Dealing With Tenants
06-23-08
Unless you hire a property manager, one of your biggest responsibilities as a landlord will be dealing with tenants. As with any situation involving people, you will have the expected and the unexpected occur. Giving some serious thought to the various possibilities ahead of time will better equip you to deal with whichever option happens to be the case on any given day.
There are three major areas regarding tenant relationships. You'll want to make sure you are thoroughly familiar with the ups and downs of all three.
Rent
Your tenants sign a lease outlining how much money they are supposed to pay and how often they are supposed to pay it. But, as you can imagine, things don't always go according to schedule. There may be times when you actually end up being more of a collection agecy than a landlord. This can be annoying, but it comes with the territory. Actually, if you do your research and check out your tenants carefully before letting them move in, you should be able to avoid people who are not going to pay what they owe on time.
Repairs
Since your tenants are paying money to stay in your property, they are going to expect everything to be in good working order. If nothing ever breaks, you won't have to worry about this. But guess what? The moment something goes wrong, you'll be receiving an urgent phone call from your tenant, expecting an immediate response. If you are pretty handy yourself and know what you are doing, you may be able to fix the problem on your own. But in many cases, this will require paying someone else to do the work. Just make sure that you have money set aside to be able to deal with these kinds of emergencies when they happen.
Lawsuits
Even though you may hate to think about it, some tenants will try to take you to court if something goes wrong. This is far from common, but sometimes small disputes can lead to larger issues that can only be settled in court. One of the best ways to prevent this is to do your best to keep your tenants happy at all times. This doesn't mean that you should let them push you around, but a mutually beneficial relationship will go a long way in ensuring that your problems never go beyond anything minor.
Don't let the prospect of dealing with bad tenants scare you away from investing in single family homes. When it comes down to it, the majority of the tenants end up working out just fine. But, of course, there are exceptions and you have to be prepared to deal with them.
Developing quality relationships with your tenants is really the key. When you treat people respectfully and fairly, they usually appreciate it and tend to treat you the same way in return. And when both parties feel good about the relationship, the lower the risk of having unresolvable issues.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
Monday, January 12, 2009
Hiring A Qualified Property Manager
Hiring A Qualified Property Manager
06-23-08
If you need to hire a property manager, it probably means that you are doing quite well with your real estate investment business. And if you want to continue with this success, you need to make sure that you hire a qualified property manager.
Here are a few tips to consider as you look for the right person:
1. You need to hire a property manager who shares the same goals as you have. If you are attempting to do one thing, while your property manager is attempting to do another, it's going to be hard to make progress. This is something that you should discuss with potential managers before you ever hire one. It is very important to clearly outline your goals, and then make sure that your property manager is willing to work with you in order to meet them.
2. No matter where you live, you should be able to find plenty of available property managers in your area. In fact, many big cities have an abundance of these professionals. And don't forget to consider property management companies. In some cases, hiring a company is much better than hiring a single individual.
3. Just like with your tenants, you need to have a formal agreement in place with your property manager or management company. In other words, you need to know what to expect from them and they need to know what to expect from you.
4. Talk to several property managers before you hire one. Going through an interview process with each one is the only way to ensure that you make the right hiring decision in the end.
5. Then there's the money. Even though you will find that there is an industry average as far as payment goes, some property managers may ask for more and some may be willing to do the job for less. Make sure you know what your budget is and stay within that range.
These five tips will help you in your search for a qualified property manager. Don't cut corners on this decision. If you end up hiring the wrong person, not only will you end up creating extra work for yourself, but you'll probably end up losing money along the way as well. So do whatever it takes to make the right decision the first time. Then you'll be able to rest easy, knowing that your properties are in good hands.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
06-23-08
If you need to hire a property manager, it probably means that you are doing quite well with your real estate investment business. And if you want to continue with this success, you need to make sure that you hire a qualified property manager.
Here are a few tips to consider as you look for the right person:
1. You need to hire a property manager who shares the same goals as you have. If you are attempting to do one thing, while your property manager is attempting to do another, it's going to be hard to make progress. This is something that you should discuss with potential managers before you ever hire one. It is very important to clearly outline your goals, and then make sure that your property manager is willing to work with you in order to meet them.
2. No matter where you live, you should be able to find plenty of available property managers in your area. In fact, many big cities have an abundance of these professionals. And don't forget to consider property management companies. In some cases, hiring a company is much better than hiring a single individual.
