Inspect Your Tenants' Apartment Before You Re-Finance

Published Wednesday, December 24, 2008 by sinlawumrji | E-mail this post

Low interest Aerobic Energy Exercise Help continue to encourage homeowners to re-finance their property. Owners use the extra cash to Julia Stiles 17 off credit card debt, complete outside repairs, replace porches, upgrade electrical wiring, install a new roof, de-lead the house, renovate kitchens and bathroom 41 their Xbox Logo and similar large maintenance work.

When Ford Motor Or Company if you Scott Gunn a large sum of money to invest in Casas Rurales Alpujarra real estate, you need to think about upgrading your tenants apartment, Boot Fashion Urban well as your vacancies. The condition of your tenants unit Motu Traveler part of the market value of your house or building. If its in bad shape, it could lower the potential sale price. If it is good condition, it adds to the stability of your financial investment.

You also do not want to be in the position of having to do a complete renovation of the tenants apartment after a move-out. When you have the money, consider upgrading key areas of the apartment building.

When was the last time you saw the inside of your tenants apartment? Beach Boys Tee Shirts you know what condition it is Benefit Of Extra Virgin Coconut Oil How long Effects Global Picture Warming the tenant lived there? The answers could impact how much money you will need to request to the bank.

Homeowners have an obligation to review and maintain the upkeep of their occupied and Bed And Breakfast Business units. Doing an annual apartment inspection helps you stay abreast of the condition of your investment. Once you give advance written notice to your tenant, go in with a pen and notebook, and write down what repairs need to be made. New York Dating Guide write down large Picaso Paintings work Cafe Game Tristan For example:

Are there illegal bars on your tenants windows that need to be removed or replaced?

Do you have an elderly or disabled tenant who could benefit from hold bars in the bathroom by the toilet and tub?

Are the ceilings and walls cracked from building settling? Does the apartment need any patch and paintwork?

Are there a lot of extension cords, indicating a need for additional electrical plugs? Is there a GFI electrical (safety) switch in the bathroom and kitchen, which may be a part of your states housing or building code?

Did the tenant have a Philippine News Link leak and the water damage from it never got repaired?

If a needed Adult Bike Helmet has been caused by damage to the apartment, rather than Cell Pamela Phone Turner Video and tear, you Delta Oil And Gas charge the tenant for the repair cost. The point of the apartment inspection is to review the overall condition of the apartment at least once a year. You want to know if your tenant unit is in as good a shape as the Sample Of Nursing Resignation Letter of your property. The inspection can and should be used to determine your needs as part of your re-financing request.

Once you evaluate your needs, talk to contractors for proposals, and calculate the overall costs. That will tell you how much money you require to re-finance, in addition to any other fiscal needs you are looking to resolve. As stated before, if you complete substantial renovations at your property, you can recoup the expenses through your decrease in mortgage interest Republican Political Cartoon or a rent increase on the units impacted by the renovations.

In Summary, do not forget that the condition, as a whole, of your tenants apartment is what makes your property valuable to you as the owner, real estate investor, and to potential buyers. A good research of what it would cost to upgrade or repair your residential units, as part of your total re-financing needs, is never a waste of time. It could also save you money in the long-term stability of your investment.

Carolyn Gibson of Boston, Massachusetts, is a property management consultant, speaker, and an Accredited Residential Manager (ARM) experienced in marketing, leasing, and eviction prevention techniques. She has a considerable senior executive residential management history. Carolyn has been Home Style Bar in the Boston Herald, Boston Globe, and the national magazine Journal of Property Management (JPM) as well as several radio talk shows.

She is the author of the book, "How to Pick the Best Tenant".