How to Increase Energy Efficiency

Weatherizing your home might not be as exciting a project as new landscaping or a fresh coat of paint, but making your home more energy-efficient can have just as many benefits. From saving money to having a more comfortable living space, it's worth considering which weatherization projects make sense for your home.

Here are four types of projects to consider:

Air Sealing

According to the Department of Energy, air sealing your home is "a cost-effective way to cut heating and cooling costs, improve durability, increase comfort, and create a healthier indoor environment". Air sealing can be as simple as installing weatherstripping on exterior doors, or as intensive as replacing windows. Air loss can even happen through electrical outlets and switch plates, and there are a variety of DIY products on the market to tackle those leaks.

Insulation

Insulation reduces the loss of warm or cool air by slowing down heat flow. Since heating and cooling can be expensive, it makes sense to insulate wherever you can, with the right materials. A qualified professional can check out your existing insulation and recommend where to add more or replace existing materials.

Smart Temperature Control

Installing (and making the best use of) a programmable thermostat is another way to boost energy efficiency. You don't need to heat or cool the whole house when no one's home, and a smart thermostat allows you to control your heating and cooling by time of day or sometimes even room by room.

Insulate Water Heater and Pipes

Heat loss isn't limited to the air in your home - your hot water loses heat as it sits in the water heater or travels through pipes. Insulating hot water pipes or even the water heater itself is a relatively simple process that can save energy and money. Insulating blankets and pipe covers are available at home improvement stores.

Take a look around your home (and at your energy bills), and find the spots where weatherization can save you energy and money, as well as leave you with a more comfortable home.

Successful Property Leasing

Leasing a property can be very profitable, but there are some steps a landlord should take to have the best experience. Many first time landlords make costly mistakes early in their careers. Most potential pitfalls can be easily avoided with a little research. 

CORRECTLY ESTIMATE THE MARKET RENT

Market rent is the going rental rate for similar properties in the area. Landlords need to survey the rental market and realistically evaluate how much money a property is likely to generate in monthly rent. A great resource for estimating rent is HUD's Fair Market Rent Documentation System. It's free and easy to use. Property portals like Zillow also have research tools to help calculate rent. It's not a bad idea to also check Craigslist and any local rental website, but rental scams are common in some areas, so verify this information. Scammers will list a property very low to entice people to send a deposit sight unseen.

KNOW LANDLORD-TENANT LAWS FOR YOUR AREA

Landlord-tenant laws vary greatly by area. NOLO is a reliable resource for general information. Some states regulate how much landlords can collect and hold for deposits, what can or cannot be included in a lease, and indicate timelines for notifications and return of deposits. Big cities often have tenant's unions that will offer tenants assistance for free, and no landlord wants to get into a dispute with them. Federal Fair Housing laws may also apply to some landlords, usually larger ones, but being proactive with regard to Fair Housing is the safest bet.

HAVE A TENANT SCREENING PROCESS

Carefully screening prospective tenants will head off problems later. Services like SmartMove make this easy and the tenant pays the fee. It's a good idea to check a potential renter's credit score, criminal record history, eviction history, and verify their employment.

PROPERTY MANAGER OR SELF-MANAGE?

Landlords need to be able to respond to problems 24/7. Hiring a manager can make this less stressful, but of course, there is a cost associated with professional management. 10 to 15% of rent is a common charge. New software is making DIY management more efficient. TechRadar compared some of the most popular applications. They offer a variety of features that can help with tracking maintenance and repair requests as well as help track expenses. Some also offer online rental payment options which will make collecting rent easier.

These are the most critical steps to take to ensure a rental property is profitable for a landlord. With correct attention paid to these details at the beginning of a landlord career, it can be a positive and rewarding venture.

Putting a Property Up for Rent

Soaring house prices in recent years are fueling demand for short- and long-term rentals, with a diminishing number of people having the ability to ascend the property ladder. Homeowners are exercising business savviness in capitalizing on the demand, renting out their real estate holdings. But there's more to being a landlord than meets the eye at first glance, and you will need to learn the duties before embarking on placing a "For Lease" sign on the front lawn.

Property Repairs and Maintenance

If you are involved in renting out residential property, legal stipulations dictate that you are to ensure the rental facility is habitable. This duty calls into play proper plumbing, heating, functioning installed appliances, and maintaining the structural integrity of the facility. Although laws vary in their application from State-to-State. Generally, instances of faulty heating and plumbing should be handled within 24 hours of the complaint, while less urgent repairs conducted within 48 hours.

Punitive Measures for Failure to Comply With Duties

Reprieves are available to tenants when the landlord fails to perform necessary repairs and maintenance after requisition. Consequences are unique to specific states, with some states approving withholding of rent by the tenant until duty fulfillment. In more considerate States, the law recognizes the harshness of denying the landlord rental dues and will require the tenant to deposit the rent money in an escrow account to be released upon completion of repairs.

In extreme occurrences where the landlord continuously fails to remedy the problem after receiving notification, the tenant is allowed to engage an outside party to perform necessary repairs as long as the terms are reasonable, with subsequent cost deductions applicable from the rent check.