3. Just like with your tenants, you need to have a formal agreement in place with your property manager or management company. In other words, you need to know what to expect from them and they need to know what to expect from you.
4. Talk to several property managers before you hire one. Going through an interview process with each one is the only way to ensure that you make the right hiring decision in the end.
5. Then there's the money. Even though you will find that there is an industry average as far as payment goes, some property managers may ask for more and some may be willing to do the job for less. Make sure you know what your budget is and stay within that range.
These five tips will help you in your search for a qualified property manager. Don't cut corners on this decision. If you end up hiring the wrong person, not only will you end up creating extra work for yourself, but you'll probably end up losing money along the way as well. So do whatever it takes to make the right decision the first time. Then you'll be able to rest easy, knowing that your properties are in good hands.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
Do You Need A Property Manager?
Do You Need A Property Manager?
06-23-08
Most new real estate investors struggle with the question of whether or not to hire a property manager. Some people believe that a property manager is a necessity. Some believe this is nothing more than an added expense. The truth is that it depends on your situation. You'll have to weigh the facts and make up your mind for yourself.
In most cases, the investors who need a property manager are the ones who own more than one property. After all, trying to handle all of the issues that can possibly come up with your existing properties and still work on new deals at the same time can become overwhelming at a certain point. That's when a property manager can really be an asset.
Of course, you can hire a property manager regardless of how many properties you have - even if you only have one. Just remember that you'll be cutting into your profits to pay this person. Depending on your situation, however, you may decide that it's worth it to you, especially if you don't like to be bothered with all of the little details of day-to-day operations.
The Benefits of Hiring A Property Manager
So what are some of the things that a property manager can do for you? Their primary role is to manage your property on a daily basis. Managing real estate means doing everything from collecting rent to answering questions about repairs and maintenance. If these are things that you would rather not handle on your own, you may want to consider hiring a property manager.
A property manager can also be a major asset if you are thinking about expanding your portfolio of real estate properties. Remember: As you buy more and more homes, your workload is going to increase. So even if you are handling one or two homes just fine, if this number increases to three or more, you may begin to slow down quite a bit. This is when a property manager can step in and keep you from getting bogged down.
Finally, an experienced property manager can also help you with any questions you may have. As a new real estate investor, this is very important. When you hire somebody who has been around the industry for a while, it is safe to say that they have seen just about everything. Not only will this help you, but it will help your tenants as well.
The decision to hire a property manager is really up to you. If you are getting along fine without one, you may want to keep things the way they are for the time being. But if you are struggling to keep up with all of your work, why wait? Hire a property manager who knows what they're doing and let them handle the detail work for you. This frees you up to spend more time developing your business, which is a much more profitable use of your time in the long run.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
06-23-08
Most new real estate investors struggle with the question of whether or not to hire a property manager. Some people believe that a property manager is a necessity. Some believe this is nothing more than an added expense. The truth is that it depends on your situation. You'll have to weigh the facts and make up your mind for yourself.
In most cases, the investors who need a property manager are the ones who own more than one property. After all, trying to handle all of the issues that can possibly come up with your existing properties and still work on new deals at the same time can become overwhelming at a certain point. That's when a property manager can really be an asset.
Of course, you can hire a property manager regardless of how many properties you have - even if you only have one. Just remember that you'll be cutting into your profits to pay this person. Depending on your situation, however, you may decide that it's worth it to you, especially if you don't like to be bothered with all of the little details of day-to-day operations.
The Benefits of Hiring A Property Manager
So what are some of the things that a property manager can do for you? Their primary role is to manage your property on a daily basis. Managing real estate means doing everything from collecting rent to answering questions about repairs and maintenance. If these are things that you would rather not handle on your own, you may want to consider hiring a property manager.
A property manager can also be a major asset if you are thinking about expanding your portfolio of real estate properties. Remember: As you buy more and more homes, your workload is going to increase. So even if you are handling one or two homes just fine, if this number increases to three or more, you may begin to slow down quite a bit. This is when a property manager can step in and keep you from getting bogged down.
Finally, an experienced property manager can also help you with any questions you may have. As a new real estate investor, this is very important. When you hire somebody who has been around the industry for a while, it is safe to say that they have seen just about everything. Not only will this help you, but it will help your tenants as well.
