Apartment Rental Management

Apartment Rental Management in Worcester County Ma.

Find out why S & R Properties is one of the leading apartment rental agencies in Worcester County Ma.

Remodeling a rental property in Worcester County Ma may seem similar to remodeling a personal residence in many regards, but there are key differences that should be taken into account with your design decisions. This is a property that may be used by kids, pets and more, so durability as well as style are key to making thoughtful design decisions.

Flooring

When remodeling your rental property, you likely will replace the floors. At first glance, you may opt to put in affordable carpeting, and some landlords do plan to replace the carpeting with renter’s grade materials every year or two. Another idea that may be more cost-effective in the long run is to use vinyl adhesive tiles or even ceramic or porcelain tiles. If the ceramic or porcelain tiles become chipped, you only have to replace the broken ones rather than the entire floor. Choose darker grout, and seal the floor for the best results.

Paint Options

The paint colors and type that you select should also be taken into consideration. Most homes use a flat paint color on the walls, but this is hard to keep clean. Eggshell or semi-gloss on the walls is easier to wipe dirt off with. Choose a taupe, beige or other neutral color for the best results as these will hide some of the dirt and are appealing to most prospective renters.

Cabinetry

If you have decided to redo your cabinetry as part of your remodel, you may be wondering if veneer or real wood is a better option. A veneer or laminate material may seem better at first glance because of the price as well as the easy cleaning requirements. However, if these get wet, the wood will warp, and they generally will fall apart much faster. More durable options, such as hardwoods are a better solution even though they are more costly. These can also be wiped clean and may be more resistant to water damage, dents and dings.

Counter Tops

Laminate is the most affordable counter top solution, but it can burn, scratch and dent. If you want your counter tops to continue to look amazing in the space, granite may be a better option. This is because granite will not scratch, dent or burn. It is susceptible to damage from acidic items and harsh chemical cleansers, however. Because of this, you will need to educate your renters about how to care for the granite counter tops.

When remodeling a rental property, you may be inclined to choose cheaper features because you know that renters will be hard on the property and the features will need to be replaced quickly. However, some of the upgraded options are far more durable and may be a better option for a rental property.

5 Tips for Preparing Your Home for Sale in Worcester County Ma.

Despite the fact that a home is usually one of the most expensive things anyone will ever buy, first impressions still play a crucial part in influencing home buyers. To ensure you get a quick sale at or near your asking price, you’ll need to take a few extra steps to make your real estate more appealing to potential home buyers. Consider the following tips to give your home a better chance to sell in the highly competitive market in the Worcester Ma area.

Carry Out Any Repairs

Addressing any defects on your home will help to satisfy the watchful eyes of home inspectors who buyers often hire when looking at property. In fact, property defects discovered by home inspectors account the vast majority of failed sales. You might even want to consider hiring a home inspector yourself to get some professional advice on any repairs or modifications that need to be carried out.

Brighten It Up

Maximizing the amount of natural light in your home has a major impact on its livability, but it doesn’t always have to be a complicated or expensive process. You can brighten up your home in just a day by making sure all of the windows are clean and any overhanging branches are trimmed back. A fresh coat of paint and some clean curtains can also make a huge difference.

Make It Less Personalized

While it’s important not to make your home completely sterile, it’s just as essential not to make it too ‘lived in’. Potential buyers will want to be able to imagine their own things in the home, so getting rid of any unconventional customizations can make it easier to sell. Most buyers lack the vision to be able to see past your own design tastes, so consider giving the home a more neutral appearance.

Invest in Professional Cleaning

A dirty or untidy home will almost certainly not command a good price or even be possible to sale. Consider having your carpets professionally cleaned as well to freshen up the place. Likewise, cut the grass and patch up any unkempt areas of the garden. You may also want to keep any pets out of the way when you have viewings lined up, since not everyone is a big fan of having animals in the house.

Don’t Neglect Storage Space

While cleaning your home in preparation for potential buyers, consider removing clutter from any storage areas. Storage space is a key concern for many homebuyers, and a lot of people will snoop around during viewing to take a closer look at the details. Be sure to keep any storage rooms and closets as tidy and as empty as possible. The less clutter you have in your home, the bigger it will look.

Final Words

When selling a home, the first impression is often the only one that counts, and many potential buyers will judge the property the moment they enter the door. Make sure the entryway is as presentable as possible, and ensure all rooms (particularly kitchens and bathrooms) are spotlessly clean. The better the first impression people have of your home, the more likely you’ll get your asking price.

The 2 Most Important Questions When Considering a Fixer-Upper in Worcester County Ma.

