Buying rental properties is a good way to increase your assets. However, choosing the right rental property will be challenging. Here are a few things to check for prior to buying rental property.
1. Location - Most people don't want to live in the boon docks. The location of your rental property will determine how easy it will be to rent. If you have a lot of vehicle traffic, you may receive a greater response from a sign at the location than you will from a newspaper add.
Tenants want to live in nice neighborhoods close to all the amenities. They want to be close to the schools, stores, recreational locations, hospitals, and work.
I haven't met anyone who wants to live in an undesirable neighborhood or drive 15 minutes for a gallon of milk.
2. Numbers - When buying rental property you want to check the numbers. Make sure you have all the expenses associated with that property and make sure it still has a positive cash flow.
Take into consideration the maintenance issues, any utilities not covered by tenant and amortize the cost of the big projects like furnace replacement, new roofing, siding or landscaping.
These projects only happen once every 15-20 years but you may be coming in to this in the 10th year of that cycle. Remember to calculate your expenses high and your income low. This can save you some surprises down the road.
Expect the unit to be empty at least one month per year due to turn over. You will have to repaint and clean the carpets the first 2 weeks, then advertise and show the next 2 weeks. You should only count on 11 months of rent per year.
3. Lower Maintenance Buildings - You want to avoid homes that will require expensive routine maintenance. Some examples would be homes that have cedar-shake shingles or siding, wood sided buildings, wood frame windows, brick driveways, cedar decks, etc.
Try to look down the road and determine the future maintenance needs. Remember the lower the maintenance the less headaches and larger profits.
4. Higher Home Prices - Check in towns with higher home prices, because this increases the demand for rental property. Look for the ugly house on the block that has a lower price, enabling you to purchase within the margins.
After some interior and exterior paint, a little light landscaping and new curtains, viola', a house that will get premium rent because of the class of neighborhood.
If people can not afford to buy a home in this class they will have to rent. This will create a demand for rental property.
5. Below Market Rent prices - When buying rental property, look for rental property which has rent prices that are below current market rents. This will allow you to raise the rent and increase the value of the property. As per above, this may just need a little fluff to enable raising the rental price.
Now that the Election is over, all eyes are on Barack Obama as he prepares to move into one of the most famous homes in the world. But what else has Washington got to offer apart from the White House?
I visited Washington a few years ago when I was in the US with my partner. We rented a car and drove down from New York. My first thought when I arrived in Washington was that it almost looked fake – it was extremely clean and tidy compared to the other places we had visited, almost like someone had done a spring clean just before we arrived, like they were trying to make a good impression.
And that they did. I was pleasantly surprised by Washington – we hadn’t planned to visit the USA capital but had heard good reports from other travellers we had met and decided to stop off for photo ops if nothing else.
There are lots of things to see and do in Washington. The National Mall is 3km stretch of land home to some of the most recognisable landmarks in the world, from The Capitol Building which serves as the seat of government for the US Congress, to the Washington Monument (a Presidential Memorial to the 1st US president George Washington) and the Lincoln Memorial statue.
In between, there are numerous museums to visit including the National Museum of American History, National Air and Space Museum and the National Museum of Natural History. You could spend a number of days along the Mall, there are so many attractions here.
Don’t miss the Lincoln Memorial – a 20ft sculpture of the assassinated president Abraham Lincoln. It was on the steps of the Lincoln Memorial that Martin Luther King gave his famous ‘I Have A Dream’ speech in 1963 – very symbolic after the election of the country's first black president.
Close by, there are various war memorials including the Vietnam Veterans Memorial, the Korean War Veterans Memorial and the National World War II Memorial. You will notice a sombre mood when you visit these sites, which is not at all surprising.
Of course, you couldn’t possibly visit Washington and not see the White House. There were lots of people standing around the parameter, using their zoom functions to get a good shot. I imagine it will be even busier from 21 January when Obama moves in!
We also visited Arlington Cemetery which is a short drive from the centre of Washington and a military cemetery. Another sombre trip, we saw the grave of JFK which is marked with an eternal flame and the Tomb of the Unknowns, which houses the bodies of soldiers who were never identified.
One of the most intriguing things I’ve ever seen is the guard in front of the Tomb of the Unknowns. The Tomb has been guarded continuously – 24 hours per day, 7 days per week - since 1937. It is considered one of the highest honours for a guard and involves a meticulous ritual of taking 21 steps in front of the Tomb, facing the Tomb for 21 seconds, waiting for 21 seconds and repeating the process until the end of the shift. The Changing of the Guard happens every 30 minutes in summer and is also fascinating to watch.