The decision to hire a property manager is really up to you. If you are getting along fine without one, you may want to keep things the way they are for the time being. But if you are struggling to keep up with all of your work, why wait? Hire a property manager who knows what they're doing and let them handle the detail work for you. This frees you up to spend more time developing your business, which is a much more profitable use of your time in the long run.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
Making Money With Rental Properties
Making Money With Rental Properties
06-23-08
Although the residential real estate market has hit the skids, it is not as gloomy as it appears. The market may be down, but it is not out. In fact, it will never be out as long as people need places to live. The most important thing is to not panic. The next is to start thinking long-term.
One of the best ways to make money in a down real estate market is through rental properties. In fact, there has never been a better time than today to purchase a rental property. Housing prices are lower than ever and so are mortgage rates. If you buy property now, you can take advantage of both. You can then hold onto the property for several years while renting it to tenants who will, essentially, pay your mortgage for you. Then when the real estate market moves towards a seller's market, which it eventually will, you will likely be able to sell the property for much more than what you paid for it and end up with a nice profit.
Before you buy, be sure to do your homework on the property and know the market in the area you're looking at. How much are other homes in the area renting for? If you rent your property for the same amount of money, will it be enough to cover your mortgage payment, taxes, and insurance? Is this an area that is likely to experience an increase in property values over the next few years as the market begins to turn around?
Make sure that you also understand the tenant laws in your state. Tenant laws usually favor the tenant, so be sure to screen your applicants carefully. And, of course, you will need to obtain a good security deposit, especially if you are renting out a single family home.
It is possible to make money in a down real estate market. You just have to be smart, be patient, and be willing to make the most of these long-term investment opportunities while you wait for the short-term opportunities to make their way back onto the scene.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
06-23-08
Although the residential real estate market has hit the skids, it is not as gloomy as it appears. The market may be down, but it is not out. In fact, it will never be out as long as people need places to live. The most important thing is to not panic. The next is to start thinking long-term.
One of the best ways to make money in a down real estate market is through rental properties. In fact, there has never been a better time than today to purchase a rental property. Housing prices are lower than ever and so are mortgage rates. If you buy property now, you can take advantage of both. You can then hold onto the property for several years while renting it to tenants who will, essentially, pay your mortgage for you. Then when the real estate market moves towards a seller's market, which it eventually will, you will likely be able to sell the property for much more than what you paid for it and end up with a nice profit.
Before you buy, be sure to do your homework on the property and know the market in the area you're looking at. How much are other homes in the area renting for? If you rent your property for the same amount of money, will it be enough to cover your mortgage payment, taxes, and insurance? Is this an area that is likely to experience an increase in property values over the next few years as the market begins to turn around?
Make sure that you also understand the tenant laws in your state. Tenant laws usually favor the tenant, so be sure to screen your applicants carefully. And, of course, you will need to obtain a good security deposit, especially if you are renting out a single family home.
It is possible to make money in a down real estate market. You just have to be smart, be patient, and be willing to make the most of these long-term investment opportunities while you wait for the short-term opportunities to make their way back onto the scene.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
Decorating A Rental Apartment
Decorating A Rental Apartment
06-23-08
Thinking your apartment will look much better after you have a chance to paint it the color you really like? Think again. While painting may certainly make your apartment feel more like "home" to you, tenants are usually quite limited in what they are allowed to do as far as decorating their apartment is concerned - and painting is one of the most common no-nos.
Before you begin decorating your apartment, you will want to consider the following:
Consider The Contract
Always review the rental contract carefully before doing any decorating. Most apartments allow pictures to be hung, for example, but they might place restrictions on the type of nails which may be used. And what might seem like relatively common decorating practices, such as painting and installing shelves, may be totally prohibited. In most cases, harsh penalties can be assessed when these restrictions are violated, resulting in additional fees at the end of the lease - or possibly even eviction.
If you have questions regarding whether or not specific decorating practices are permissible, contact your leasing agent before taking action. If the leasing agent tells you it is acceptable to perform an action prohibited by the rental agreement, ask for a signed, written document stating the exception to the contract. This is important for your protection, because later on the leasing agent may not remember making the exception or they may not even still be working at the property at the time your lease expires and your apartment is being assessed for damages.
Consider Whether or Not Modifications are Reversible
One of the most important factors to consider when decorating an apartment is whether or not a modification is reversible. In most cases, the action is likely to be permissible as long as it is easily reversible. (As mentioned before, painting is a common exception to this rule. While painting is reversible, sometimes returning a room to its original color can be a challenge, so painting is usually not allowed.)