Sound Real Estate Management tips by S & R Properties

The concept of buying a house that needs work below market value and fixing it up is nothing new. Whether it’s done to re-sell the property or gain immediate equity in real estate you will keep, buying a fixer-upper can represent significant value for a home buyer. And folks have been doing it for a long time. Worcester and its surrounding communities have always presented great opportunities to investors and families looking to settle here.

Of course, reality TV has helped forge opinions of fixer-uppers. You can watch cable TV networks and see dozens of examples of house flips, nightmare rehabs, and beat-up houses becoming dream homes. There’s enough of this stuff on television, in fact, to make potential home buyers confused over whether a fixer-upper is a good idea.

But whether it’s a good idea perhaps isn’t exactly the right question. That question is more like “Is it a good idea for me?” A good idea for one person isn’t necessarily a good idea for the next person. That’s the case in many areas of real estate.

The good news is that you can pretty much get to the answer of whether it’s a good idea for you by instead asking two other simple questions:

How much work am I capable of doing myself?
How willing am I to do this work myself?

These are two areas that are frequent stumbling blocks for buyers of fixer-uppers. They see a home in need of repair and realize that if it’s fixed up, it could be worth a whole lot more. The dollar signs flash in front of their eyes, which can blind them to a major reality: The real value lies in how much money you can save by doing the work yourself. And (see the two questions above) they either can’t or won’t do what’s necessary.

Are you willing or able to paint an entire house yourself? If you’re going to pay painters a thousand dollars or more to move a roller across a wall, you’re not getting maximum value on your fixer-upper. Can you change out a defective light fixture or switch? Electricians charge upwards of $50 an hour. So do plumbers. So can you fix a running toilet?

Are you willing to tackle time-consuming, sometimes nasty chores? Tearing down wallpaper is no fun. Renting a drain snake and clearing clogged pipes isn’t, either. And usually, the less savory the job is, the more expensive it costs for someone else to do it. And every dollar you pay a professional to do a job you can do yourself is one less dollar in equity you have in your new house.

A fixer-upper can often represent a great deal. It can make an otherwise unattainable house more affordable. It can be the means to profit on a resale. It can mean immediate equity for a homeowner who wants to live in a rejuvenated house.

But how great a deal depends in large part on the buyer. If you pay others to do all the work required, it might not be that great a deal after all. That’s why it’s vital to ask these two simple questions and answer them honestly.

The Pros and Cons of Buying an Investment Property

Property Management Strategies for New Homeowners

The popularity of investing in real estate in Worcester County Ma has increased as people move away from the volatility of other investment strategies. Buying an investment property for long term financial savings can have its rewards, but like any investment, there are advantages and disadvantages. What should you consider before buying an investment property?

Pros:

Buying real estate is a good long term investment. Property value rarely declines and is a good option to help fund retirement. Many investors who are intimidated by investing in equities will feel more comfortable with investing in brick and mortar.

Tax benefits can be claimed on your tax return. Any work carried out on the property such as maintenance or repairs can be claimed as tax deductions. If the cost of running the investment property exceeds the income derived from it, the difference can be claimed as a tax deduction. The interest paid on your loan to cover the cost of the investment property can also be claimed.

Tenants provide a regular income. One main attraction of owning an investment property is that tenants help to pay off your investment. A common lease arrangement in some areas includes a clause for rent to increase as per inflation. This factor is appealing, because as time goes on, your loan will be decreasing, but your rental income will be increasing.

You can increase the value of your investment. Unlike other forms of investments such as stocks and bonds, an investment property can be constantly changed to help increase its value. Changes to a property such as painting, landscaping, repairing a roof, replacing fixtures and fittings will all add value to a house. An investor can be more hands on in controlling the way the property is managed, therefore helping to maintain the value of their investment.

Cons:

Not all tenants are responsible. Unfortunately, we have all heard of horror stories with bad tenants. If you are unlucky to have a tenant that causes problems on your property, the consequences can be costly. They can damage your property, be late in paying rent or not pay at all. Disputes such as these can take months to negotiate. That’s why it is so important to screen out poor risks. You want to find good tenants that are responsible. What’s often not mentioned is good tenants also want good landlords. It is a two way street.

A vacant property means no income. There may be times when you are unable to secure a tenant. Mortgage repayments will still need to be met; therefore any shortfall needs to be paid from your own savings.

Maintenance can be time consuming. As with any house, maintenance is required to keep the property in order and stop it from declining in value.

