renting Archives - Millenia Realty Dominica

Jan 04 No Comments

Which Real Estate Option Is Right For You?

Author: Marketing

With a new year come new opportunities, new possibilities and new decisions to be made. One very important decision you’re probably either facing, or will face in the near future is what real estate option is best for you. Whether you buy an existing home, have your home built or rent a property is a huge decision and the answer is not always simple as you might think. Here are the main benefits and drawbacks attached to the three main options mentioned above.

Buying a Home:

The two main advantages to buying a home are cost and convenience. Contacting a real estate agent or agency to assist with finding relevant properties, dealing with the paper work and assisting with negotiations can fast track the process allowing you to find the ideal home sooner rather than later. Another important advantage is that the cost of buying a home, in many cases (not in all), is cheaper than starting from scratch.

The main disadvantage with buying a home is that you won’t get exactly what you want. The layout may not be to your liking, or certain rooms may either be too small or larger than you would like it to be. However, the convenience of being able to move in right away is compelling enough for many individuals to choose an existing home over the building process.

Building a Home:

By building a new home you could use an architect or designer to create your dream home instead of settling for features that you find less than desirable. In addition. building a new home is more efficient and healthier for you. Building and energy codes change allowing homes to be more energy efficient which is better for the environment and can save you more on your utility bills. A new home is also less likely to bring about health concerns such as mold, lead paint, etc.

The biggest drawback to building is that it is a huge project to undertake, and it takes a lot of time. Hence it does not provide the same convenience as buying a home. However, building a home provides a level of satisfaction that you can’t get through buying a home.

Renting a Home or Apartment:

With renting you have a much greater degree of flexibility that you don’t get when you’re tied into a mortgage arrangement. For individuals who are constantly on the move a benefit of renting is the mere fact that you can move on at any time and don’t have to worry about the stress of selling your existing property and buying another.

The main downside with spending your entire life renting is that you have no fixed asset, which is a big disadvantage for many individuals.

If you need any clarification on this topic, feel free to email us at feedback@millenia.dm.

Dec 02 No Comments

Should You Rent Out Your Property?

Author: Marketing

Categories: renting,selling

Written by Garn Todd Joseph

Website & Advertising Assistant for the Millenia Group of Companies

Millenia Architects | Millenia Realty | Sorell Consulting Ltd. | Kaliber Construction & Homes

Your existing property may become vacant for many reasons: move overseas, purchase of another home, etc. This presents an opportunity to go into the property rental business.

Renting out your property rarely results in sudden wealth. However, it can be a great source of immediate income as well as a long-term investment.

Consider these 3 excellent reasons for renting out your property:

Homes placed on the market for sale can take several months, even years before a serious buyer comes along. Finding a suitable tenant is often much quicker and will bring in income while you wait for a sale.
Not only are rental transactions quicker but they also provide the benefit of assisting with the payment of any mortgage loan related to the property.
If you’re not satisfied with your current home value, renting out the property to obtain income to make upgrades that will increase the home’s value is a great idea.

While renting a property brings income, it does come with its share of headaches. As a landlord you will be responsible for maintaining the property and sometimes you have to deal with difficult tenants. This is why many property rental owners hire a Property Manager to handle tenants’ concerns, deal with rent collection, etc.

Should you rent your house or sell it? Do your research; weigh the pros and cons of your situation before making a final decision.

Were the above tips useful? Share this article with family and friends. If you need any clarification on this topic, leave a comment below or feel free to email us at realty@millenia.dm.

Jan 16 No Comments

Being A Good Tenant

Author: Marketing

Categories: renting

You have finally found the perfect place to rent. It is moving day and you are thinking “How can I make the best of my stay here? What should I do to be the best tenant I can be?” Well these 6 handy tips will show you how to make your time at the rental as pleasant as possible.

Read the rental agreement over a few times before you sign it because it will govern the Landlord-Tenant relationship. Now it is your duty as a tenant to respect the terms of the agreement after you have signed it. The slightest breach of the contract on your part gives the landlord the right to evict you regardless of payment in advance. If an unforeseen situation arises which may cause you to go against the terms of the agreement, promptly explain to your Landlord with the hope that your situation will be considered. Please remember that the Landlord has a prerogative to say no and that prerogative should be respected.
Try to maintain a cordial relationship with your landlord because proper communication is essential to a productive living arrangement. You do not have to become best friends, but if you are having problems or difficulties you need to be able to speak openly with the landlord to see if the issue can be resolved before tension escalates. Also, remember that communication is a two way street; you also have to be able to listen and pay attention to your landlord’s concerns and requests as well.
It is extremely important that you pay your rent in full and at the agreed upon time, every time. In doing so, you avoid disputes between you and the landlord regarding occupying their property without payment. This is an issue that will more than likely always create tension, especially if done frequently. In addition, when looking for a new rental property your landlord will be contacted to give a report, and complaints regarding payment will be detrimental to your chances of being accepted by a new landlord. If you are going to be late for a particular month, week, etc., pass on the information in advance with a reasonable explanation.
Always remember that at the end of your lease, you must leave the property in good condition. Therefore you should keep the building and the environment as clean as possible during your time there. Avoid damages to the property, furniture, etc. Remember, the cost of damages will be taken from your security deposit or even from your own finance, if damages exceed the deposit.
The landlord may on a few occasions want to take a look at the property while you are living there; try your best to accommodate their request. It may be considered an invasion of privacy by some, but remember it is their building and if the roles were reversed you might feel the need to do the same. It does not take much to assure the landlord that you are taking care of their building.
When your stay is over leave on good terms, avoid having to be evicted; leaving with unpaid bills; rent being owed; or unreported damages to the property. This is the best way to ensure no legal action is taken against you, which will cost you more than you already may owe. Remember the reports of your current landlord play a determining factor in whether or not someone else will be willing to accept you.