Irreversible modifications such as removing walls or adding permanent fixtures to the apartment are typically not considered acceptable when decorating an apartment. As a general rule, modifications which require the assistance of a general contractor are considered to be permanent in nature and are not allowed. As always, if you are unsure of whether or not an action is permissible, you should check with your leasing agent.
Consider The Security Deposit
Most tenants pay a security deposit before they take possession of the apartment. This security deposit is collected to protect against damages which may be caused by the tenant during the course of the rental agreement. The leasing agent usually expects to need to do some minor cleaning and perhaps a few small repairs after a tenant vacates an apartment. A larger deposit is usually collected, however, to protect the apartment complex in case more repairs are needed or significant damage has occurred.
Even with a few standard restrictions, there's no reason why an apartment can't be made to feel like "home sweet home." Once you know what you can and can't do, use your imagination and creativity to add those special touches that make the place your own. It can be done!
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
06-23-08
Thinking your apartment will look much better after you have a chance to paint it the color you really like? Think again. While painting may certainly make your apartment feel more like "home" to you, tenants are usually quite limited in what they are allowed to do as far as decorating their apartment is concerned - and painting is one of the most common no-nos.
Before you begin decorating your apartment, you will want to consider the following:
Consider The Contract
Always review the rental contract carefully before doing any decorating. Most apartments allow pictures to be hung, for example, but they might place restrictions on the type of nails which may be used. And what might seem like relatively common decorating practices, such as painting and installing shelves, may be totally prohibited. In most cases, harsh penalties can be assessed when these restrictions are violated, resulting in additional fees at the end of the lease - or possibly even eviction.
If you have questions regarding whether or not specific decorating practices are permissible, contact your leasing agent before taking action. If the leasing agent tells you it is acceptable to perform an action prohibited by the rental agreement, ask for a signed, written document stating the exception to the contract. This is important for your protection, because later on the leasing agent may not remember making the exception or they may not even still be working at the property at the time your lease expires and your apartment is being assessed for damages.
Consider Whether or Not Modifications are Reversible
One of the most important factors to consider when decorating an apartment is whether or not a modification is reversible. In most cases, the action is likely to be permissible as long as it is easily reversible. (As mentioned before, painting is a common exception to this rule. While painting is reversible, sometimes returning a room to its original color can be a challenge, so painting is usually not allowed.)
Irreversible modifications such as removing walls or adding permanent fixtures to the apartment are typically not considered acceptable when decorating an apartment. As a general rule, modifications which require the assistance of a general contractor are considered to be permanent in nature and are not allowed. As always, if you are unsure of whether or not an action is permissible, you should check with your leasing agent.
Consider The Security Deposit
Most tenants pay a security deposit before they take possession of the apartment. This security deposit is collected to protect against damages which may be caused by the tenant during the course of the rental agreement. The leasing agent usually expects to need to do some minor cleaning and perhaps a few small repairs after a tenant vacates an apartment. A larger deposit is usually collected, however, to protect the apartment complex in case more repairs are needed or significant damage has occurred.
Even with a few standard restrictions, there's no reason why an apartment can't be made to feel like "home sweet home." Once you know what you can and can't do, use your imagination and creativity to add those special touches that make the place your own. It can be done!
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
Dealing With Neighbors In An Apartment
Dealing With Neighbors In An Apartment
06-23-08
One of the major disadvantages to renting an apartment is the potential for conflict with the neighbors. While some renters may foster incredible relationships with all of their neighbors and never once have any problems, this is not the typical scenario.
Most renters experience at least one instance of dissatisfaction with their neighbors. They may or may not confront the neighbor about this issue, but it is likely to cause at least some tension in the living situation.
Here are some of the usual problem areas:
Paper-Thin Walls
Although most modern apartment buildings are built with a fair amount of insulation, there is still the real possibility of neighbors in an apartment building hearing music, television, conversation, or other noises emanating from a neighbor's apartment on a regular basis. This is due to the close proximity of the apartments to each other as well as the common practice of having at least one shared wall among neighbors in an apartment complex.
Parties
Parties can be another source of potential conflict. This is true not only because of the likely noise factor, but the possibility of rowdy guests.
