Good Ways to Learn About Rental Houses in Areas You Want to Live

A search for rental houses in areas you want is important. Yet it is also time consuming and even frustrating. Unless you’re a first-time renter, you’ve probably already had the uplifting experience of driving around for hours, viewing rental houses you wouldn’t consider at half the rental price because they weren’t “you.” But fear not. There is a better way.

First, narrow your search on paper. Give thought to those features you must have, those you would like to have, and those that are unimportant to you. Write them down or firmly fix them in your mind. Visualize your next rental property.

Then go to your computer and search rental homes that fit your vision. Using the Internet to focus your search on just the rental homes that match your criteria saves you time pouring over newspaper ads, talking to endless rental agencies, or driving aimlessly in your preferred neighborhoods.

With both text describing features and, often, multiple digital pictures of the actual properties, you’ll probably generate a solid list of rental homes you’d consider. Then contact just those landlords or rental agencies offering the rental property in which you have interest. You’ve saved time, money, and frustration. The odds are favorable that you’ll find the right property for you and your family.

After Signing a Lease on One of Your Townhouses for Rent, Here Are Some of Landlord Responsibilities

Landlords have numerous responsibilities related to their homes for rent. Most are attached to the maintenance of their units. But there are other duties that they should also understand. Here are some of the primary responsibilities that apply to landlords:

• Comply with all building and health codes that apply to your apartments and townhouses for rent. Violations of either often cause damage to both landlord and tenant.
• Maintain a good quality of life for your tenants. Peace, quiet, and the uninterrupted enjoyment of their home are some of the rental basics that all tenants should expect and receive. Keep your visits to a minimum and take any other action necessary to ensure your tenants enjoy a peaceful occupancy.
• Make repairs as soon as possible after notification. The most professional landlords understand that the condition of their homes for rent is a direct reflection of themselves. They have empathy for their tenants who are dealing with a leaky “something,” a broken pipe, electrical issues, or other things that have broken or ceased working. Respond as quickly as you would with your own primary residence.
• Perform to the terms of the lease agreement just as you expect your tenants to do. Rental documents impose conditions on both landlord and renter; both parties need to treat the terms and each other with respect.
• Give timely notice of any changes in a month-to-month agreement or prior to the end of a lease term. If you’ve decided to increase the rent, seek new tenants, or sell your property, give your renters appropriate notice so they have the time to conduct another apartment search. If your roles were reversed, you would appreciate, if not demand, this consideration.

Most landlord responsibilities are simply common sense ways to conduct your life. Merely give your tenants the respect for their privacy and integrity as you would like to receive in return.

Deductible Expenses When You Rent to a Family Member

People often ask if they still can deduct their operating expenses if one or more of their condos for rent are offered to family members. The simple answer is “Yes.” In reality, the more correct answer is “Probably.” Here are some questions you might want to ask yourself.

• Am I charging a “market” price for my home for rent? For example, if other comparable rentals in your area rent for $1,000 per month and you’re giving your nephew the property for $300 per month, the IRS may ask for clarification.
• Is this an “arm’s length” transaction? Would you complete this condominium rental with similar terms for a person who was not a family member? That is the question that may be asked by your tax advisor or the IRS. Simply put, if you rent for a lower than market price, you may become subject to vacation home rules and not landlord-related rules. It could be assumed you are “giving” the occupancy of your condo for rent to your family member. There are a few cases that provide a precedent that if you rent to a family at a discount (often up to 20%), you’ll still qualify as operating a business, which allows you to legally deduct associated expenses.

The real concern is that there are often multiple components to this issue. You, obviously, have the right to charge whatever you want for your condo rentals. Always consult with your tax advisor before assuming any issues, for better or worse.

The above-listed tip is for informational use only. Always read entire specific documents and language before executing any contract or agreement.

Benefits Of a Lease Agreement

Rental apartments are more often occupied under a lease versus a month-to-month, more "casual" agreement. The question of who benefits most -- landlord or tenant -- is sometimes asked as if this agreement were a win/lose proposition. However, a fairly negotiated and written lease benefits both parties equally if the parties understand what they want and include these items in the agreement.

The primary benefits to BOTH parties typically include the following items.

• Stability. Both the landlord and tenant have agreed to a set of conditions, acceptable to all, which should provide some level of stability for the parties. Longer term leases fro two to five years increase the stability factor.

• Continuity of income (landlord) and housing expense (tenant). A residential lease agreement benefits both landlord and tenant by stipulating a continuity of income/expense over the term of the contract. Since both parties agreed to the terms, both should be satisfied with the monetary factors.

• Commitment that should be comforting for both parties. Both landlord and tenant have shown commitment when rental apartments are occupied through a lease agreement. Often a house rental becomes a home rental because of this commitment level. Whether you use a standard sample lease form or more complex custom document, both parties win.

There are a few instances, usually unforeseen, that may give an advantage to either landlord or tenant. For example, suppose you’re a tenant whose been offered a fabulous new job in another state. Wonderful, right? But, you’re in the second year of a five-year lease of your home. Now what? The landlord has an advantage because the lease must, legally, be fulfilled. If your residential lease form allows you to sublet your house, you’ll probably have to do that to fulfill the terms of the contract.

On the other hand, suppose your landlord unexpectedly needs to sell your house. Having a longer-term lease, instead of a month-to-month rental term, gives you some security knowing your rental lease agreement cannot simply be terminated on 30 days’ notice. In this example, the tenant normally has an advantage.

Under typical circumstances, however, both parties enjoy equal benefits under a standard lease used for rental apartments and houses.

The above-listed tip is for informational use only. Always read entire specific documents and language before executing any contract or agreement.