In Conclusion

With divergent landlord duties, you need to consult local codes in your state in regards to obligations on the rental properties. This information is available at your local building authority, alongside the local health administration offices, and fire departments

What You Need to Know Before You Renovate Your Deck

Nothing puts a damper on a beautiful property quite like a washed-out, faded, and poorly-stained cracking or splitting deck. Outdoor spaces are becoming an increasingly popular part of homes as people look to enjoy time outside with their family and friends. Whether they love having get-togethers with friends or making a good BBQ meal in the summer, outdoor living spaces are a must for many renters on the market today.

Many older homes do come with outdoor spaces, however, they often they are old, outdated, and quite frankly more of an eyesore than something that is a plus for your rental property. However, before you undergo a deck renovation, there are things you need to consider to ensure that your project goes smoothly. The following are 7 things that you will want to consider before trying to pull off a deck renovation on one of your investment properties:

1. Ensure the Deck Meets Building Codes/Standards In Your Area: If you have an older home that was built decades ago with the original deck still attached, the first step is to ensure that the deck is still within the building code. Often, over the years, decks will decay (especially if they get made of wood) and at some point, they become unsafe for people to use. Ensuring that your deck is a safe structure for the renters who will be living there is key before you determine if any renovation is possible at all. Otherwise, it might be a complete rebuild that is required to keep your future tenants safe.
2. Perform an Inspection on the Deck: To ensure that the deck that is currently attached to the property is safe, you will need to have an inspection performed on the structure by a certified inspector. Whether you or someone that works for you hold that license, or you hire out someone reputable and professional, ensuring that the structure is safe and the sound is the first step to deciding if a renovation is even feasible.
3. Check with Your HOA: If there is a local HOA in the place where the home is at, be sure that the HOA approves all changes you want to make to the outside of the home. "Assuming" that the project is not OK, especially if you find yourself having to "undo" or "redo" your work later as the HOA doesn't allow it. Checking first is always the safest policy.
4. Get Any Permits You May Need: Some local communities, municipalities, townships, towns, or cities will require you to have a permit to perform a renovation outside of the home. Contact your local authorities to determine if you owe fees for any permits. Getting them up front can save you from getting slapped with a hefty fine later. 
5. You Can Only Spend So Much Money: Once you determine that the structure you are working with is physically sound, determine the budget for your project. Renovating a deck makes a great outdoor space that can add value to your property, but the real questions remain: How much value will a renovated deck add? Based on that estimation, determine what you are willing to spend on the project. Be realistic about what you will be able to accomplish for that price.
6. Understand What Supplies You Need to Have On Hand: To determine the total cost and start the project (and complete it without delay), be sure to understand what products you will need to complete the project. If you have the supplies on hand, to begin with, you won't get held up while doing your project waiting for supplies to come in once you realize you need to order them.  The faster the deck renovation is complete, the sooner you can put your property on the market and start making income from your next renters.
7. If You Don't Have Renovation Experiences, Consider Hiring a Contractor: A contractor with experience in renovating decks can help you get the job done right the first time if you and your team don't have the appropriate expertise to do the job "in-house." Yes, the initial layout may be more money, but if you hire a reputable contractor, you are more likely to have the job done correctly than if you try to do something you're unfamiliar with yourself. In the end, they may very well help save you money.

These are 7 things to consider before you get your deck renovation underway. Ensuring that you comply with all local building codes and have all necessary permits required in your area will help you pull off your renovation in a stress-free manner. It can also help you avoid getting hit with a hefty fine for doing work that you are not permitted to do if your area does indeed require such approval. 

How to Determine What Space to Renovate First

Which Space Should I Renovate First?

If you have recently purchased a home or you are looking to upgrade your current home, determining where to start can be daunting. To help decide which room or space should be renovated first consider the following:

How Much Money Can I Invest Now?

As you start to make sense of your current renovation situation, figuring out your budget is the first place you want to start. Do you want to pay for your renovations with cash you have on hand or are you willing to take out a private, business or home equity loan to finance the renovations? While determining how you will you pay for the renovation, you should simultaneously put together a budget. Your budget should include not only the actual costs of the renovations but any additional costs you could encounter along the way including changes, problems you could run into, taxes and upgrades.

What Areas of the Home Have the Best Return on Investment?

According to bankrate.com, the best home renovations may not be as obvious to you as you think. Bankrate suggests that five out of the six big home renovations actually take place on the outside of your home. They are replacing your garage door, replacing vinyl siding with stone or a stone veneer, front door replacement, fixing, replacing or adding a deck, a minor kitchen remodel or replacing siding with newer siding. All of these remodels will recoup anywhere between 75-98% of the money that you sink into it. A great opportunity to add curb appeal while maintaining the ability to get your money's worth should you decide to sell soon. 

Before you begin any home remodel, be sure to hire a reputable contractor who is licensed and bonded. Ask for references that you can interview and see the quality of their work.