Unusual Schedules
Renters who have an unusual schedule may have a great deal of difficulty functioning in an apartment complex. An example of this would be someone who works a night shift and sleeps during the day. The "abnormal" schedule kept by these renters makes them more prone to being disturbed by other renters who assume everyone sleeps at roughly the same time. Unfortunately renters in this situation may have to make an effort to make their living situation bearable. While discussing the situation with the neighbors is certainly worthwhile, it is unrealistic to expect the neighbors to remain exceedingly quiet during daytime hours. Many residents do chores such as vacuuming during the daytime which can resonate in the apartment of another renter. Asking the neighbors to do these types of chores in the evening is not really feasible either, because then they would likely be disturbing a number of other neighbors. In this case, the best solution may actually be for the renter with the unusual schedule to either use earplugs or a white-noise machine during their sleeping hours.
In general, apartment living requires that all tenants practice courtesy and consideration for their neighbors in order to maintain a pleasant environment for everyone. Honest efforts should be made to keep the noise volume down during hours when people are normally asleep. Even noise on the weekends shouldn't go much later than midnight. (That doesn't mean a party has to necessarily be shut down, just toned down.) Tenants should also make sure that any guests they have behave themselves responsibly and respect the rights and property of the neighbors.
What happens if an irritating situation persists? The first option would be to try mentioning it to the neighbor in a nice way. It's possible they may not even be aware of the conflict and are willing to make the necessary adjustment to eliminate the problem. If they are not willing to make a change, however, the offended tenant will probably need to inform the property manager and let them address the situation with the neighbor. The property manager is in a much better position than another tenant to put pressure on the offending neighbor and insist that they make changes.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
06-23-08
One of the major disadvantages to renting an apartment is the potential for conflict with the neighbors. While some renters may foster incredible relationships with all of their neighbors and never once have any problems, this is not the typical scenario.
Most renters experience at least one instance of dissatisfaction with their neighbors. They may or may not confront the neighbor about this issue, but it is likely to cause at least some tension in the living situation.
Here are some of the usual problem areas:
Paper-Thin Walls
Although most modern apartment buildings are built with a fair amount of insulation, there is still the real possibility of neighbors in an apartment building hearing music, television, conversation, or other noises emanating from a neighbor's apartment on a regular basis. This is due to the close proximity of the apartments to each other as well as the common practice of having at least one shared wall among neighbors in an apartment complex.
Parties
Parties can be another source of potential conflict. This is true not only because of the likely noise factor, but the possibility of rowdy guests.
Unusual Schedules
Renters who have an unusual schedule may have a great deal of difficulty functioning in an apartment complex. An example of this would be someone who works a night shift and sleeps during the day. The "abnormal" schedule kept by these renters makes them more prone to being disturbed by other renters who assume everyone sleeps at roughly the same time. Unfortunately renters in this situation may have to make an effort to make their living situation bearable. While discussing the situation with the neighbors is certainly worthwhile, it is unrealistic to expect the neighbors to remain exceedingly quiet during daytime hours. Many residents do chores such as vacuuming during the daytime which can resonate in the apartment of another renter. Asking the neighbors to do these types of chores in the evening is not really feasible either, because then they would likely be disturbing a number of other neighbors. In this case, the best solution may actually be for the renter with the unusual schedule to either use earplugs or a white-noise machine during their sleeping hours.
In general, apartment living requires that all tenants practice courtesy and consideration for their neighbors in order to maintain a pleasant environment for everyone. Honest efforts should be made to keep the noise volume down during hours when people are normally asleep. Even noise on the weekends shouldn't go much later than midnight. (That doesn't mean a party has to necessarily be shut down, just toned down.) Tenants should also make sure that any guests they have behave themselves responsibly and respect the rights and property of the neighbors.
What happens if an irritating situation persists? The first option would be to try mentioning it to the neighbor in a nice way. It's possible they may not even be aware of the conflict and are willing to make the necessary adjustment to eliminate the problem. If they are not willing to make a change, however, the offended tenant will probably need to inform the property manager and let them address the situation with the neighbor. The property manager is in a much better position than another tenant to put pressure on the offending neighbor and insist that they make changes.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
Consider The Amenities
Consider The Amenities
06-23-08
The amenities on a rental property can often be the deciding factor for many renters. The available amenities may make a less affordable property seem more appealing. Conversely, a property which is more expensive may be considered worthwhile if the amenities offered are valuable enough to the renter to justify the higher price.
When making a decision on a rental property, homeowners should consider their own personal preferences as well as their budgetary constraints. The renter should carefully consider which amenities are really necessary, which amenities are optional but highly desired, and how much the renter is willing and able to pay for these amenities.
What Amenities Do You Really Need?