Real estate is a non-liquid asset. An investment property is a long term financial plan. Unlike shares, they cannot be quickly converted to cash. There is always the uncertainty of how long it will take to convert your investment into cash.

The most important rule with any type of investment is to do your homework. Research the market trends in the location you plan to buy an investment property and work out your potential rate of return. Investing in real estate can be a valuable part of a balanced portfolio to help your financial security in retirement.

First Time Homebuyers & The Mortgage Pre-Approval Process

Most new buyers might be a little intimidated when they begin a property search. Words like escrow, PMI (Private Mortgage Insurance), and pre-approval sometimes can overwhelm an already stressed out buyer.

A mortgage pre-approval is something that you get from a lender that simply says you are approved for a mortgage before you have selected a specific property. The process of pre-approval starts with you filling out a loan application and providing a lender with some income documentation. The lender will run a credit report and look at your rating, but many times lower ratings will not disqualify you, especially if you are a first time buyer.

The bank’s procedures are the same in the preapproval process as they are with a traditional mortgage application. They will then notify you that you are pre-approved for a mortgage, and they will tell you the amount of money that you can borrow. A good realtor generally has lenders they work with that can navigate difficult lending circumstances.

The advantages of pre-approval

One of the big advantages of going through the pre-approval process is you understand your budget and what you can afford. An additional and more important benefit in pre-approval is realtors need that information to help you meet your goals. An experienced realtor will always refer you to a lender before a home search begins so that you are not looking at properties that you cannot afford.

More Negotiating Power

A pre-approval gives you, the buyer, advantages in negotiations. Without pre-approval sellers only see uncertainty and ambiguity and are usually not willing to discuss any offers.

With a pre-approval in hand, a seller knows that your offer is backed by the lender, and that makes you more valuable. Being pre-approved is automatically going to give your offers a lot more weight when it comes to negotiating with sellers. Therefore, your odds of getting the house that you want are going to improve.

First Time Home Buyers, We can help you!

CALL S & R PROPERTIES NOW 508-892-7596

If you’re thinking about buying your first home, you probably have a lot of questions – we’re here to help.

So you want to buy a house but you don’t have a ton of money saved up.

There are a ton of programs out there, both locally and nationally, to help first-time home buyers get a foothold in the housing market. Massachusetts, in particular, has one of the best first-time home buyer programs in the nation.

Benefits of a first-time home buyer program

Low down payments: In general, the biggest advantage of these programs is that they allow first-timers to buy a house with a lower down payment — such as 3%, or even as low as 0% of the home’s purchase price.

Flexibility: Other benefits include slightly looser or more flexible lending criteria — meaning you could qualify for a mortgage with a lower credit score or higher debt levels than traditional lenders might accept.

Real Estate Property Management for Retirement Investment

Real Estate Property Management has it’s own challenges. How Can You Make an Excellent Investment for Your Retirement.

The good news is that most people are living longer and healthier lives than at any time in history. The less welcome side of this is that putting an adequate pension plan in place is more important than ever yet harder to achieve as the number of years it needs to cover increases. Traditional investments such as the 401K still have their place, of course, but it’s always sound advice to build a mixed portfolio. A prime candidate for long-term investment is property, but with that ownership comes real estate property management considerations. Here are seven compelling reasons to consider property as part of your pension planning.

Better Returns for the Risk

If history is any guide at all, nothing beats real estate for dependable appreciation over the long term. Although there is a cycle of property price rises and falls (and currently prices in many areas remain depressed), the underlying value has always increased with time. Historically, well-managed real estate shows an excellent balance of risk and return, compared to investing in stocks, for example.

Tangible Assets

Few pension plans offer anything of real, solid value outside the intangible realms of paper money. Financially based investments can go down as well as up, sometimes dramatically so, and although there are products available which guarantee at least some return, the price paid for this security is lower performance. In contrast, real estate retains an integral value which isn’t quite so subject to the whims of the financial markets. People will always need somewhere to live, and a well-chosen property will hold its value across anything but the worst financial turmoil.

Continuous Income

Even if you’re buying property primarily as a pension investment, there is the opportunity to earn income from it during the meantime. By renting out the property, you can use the resulting rental income to pay its mortgage, invest elsewhere, or simply to make your life more comfortable. Either way, property offers the prospect of earning continuous income while building a valuable asset for the future.

Easy Management

For a reasonable fee, you can hire a real estate property management company to handle apartment rentals and the upkeep of your property in the years before you retire, making this an exceptionally hassle-free way of investing. You don’t need to keep an eagle eye on global markets while worrying about the performance of your individual investments.