Overall, I really enjoyed my visit to Washington. I love when a destination surprises you and is better than what you expected. Obama will certainly not be bored in his new city if he ever has a day off! You could easily spend a few days in Washington and having a rental car gives you a chance to get outside the city.
Just make sure you bring your camera and fully charged batteries - there are more photo opportunities than you could shake a stick at!
More and more travelers are discovering vacation rental properties all over the United States. Unlike traditional accommodations in a hotel or motel, finding the right vacation rental property can be one of life's greatest joys. Have you ever spent a week in a hotel where all the kids' clothes are thrown all over this 12 by 12 room? That's no fun.
Vacation rentals in a place such as Hilton Head Island, South Carolina offer families their own homes away from home. Establishing this way to vacation with your family reduces stress and increases the pleasant memories you'll take home afterward.
Many vacation rentals are actually much less costly than a comparable hotel room or suite. The reason is simple - the overhead for an owner's single-property vacation rental is much lower than the promotion fees built into the rates of a major hotel chain. It follows the Coca-Cola example: the can costs 1.5 cents, the ingredients cost about a nickel, and the advertising and marketing cost 35 cents a can. How would you rather spend your money, on promotion or on product?
Convenience, flexibility, and variety of accommodation (Home - Villa - Condo) are just some of advantages of choosing vacation rental properties. One of the great advantages to vacation rental properties is space, especially in a home or a villa that has multiple bedrooms. Rarely can the average priced hotel room compare to a vacation rental. And that's just the beginning.
It's unlikely that Mom wants to spend much of her vacation in the kitchen, but vacation rentals give you that option. What's even better is that all the necessities are furnished - plates, silverware, pots and pans, coffee maker. A budget-constricted family utilizing a well-equipped kitchen on vacation can reserve some funds for that special event - to see a show, to shop for treasures in specialty outlets, to book a jet ski rental, charter fishing trip, or even a daring afternoon of parachute sailing above the waters of the Calibogue Sound and the Atlantic Ocean you always wanted to try!
In Hilton Head Island, there are a few vacation rental companies that offer invaluable advice when you book with them. Dealing with a good one such as Hilton Head Rentals provides you with a Local's perspective about all the interesting things to do, and can help make your vacation even more memorable. Whether it's golf, fishing, tennis or what restaurants to try (or which to stay away from!) we are locally based, not sitting in some "boiler room" based in India or New York and trying to answer questions about Hilton Head.
Vacation rental companies exist to help you get the most value for your hard-earned dollar. Professional reservations staff truly wants to help you get the kind of priceless memories that will last forever. So the next times you're thinking "hotel or a vacation rental property?" consider the above and weigh the advantages.
More and more travelers are discovering vacation rental properties all over the United States. Unlike traditional accommodations in a hotel or motel, finding the right vacation rental property can be one of life's greatest joys. Have you ever spent a week in a hotel where all the kids' clothes are thrown all over this 12 by 12 room? That's no fun.
Vacation rentals in a place such as Hilton Head Island, South Carolina offer families their own homes away from home. Establishing this way to vacation with your family reduces stress and increases the pleasant memories you'll take home afterward.
Many vacation rentals are actually much less costly than a comparable hotel room or suite. The reason is simple - the overhead for an owner's single-property vacation rental is much lower than the promotion fees built into the rates of a major hotel chain. It follows the Coca-Cola example: the can costs 1.5 cents, the ingredients cost about a nickel, and the advertising and marketing cost 35 cents a can. How would you rather spend your money, on promotion or on product?
Convenience, flexibility, and variety of accommodation (Home - Villa - Condo) are just some of advantages of choosing vacation rental properties. One of the great advantages to vacation rental properties is space, especially in a home or a villa that has multiple bedrooms. Rarely can the average priced hotel room compare to a vacation rental. And that's just the beginning.
It's unlikely that Mom wants to spend much of her vacation in the kitchen, but vacation rentals give you that option. What's even better is that all the necessities are furnished - plates, silverware, pots and pans, coffee maker. A budget-constricted family utilizing a well-equipped kitchen on vacation can reserve some funds for that special event - to see a show, to shop for treasures in specialty outlets, to book a jet ski rental, charter fishing trip, or even a daring afternoon of parachute sailing above the waters of the Calibogue Sound and the Atlantic Ocean you always wanted to try!
In Hilton Head Island, there are a few vacation rental companies that offer invaluable advice when you book with them. Dealing with a good one such as Hilton Head Rentals provides you with a Local's perspective about all the interesting things to do, and can help make your vacation even more memorable. Whether it's golf, fishing, tennis or what restaurants to try (or which to stay away from!) we are locally based, not sitting in some "boiler room" based in India or New York and trying to answer questions about Hilton Head.
