourrealestatefortunes.com and learn for free, the no-hyp

Vacation Tips you can use

Hawaii Vacation Rental Tips You Can Use   by Ellen Gentry

Check out Kauai vacation rentals while you are booking your next Hawaii vacation. Some of the best places to stay in the world are found among Hawaii hotels, but a Hawaii vacation rental is hard to beat. Follow these steps to make sure that you find the best Hawaii vacation rental property available.The internet is filled with sites listing fabulous properties for your Hawaii vacation. It’s easy to be swept away by the lush pictures and glowing descriptions. Make sure that the site has been around for many years. Satisfied customers keep the best property rental internet sites going and going. Use well established services or services run by local organizations that have a long-term stake in island tourism.Check with an agent that deals with the booking of vacation properties on a regular basis. Recommendations from other people that have patronized a property are hard to beat, especially since they come from actual experience and will often include photos. Many times they will share these recommendations with their travel agent, which is of great help for anyone who wants a first hand point of view, like yourself. Good agents will avoid the possibility of putting their customers at a bad property if at all possible.

The Hawaii Better Business Bureau can give you some idea of the number of complaints against a company you may be considering booking your cruise through. If you find that a property or landlord has a number of complaints against it, you might want to consider another option. When a landlord starts to experience problems, there property may suffer with less upkeep and needed maintenance.

Read every word and go over ads and descriptions with a fine-toothed comb. Almost more important than what is said, look for what the descriptions leave out. Look for things like sufficient bathrooms and beds to meet your requirements. Be on the lookout for red flag words like “cozy” (meaning too small) or “quaint”(meaning poorly taken care of). Get information about all furnishings, linens, cleaning facilities, and entry to the beach.

Of course you want to find a good deal, but don’t cut every cost and cheap out on your vacation. You want to come home from your latest getaway with loads of memories, not a bunch of regrets because you held back from having fun to save a few dollars. Shop around and be careful when you make choices that will affect your vacation experience, because you don’t want to get into a bad situation with rental real estate.

About the Author

Check out Kauai vacation rentals while you are booking your next Hawaii vacation.

Myrtle Beach Property managers should have a will

Landlords Should Write a Will to Prevent Confusion Regards their Buy to Let Property Portfolio   by Chris Horne

It all sounds a bit morbid for landlords.However, landlords being high net worth individuals need to consider what happens to their property investment assets when the day finally comes and they no longer are around.What happens if a landlord gets hit by a bus? God forbid what would happen if one day a landlord stepped out in front of a number 72 bus catapulting him or her straight into the next life.

Firstly, if a landlord has not written a will they would not be alone. Approximately seven out of ten landlords haven’t. For this group of landlords they die intestate. At this stage the laws of intestacy apply to a landlord’s estate which means that a landlord’s estate including all their buy-to-let properties are divided between a landlords lawful spouse and a landlord’s surviving blood relatives, according to specific rules laid down by Parliament. If there are no living relatives, once an extensive search has been undertaken, a landlord’s money goes to the Crown.

Why landlords should write a will? Most landlords make a will because they want to direct who receives their assets including their buy-to-let properties following their death. If a landlord does not write a will and a landlord then dies, a landlord has died intestate. Intestacy rules are, of course, made in broad terms and cannot take account of a landlord’s individual wishes. In 1995, the government passed a new measure called the Law Reform Succession Act 1995 which amended the 1975 Inheritance Act. This amendment now means that the vast majority of couples living outside wedlock can now seek financial provisions from the estate of the deceased co-habitee, whilst at the same time it leaves open the claims from a separated wife/husband and dependent children from a previous marriage. It must be stressed that the Act does not automatically give a common-law partner inheritance rights on intestacy, it merely seeks to clarify the standing of such partners. Where a landlord dies suddenly and intestate the administering of a landlord’s estate and buy-to-let properties could be a complicated & contested activity and one where the only winners are the solicitors acting for each party with a potential claim.

Therefore, it is always advisable that a landlord has a will in place to avoid confusion, conflicts and the fact that the landlord’s estate could be ‘eaten up’ by the legal bills of those parties contesting the estate.

What should be included in a landlord’s will? Before a landlord writes their will or consults a solicitor, it’s always a good idea for a landlord to think about what they want included in their will. A landlord should consider:

* how much money and what property and possessions a landlord has. * who a landlord wants to benefit from their will. * who should look after any children under 18 years of age. * who is going to sort out a landlord’s estate and carry out a landlord’s wishes after their death – that is your executor.