Straightforward and Understandable

Annuities and other retirement plans can be arcane instruments, and in many cases, you’re relying on your pension adviser to make sense of it all. In contrast, property is a straightforward investment, and paying attention to average prices gives you a clear idea of where you stand at all times.

Easier Access to Your Capital

Even if you invest in property for the long term, you have the option of selling it at any time, whether or not you’ve reached retirement. Few investments offer such easy redemption before the expected maturity date — although of course you’ll need to find a buyer.

Inheritance Issues

Unlike an annuity, a property can be passed on to your family, either as a bequest or a gift. Everyone hopes for a long, happy, and healthy retirement, but it’s good to know that your family members will be the ones who benefit if the worst happens, rather than the coffers of an insurance company.

Given the importance of proper retirement planning, discussing your options with a fully qualified adviser is always the best option. Nonetheless, if until now you’ve only considered investing in traditional pension plans, maybe it’s time to take a closer look at the possibilities of property.

5 Tips For Finding a Great Tenant for Your Rental Property in Worcester County Ma

Property Management Rental Ownership Advice from S & R Properties

Owning rental property can jumpstart your financial goals and let you retire years early. It can also be a disaster. To avoid horrible tenants, damaged houses, and unpaid rent, you need to effectively screen prospective renters. Here are five tips to make sure you find the best tenants possible for your properties.

Take Great Pictures–and Video–of Your Rental Property

High-quality tenants want to see high-quality properties. Don’t post a few grainy exterior shots of your rental home and expect to get applicants knocking on the door. Take high-resolution pictures and a walk-through video of the entire unit. Even if your property has a few less-than-desirable features, it’s better to be upfront about it. If you try to hide anything, smart tenants will figure it out before signing a lease.

Evaluate Their Texts and Emails

Before you schedule an in-person look at the apartment, try to exchange a few emails or text messages with the applicant. They don’t need to use perfect grammar, but they should demonstrate basic business skills. If they’re already asking you to waive the security deposit, change the day rent is due, or allow pets in a no-pet unit, they likely won’t be model tenants. Save yourself the headache and wait for a different applicant.

In-Person Meetings

It’s inconvenient to meet individually with prospective tenants, but this is one of the best ways for you to get a sense of character from applicants. They should wear clean clothing, they should show up to the appointment on time, and they should not bring adults who will not be living in the apartment. If your applicant shows up with a romantic partner or family member, they may be planning to move that person into the unit without notifying you. You’ll have to use your intuition. If you get an odd vibe from the applicant, take that as a sign to move on to the next tenant. You could be stuck with this person living in your unit for years, so put in the effort to find a good match.

Run a Credit Score

The easiest way for you to learn about a stranger’s personal finance skills is to run their credit score. You want a tenant who is responsible enough to pay their rent every month. If they have a credit score of 600 or higher, you’ll know they’ve paid their bills in the past. A few late payments or a medical bill in collections aren’t going to lower a tenant’s credit score below 600; that takes a consistent pattern of skipping out on financial obligations. You should let tenants know in your initial online postings that you require a credit score of at least 600. That will lower the number of bad-fit applicants who contact you.

Ask About Criminal History and Conduct a Background Check

You’re not running a background check to eliminate any tenant with a criminal history. That might be illegal in your state, and it wouldn’t be a good business practice. Someone with a misdemeanor from college pranks or recent arrests from political activism can still be a reliable tenant. Let potential applicants know that you will run a state and federal background check but that you’re willing to work with them. If a tenant is honest about their history, has non-violent offenses, and demonstrates a current sense of financial reliability, move forward with their application.

Your job as a landlord is to get the best-quality tenant in your rental unit that you can. It may seem harsh to use these metrics to evaluate applicants, but you have limited options for screening people before giving them access to your expensive investment. By using these five tips and clearly communicating your standards to potential tenants, you can get great renters with a minimum of fuss.

Maximize Income with a Property Management Strategy in Worcester Ma

Make the Most of Your Investment – How Property Owners Can Maximize Their Real Estate Rental Incomes and Boost Their Profits

Investing in real estate in Worcester County Ma. is a great way to diversify your portfolio and build wealth for the future. Owning rental property and being a landlord is not right for everyone, but if you know what you are doing and understand what to look for, you can make a handsome profit down the line and enjoy a steady stream of income for many years to come.

As with any type of investment, it is important to maximize your returns and look for ways to bring in as much cash as you can. Maximizing your rental income and boosting your profits is not always easy, but once you get it right, you can enjoy the extra money month after month and year after year. Employing sound Property Management methods is essential to your success.