Vacation rental companies exist to help you get the most value for your hard-earned dollar. Professional reservations staff truly wants to help you get the kind of priceless memories that will last forever. So the next times you're thinking "hotel or a vacation rental property?" consider the above and weigh the advantages.
Once you have determined where you want to spend your holiday, the next step is to choose between the options for holiday rental properties that are available in the area. Here are a few suggestions to help you evaluate the various choices and settle on the one rental property that is ideal for your needs.
One of the considerations to keep in mind is the proximity to the sights and activities that you want to enjoy during your holiday. If culture and nightlife is your goal, then you may want to look for holiday houses and apartments on the outskirts of a major metropolitan area that is likely to provide access to many amusements within walking distance. If the beach is what you have in mind, you may instead want to look for a condo or villa on the coastline. Knowing what you want to do and where the action is located will help you choose rental properties that make doing all your favorite things simple and easy.
Budget may also be a point that you have to consider. While your tastes may run to renting a villa for the holiday, available funds may dictate that you go with something more modest, or else spend the duration of your time in the rental property. Balance your desire for upscale spaces with the amount of money you can afford to spend and still enjoy yourself, and your holiday will be much more productive.
As much as possible, make your choice of a holiday rental property based on creating an environment that will make you happy and comfortable. The beds should be pleasant and provide a good night's sleep. Amenities, such as kitchen space, lounging areas, a garden, pool area and other considerations will also influence the degree of satisfaction you derive from the property during your stay. Choose a property that will provide you with as many of your creature comforts as possible, while still allowing you to get around and about.
Choosing the right holiday rental property is all about respecting the budget while securing as many of the other benefits as possible. By considering location relative to events and activities you wish to enjoy, making sure the space is comfortable and inviting, and that your choice is reasonably within your budget, it is possible to secure accommodation that will greatly add to the success of the holiday.
Key features in choosing between holiday rental properties are:
- price and discounts available through the year
- option to extend or depart early if your plans change
- inclusions such as free local calls or internet access
- features such as BBQ can make all the difference
- check is fresh linen provided
- distance to the shops and other neighbouring properties
- payment terms – how much of a deposit and when is the balance required
- terms and conditions if you need to cancel unexpectedly
- security bond required
Good luck and enjoy your holiday rental property.
Travelling around Australia or New Zealand can be a whole lot of fun by renting a car. There are 1000’s of rental places and 100’s of cars to choose from. How do you know which where to hire and which car to go for, well…simple, follow these simple steps and you will enjoy the whole experience.
1. Make a reservation at least one week in advance.
Make your booking as early as possible. Research has shown that the earlier you make the a booking the cheaper it tends to be, a bit like the airlines. As the booking pace increases, the rates can go up….While booking earlier doesn’t always guarantee a price break (during peak travel seasons, for instance), you’re more likely to come out ahead. Additionally, some rental car companies will offer a discount if you make your reservation online.
Find out about the company’s cancellation policy when you make your reservation. Specifically, you want to know whether there is a cancellation charge and how much advance notice is required to avoid heavy penalties.
2. Choose a company based on rates, vehicle availability and service.
Most major companies includingBudget Car Hireoffer deals If you’re a frequent traveller, you know that the major rental car companies have special programs that qualify repeat customers for discounts, greater choice of vehicles and faster service. For those who travel only occasionally, however, it’s a good idea to compare rates based on the type of car you want (mid-size, full-size, SUV and the like) and the location and dates of your trip. Although the major companies have largely homogeneous rental car fleets, if you want a specific model (a Toyota or Ford, for example), check on its availability before you make a reservation. And if you’re seeking an exotic car or anything more luxurious than a Audi or BMW, you’ll need to call around well in advance.
Keep in mind that vehicles rented at airports typically incur an airport tax or surcharge (they’re in your contract). While you can avoid this surcharge by renting your vehicle from a non-airport location, you will usually have to arrange your own transportation to the rental office.
Service is another consideration: If you previously had a pleasant experience with a company because of their efficient service or willingness to get you into a specific vehicle, use them again. Smaller, independently owned companies might be appealing because of their ultra-low rates or the availability of hard-to-find, exotic vehicles. You should, however, research these companies thoroughly before handing over your credit card. Find out what kind of roadside assistance the company offers — if the rental vehicle breaks down, you don’t want to be in the position of having to pay for towing out your own pocket. In addition, make sure that you plan around the company’s operating hours. “Some [smaller companies] are not open 24 hours, so if you have a late flight, you might not be able to pick up the car when you want it,” Rebello said.