An executor is the person responsible with passing on a landlord’s estate. A landlord can appoint an executor by naming them in their will. The courts can also appoint other people to be responsible for doing this job.

Where should landlords go to get a will written? Most people still go to a solicitor to get their will written, not necessarily because their affairs are complex but because they do not know where to start or what to do. A solicitor will normally charge a landlord between £50 – £300 for writing a will depending on the complexity, and therefore the time taken to draft one. Landlords are always advised to shop around to find the best deal.

This begs the question – “does a landlord need to go to the expense of getting a solicitor to write their will?”

In fact one in every five of us actually writes our own will. There are numerous legal stationers that produce packs instructing a landlord how to go about writing a will. One of these is an online company called Lawpack.

The other alternative a landlord has is to use one of the burgeoning websites that provides an online template for landlords to write their will. Those websites charge slightly more than buying a stationary pack but have the advantage that a landlord will have online or telephone support to guide a landlord through the process of writing one.

Should a landlord write their will themselves? If a landlord’s finances are simple then there is no reason to employ a solicitor. Consumer champion Which? says you should use a solicitor if you have:

* a complicated estate or the way you wish to pass it on is very detailed

* remarried and have children from a previous marriage

* assets outside the UK

* a business

* assets in excess of the inheritance tax threshold

* someone with mental or physical disabilities to look after.

And finally Landlords should remember that once they have made their will, it is important to keep it in a safe place and tell their executor, close friend or relative where it is. If a solicitor makes a landlord’s will, they will normally keep the original and send you a copy. You can ask for the original if they wish to hold it.

A landlord will need to keep their will up to date. A landlord should review their will every five years and after any major change in their life – such as getting separated, married or divorced, having a child or moving house. Any change must be by ‘codicil’ (an addition, amendment or supplement to a will) or by making a new will.

A landlord should always remember to sign their will.

Finally, a landlord should always remember to look both ways when crossing a road and try to avoid the number 72 bus at all costs!

About the Author

Chris writes for propertyhawk.co.uk a site dedicated to UK landlords and property investment. Including free online property management software and free tenancy agreements.

The best tenants in town

by Jim Barnaby

Those investing in buy-to-let property will have many issues to consider as they do so, from cost and location to the market being served.
All these factors tie in of course. Accommodation in a holiday resort is best suited to tourists. Flats in city centres are ideal for young professions, while homes near universities invite the student market.
Those looking for the ideal tenants may find great advantages in either of the latter markets, industry experts have said. Landlord advice website Property Hawk has said professionals are the best tenants of all to have.
Editor Chris Horne said that this group offered “steady” and “regular” incomes, not to mention higher ones than most people, explaining: “With professional tenants, they tend to be able to pay a little bit more rent and they’re often looking for slightly better accommodation. Effectively they’re the cream of the crop in terms of what a landlord’s looking for.”
This higher quality accommodation often meant not just the fabric of buildings but the amenities within, he added, but this had advantages too: “They demand extra – things like broadband connections et cetera – but in return for that a landlord can often charge a premium rent.”
Mr Horne added that in most cases, the exception being short-term tenants on temporary contracts, accommodation best came part-furnished, stating: “Most tenants, even professional tenants, are looking for what’s called part furnished – basically the cooker, white goods, fridge freezer et cetera … They just want an empty space which they can customise themselves.”
While professionals provide security and high amounts of income, student property is another area where buy-to-let investors do well. The latest of an increasing number of studies showing this segment yields better returns than the market average has come from estate agent Savills.
Figures from Savills show that the past two years have seen student rents rising by 31 per cent, higher than the overall market. It may also be worth noting that this has happened at a time when new university campuses have opened in some locations, creating fresh opportunities in places such as Carlisle and Ipswich.
With Assetz chief executive Stuart Law describing student property as “one of the most lucrative investment opportunities in the current market”, potentially paying off a buy-to-let mortgage in as little as 20 years, this too is an area well worth investigating.
As student numbers have risen and new university sites have emerged, so too have a large number of high-quality apartments in urban areas. Each in their own way offer numerous opportunities for buy-to-let investors.
In today’s world Property investment is an excellent investment option especially investment in UK

About the Author

Jim Barnaby is a real estate investment broker and successful property investment adviser delivering research and selected UK and overseas property investment solutions with experience in spanish properties, french property investment,German property, Cyprus holiday homes,Property in Cape Verde, German property investment,cape verde