Nov 28 No Comments

Buying Versus Renting: Which Should You Choose?

Author: Marketing

Categories: buying,renting

Many individuals believe that it is ultimately more beneficial to spend money on buying a home rather than spending years paying rent. However, that is not always the case. There are a lot of factors to consider before making your decision and every situation is not the same. Here are a few things to think about before choosing the best option to suit you.

Mortgage and Loan: Buying a house naturally requires money, and in most instances requires the individual(s) to apply for a loan or mortgage. You need to first know whether you are able to obtain a loan or mortgage, if not then renting would best suit you. Factors such as poor credit score and low income will decrease your chances.

Employment: Be sure that you have a safe and secure job. If you feel that any day in the near future you may be fired, or you plan on quitting your job then home ownership is probably not the right decision. The loss of a job can bring many financial difficulties that buying a home will just make even more difficult.

Total Cost: You need to analyze which option will cost you the least amount of money in the long haul: monthly rent compared to monthly loan payment, and all other costs attributed to each option. This includes maintenance and repair of the building. This is one of the main costs of buying a home which does not factor into renting. Whichever decision saves you the most money should be highly considered.

Change in family structure: If you are single and plan to remain that way, renting may be a practical option. However, if you plan to get married and start a family, a stable home where memories can be made and roots laid-out is essential. Your own provides security and a sense of belonging to your family that renting does not provide.

Future Plans: Buying a home is a long-term investment and should be treated as such. If you are someone who is always on the go constantly traveling from place to place then it might be more beneficial to rent in the meantime. Worst yet if you plan on spending time abroad for a long time then buying a home may just be pointless.

Freedom v. stability: Renting gives you a sense of freedom if you like to change scenery often by moving to different locations. In addition, with renting you have the freedom of moving if you do not like the home or the area. However, there is uncertainty with renting. The landlord is within their right to discontinue your lease, and you would be forced to move in that situation.

Are you at the point where you need to decide between renting and buying? Which do you think better suits your situation? Is there any advice you can provide to someone needing to make that decision? Share with us in the comments.

Nov 08 No Comments

Save For a Home While Renting

Author: Marketing

Categories: buying,renting

There are so many benefits in owning a home that not even these hard economic times can deter its appeal. Saving for a house, on the other hand, can be challenging for many apartment dwellers and tenants. The truth is it is difficult to save for a house, when a big chunk of your income goes toward rent. The cost of renting can make the idea of owning a home seems like a fantasy, but saving for a house can be well within your reach.

Follow these five (5) tips to help save up for a house while renting:

Budget first, save later:

Making a list of your expenses and working out a budget seems like the oldest financial advice in the book, probably because it is. People should take the time to learn where their finances are at, and then save as much as they can comfortably afford.

Stick to your savings:

A weekly savings account contribution of $50 adds up to $2,600 after a year. After just five years, that gives you $13,000 to put towards purchasing your own home.

Downsize:

Move to a cheaper apartment for a few years. You’ll save money on rent that could be put to better use, like buying your home. A $100 to $200 savings per month goes a long way in giving your housing fund room to grow.

Start negotiating:

Consider negotiating rent with your landlord or property manager. Emphasize to them your high value as a reliable tenant who pays his/her rent ahead or on time, and that it might be hard to find a new tenant of the same quality.

Roommates:

Find a roommate through friends, internet sources, social media, or newspaper advertisements, to cut down on your $1,200 monthly rental payment. Put your money saved toward your housing fund.

Sep 03 No Comments

Be A Successful Landlord

Author: Marketing

Categories: renting

Wondering how to be a successful landlord, here are a few tips that can help!

Take your business seriously

Tenants will not take you seriously if you do not take yourself and what you do seriously. Too many landlords treat renting out their property as if it is a hobby. To be a successful landlord you must treat renting out your property like a business. You have made an investment and you continue to spend money to service it through either advertising the rental to get tenants; insurance; repairs, etc. Operating procedures and accounting systems should be set to organize income and expenses and to keep track of things such as cost of repairs, date of repairs/renovations, etc.

Screen tenants

A successful landlord always uses a rental application. Do NOT allow someone to walk off the street and allow them to occupy your property. Request references, employment information and past landlord contact in order to weed out the obvious problem tenants. This is not fool proof at getting a good tenant but it will help increase your chances.

Put things in writing

Make sure you draw up a lease. All terms, especially those important to you, such as subletting, keeping pets, etc. must be written and signed by the tenant to ensure that all parties understand what is expected.

Make repairs

Your tenants need to be happy with where they live, and be equally happy to pay the rent for it. Be quick to investigate any report of damage or need for repairs. Insist that this is done promptly. Making repairs does not only make your tenant happy to pay you rent but it keeps your property in a better condition.

Respect your tenants’ privacy

How would you feel if your privacy was disrespected? Always give notice when you need to enter the rental. The tenant is paying for peaceful enjoyment of your rental. At least 24 hours notice should be provided to the tenant.

What do you think of this advice? What are you doing as a landlord to ensure success in your business? Share them in the comment box below!