3. Should you buy the rental company’s insurance policies?
Car hirecompanies have a menu of insurance policies that they would like to sell you. While in theory, each policy could be of some benefit under the right circumstances, you should review each plan (and all of its provisions, limitations and exclusions) before making a purchase. You’ll need to request this information over the phone or at the rental office, as the major companies only provide a summary on their Web sites.
Rental car companies generally offer liability coverage in two parts — a supplemental liability policy protects against claims from others and a Loss Damage Waiver (LDW) covers the rental car. LDW isn’t insurance per se; rather, it’s a company’s agreement not to hold a consumer liable for loss from all or part of any damage to merchandise (though it’s an agreement that you must buy). The advantage in both cases, of course, is that your own insurer never has to know about any incident that might involve you and your rental car (provided the damage doesn’t exceed the limits of the rental company’s policy).
“If you’re renting for a couple of days as a business traveller or a few days to a week as a vacationer, it’s a good idea,” Rebello said. If you have a long-term rental, however, you’ll probably find that the rental company’s coverage becomes too expensive.
In most cases, your own auto insurance policy applies to rental cars, as well. That is, you should still have protection against bodily injury and property damage claims from others while you are driving a rental car — and should the rental car be damaged, vandalized or stolen, that would be covered, as well. We say most, because it’s important to consult your policy and/or your insurance agent to verify coverage. This is especially important if you’re going to rent a high-end car that exceeds the value of your insured vehicle.
Assuming that your insurance is in order (and leaves no assets exposed), there should be no need to purchase additional liability coverage since you’re already paying a hefty premium every six months. However, if you’ve had a recent string of unfortunate vehicular mishaps and/or you know that you can’t afford a premium hike (or worse), it could make sense to purchase extra coverage from a rental car company for peace of mind.
4. Put all additional drivers in the rental contract.
Whenever you let someone not included in the rental contract drive the vehicle, you risk voiding the contract. And Rebello warned, “Claims against the company’s insurance coverage — and even your own personal insurance coverage — may be compromised.”
So swallow the added fees and put everyone in the contract. Most companies won’t charge extra for your spouse, but you should ensure that his or her driving privileges are provided for in the contract.
5. Pre-pay or refuel it yourself?
Rental companies generally offer you the option of either paying for a tank of gas in advance (at a self-serve rate) and bringing the vehicle back empty or refuelling it yourself. While the pre-pay option is certainly cheaper than returning the vehicle empty and paying the higher surcharge amount in the contract (per gallon), there is no guarantee that it will always be cheaper than refuelling the car on your own. So, plan accordingly — if you know that you won’t be using a full tank (250-300 miles), don’t use the pre-pay option.
6. Inspect the vehicle thoroughly before you leave the lot.
Since you could be held responsible for any damage to a rental car (beyond “normal wear-and-tear”), you should take a walk-around with the sales agent before driving off. Inspect the vehicle for existing dents, scratches and other damage, and make sure that anything you find is noted in the contract.
7. Stick to the contract’s terms.
If there are mileage restrictions in your contract (and there often are), stay within them in order to avoid post-rental penalties. Further, you should steer clear of any restricted activities — putting snow chains on the tires, towing a trailer, off-roading, transporting people or property for hire could jeopardize insurance coverage for any damage sustained by the rental vehicle. This applies specifically to insurance purchased from the rental company, but failure to adhere to the company’s rules could complicate dealings with your own insurer, as well.
8. What if the vehicle breaks down?
Major companies usually provide roadside assistance. Look at your contract — it should include instructions and a toll-free number.
9. What if the vehicle is damaged?
If your rental car is involved in an accident, most companies will require you to come to the rental office to file an accident report. Read your contract — you’re usually required to file a report within a certain amount of time. Many companies will want a police report, as well, particularly if it was a major accident. Check your contract to see when this is required (if you’re confident that you weren’t at fault, it’s definitely to your advantage to get a police report). All of this applies as well if your rental vehicle is vandalized or stolen.
If your vehicle is damaged while in the care of a hotel’s (or restaurant’s) valet parking attendants, you’ll need to work things out with the hotel before filing a report with the rental company. A cool head and a police report should get you through these situations with minimal aggravation.
10. Return your rental car on time.
Since car rental rates run on a 24-hour clock, you will incur extra charges even if you’re only an hour late in returning a vehicle. The hourly rental rate is usually one-third of the daily rate, so if you’re three to four hours late, you’ve tacked on another day’s charges to the total bill.
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