Choose the Right Neighborhoods

The nature of the neighborhood will have a huge impact on your ability to maximize your rents and raise your rates as your own expenses go up. If you buy in an economically depressed area, you may find yourself stuck with low levels of rental income and high repair rates, especially if you focus on the low-income segment of the rental market.

That is not to say you cannot make money in these areas – many landlords are doing just that. It just means that the job is that much harder, and the hassle factor can make renting there a bit more difficult.

That is why so many property investors choose to focus on up-and-coming neighborhoods instead of economically depressed ones. Buying rental units in places where growth is taking place is always a smart move, since buyers can benefit from market appreciation and higher rents down the line.

Research the Local Rental Markets

No matter how nice your apartments are, you will not be able to charge $1500 rent in a neighborhood where $800 rents are the norm. It is important to research the local rental markets and set your own rates accordingly.

If you are unable to make a profit on those $800 monthly rents, you may need to look elsewhere for a better investment opportunity. If you are happy with that level of rent for the time being, you can invest in a solid property, continue to make improvements and succeed with the local market.

Keep in mind that public programs may be somewhat limited in the amount of rent they are willing or able to pay. If you plan to incorporate Section 8 and other programs into your rental income stream, you will need to research those markets as well. Many property owners actually like these programs, since a good portion of the rent is guaranteed by the government. Other property owners find that the hassle factor is more than they like. You will need to make up your own mind and decide which mix of public and self-pay renters works best for you.

Renovate and Decorate

Making consistent and smart property improvements is one of the best ways to maximize your rental income and boost your profits over time. You may start with a block of similarly-appointed apartments, all charging the same amount of rent. As time goes by, however, you can make strategic improvements that would justify higher rents and attract a better class of tenants down the line.

When a long-time tenant moves out and you clean the apartment, consider going one step further and doing a bit of renovation. Instead of merely cleaning the same old carpets, you could take them out and replace them with upscale hardwood floors. You could upgrade the kitchen countertops from Formica to granite, or install new stainless steel appliances.

Suddenly you have an upscale apartment that will appeal to young professionals in the area. Repeating the upgrade process each time a tenant moves can help you rebrand your apartment building and boost your rental income over time.

Investing in real estate is a great way to build your wealth over the long term, especially if you make strategic investments in the future of your business. Understanding the factors that affect market rents, from the nature of the neighborhood to the amenities on offer, is one of the best ways to maximize your income and your return on investment.

Real Estate Tips- Sell your home faster in Worcester County Ma.

Real Estate Selling advice for Worcester County Ma.

Want a Fast Sale? Upgrade Your Home’s Exterior.

Everyone wants a quick sale when trying to offer a home for sale in Worcester Ma.

Most home sellers are going to wait weeks if not months before their property actually sells. Real estate agents understand and promote the benefit of staging the interior and the exterior of the home for a fast sale and with good reason. The appearance of the outside of a home enhances what’s commonly referred to as curb appeal. It’s an important part of enticing potential buyers to step inside for a long look. If you want to sell your home quickly, take the time to upgrade one or more of its exterior features to increase its attractiveness.

Major Improvements

Unless the building actually needs a major improvement, you probably won’t be making any of these changes. However, if the home is in need of any of the following repairs, you should make them to improve your chances of selling quickly. A good Property Management Company can help you and some offer flexible options to support you.

A new roof
Replacing cracked sidewalks or exterior steps
Repairing a driveway
Porch or deck repairs If you need to close settlement by a certain date, you can easily make a few exterior improvements to encourage buyers to consider purchasing your property. Many of the upgrades simply provide a facelift that makes your property more attractive, while some of them offer functional enhancement along with an element that instills beauty to the property. You can discuss your thoughts with your real estate agent. As an experienced professional, this individual might be able to tell you which changes could lead to a quicker sale.

Exterior enhancements that you should consider include:

Adding landscape lighting to accentuate architectural details and to promote
safety
Painting wooden shutters and/or window frames
Pointing brick exteriors
Getting professional landscaping
Installing a border fence
Creating a rock garden
Cleaning and staining the deck
Installing a security door

Many of the tasks that you complete when selling a home will make little difference to some buyers. In general, however, taking the time to improve the appearance of the home on the outside as well as on the inside can help to promote a faster sale. A home that is move-in ready is always more desirable than a home that needs a lot of work. Take the time to make necessary changes to the outside of your home and consider a few cosmetic ones, particularly if you are in a hurry to sell.

S & R Properties of Leicester Ma serves all of Worcester County.

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