On-site laundry facilities, if not laundry facilities inside each apartment, are usually considered a necessity for most renters. Even if there are nearby laundromats, the inconvenience of having to travel there and wait for the entire laundry cycle to finish is too much of a hassle. Besides that, public facilities are open to an even wider group of people than apartment facilities would be, increasing the likelihood of machines not being available when convenient for the renter. Since doing laundry is not optional, this is one amenity that many renters are not willing to do without.
What Amenities Do You Really Want?
Although many of the amenities offered by rental properties are certainly not necessities, some renters would not consider renting a property that did not have them. An exercise room is one such example. Without an on-site exercise facility, many renters would have to consider joining a gym for their exercise needs. This would likely increase their monthly expenses significantly in the form of membership dues and, depending on the location, may also make it inconvenient for the renter to visit the gym. Because an on-site exercise room eliminates these problems, some renters consider it worth the added expense.
A pool is another amenity that falls within this category. Although it is not truly a necessity, many renters wouldn't consider renting an apartment that didn't have a pool - especially in areas where the climate is warmer.
Another amenity that is attractive for many renters is some type of meeting room or clubhouse that can be used to entertain guests. This allows the renter the option of hosting larger parties or events than would comfortably fit in their own apartment.
Are You Paying Too Much for Amenities?
While some amenities may be viewed as necessary, some as merely desirable, and still others as superfluous, the most important decision renters will have to make is how much they are willing to pay for these amenities. Comparison shopping may be the best way to determine whether or not certain amenities are financially worthwhile.
Renters who are considering apartments of similar size in the same geographic region should consider the amenities offered as well as the price of the apartment. Apartments of similar size in the same area are normally fairly close in price, but an apartment which offers more advanced amenities might be significantly higher. Renters should list the available amenities at each property and use this information when making cost comparisons. Renters who conclude the additional cost is not warranted have determined that the prices of the amenities are not worthwhile to them and they are likely to choose the more affordable apartment which features fewer amenities.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
06-23-08
The amenities on a rental property can often be the deciding factor for many renters. The available amenities may make a less affordable property seem more appealing. Conversely, a property which is more expensive may be considered worthwhile if the amenities offered are valuable enough to the renter to justify the higher price.
When making a decision on a rental property, homeowners should consider their own personal preferences as well as their budgetary constraints. The renter should carefully consider which amenities are really necessary, which amenities are optional but highly desired, and how much the renter is willing and able to pay for these amenities.
What Amenities Do You Really Need?
On-site laundry facilities, if not laundry facilities inside each apartment, are usually considered a necessity for most renters. Even if there are nearby laundromats, the inconvenience of having to travel there and wait for the entire laundry cycle to finish is too much of a hassle. Besides that, public facilities are open to an even wider group of people than apartment facilities would be, increasing the likelihood of machines not being available when convenient for the renter. Since doing laundry is not optional, this is one amenity that many renters are not willing to do without.
What Amenities Do You Really Want?
Although many of the amenities offered by rental properties are certainly not necessities, some renters would not consider renting a property that did not have them. An exercise room is one such example. Without an on-site exercise facility, many renters would have to consider joining a gym for their exercise needs. This would likely increase their monthly expenses significantly in the form of membership dues and, depending on the location, may also make it inconvenient for the renter to visit the gym. Because an on-site exercise room eliminates these problems, some renters consider it worth the added expense.
A pool is another amenity that falls within this category. Although it is not truly a necessity, many renters wouldn't consider renting an apartment that didn't have a pool - especially in areas where the climate is warmer.
Another amenity that is attractive for many renters is some type of meeting room or clubhouse that can be used to entertain guests. This allows the renter the option of hosting larger parties or events than would comfortably fit in their own apartment.
Are You Paying Too Much for Amenities?
While some amenities may be viewed as necessary, some as merely desirable, and still others as superfluous, the most important decision renters will have to make is how much they are willing to pay for these amenities. Comparison shopping may be the best way to determine whether or not certain amenities are financially worthwhile.
Renters who are considering apartments of similar size in the same geographic region should consider the amenities offered as well as the price of the apartment. Apartments of similar size in the same area are normally fairly close in price, but an apartment which offers more advanced amenities might be significantly higher. Renters should list the available amenities at each property and use this information when making cost comparisons. Renters who conclude the additional cost is not warranted have determined that the prices of the amenities are not worthwhile to them and they are likely to choose the more affordable apartment which features fewer amenities.
Mark E. Moebius
Miljonair Homes
Custom home builder St. Louis
3451 St. Albans Rd.
St. Albans, MO 63073
636.300.9000
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