by Lilly Miller | Feb 21, 2020 | CRESTICO
Is Subleasing Worth It?
As a landlord, there is much to manage, and much to think about. Property must be maintained, taxes must be handled, tenants must be evicted, and tenants must be acquired. Many landlords are strategic: they’ll allow one of their tenants to live in the property rent-free provided they help manage the premises. This isn’t feasible if you’re a landlord of a smaller property; it’s something more common to larger rental arrangements. However, the value such a tenant can bring is actually quite considerable. Rent in many parts of the country is around $800 a month—barring places like Los Angeles, where a shack in a basement is well over a thousand dollars for a single renter.
In a thirty-one day month, you’re looking at $25.81 a day. For $25.81 a day, someone who pays their rent by working for you can get a lot done. If they just spent two hours a day changing light bulbs, weeding, taking out trash, or cleaning minor messes, you’re saving money as a landlord. $12.91 an hour isn’t a rate most maintenance people will take; especially if you’re only paying them $800 a month. However, someone who lives for free on the premises provided they do two hours of chores five days a week will be more than happy to do so. You might even get more work out of them, depending. It’s a win-win for everyone. Similarly, as regards subleasing, you can find a win-win—but there are pros and cons. This writing will explore them.
Pros Of Subleasing
If you approach subleasing right, you can be more sure you’ll get rent on time from tenants. Consider the scenario where rent is around $800 a month. At this website, https://www.umovefree.com/City/frisco-apartments-tx/, you can find rental units that start at only $796 a month. Now imagine that’s divided two or three times between people in one unit.
You’re looking at between $265.33 and $398 a month for a $796 single, depending on if the unit is sublet two or three times. That’s pretty darn affordable. At the $265 rate, it’s just a little under $9 a day. At the $398 rate, it’s a little under $13 a day per person. That’s cheaper than lunch. It’s quite affordable. You’ve just got to approve those in a sublet scenario.
Something else that can be done is a slight rent hike. Say your unit was generally $800 a month for a single tenant. Pop that up to $1,000 if there are two living there, and you make an extra $2,400 a year, while the tenant subletting the property gets an even better deal.
Cons Of Subleasing
If you don’t vet those your tenants are dividing up their unit with, there could be some real trouble. Sometimes a tenant starts subletting their unit because they themselves are low on resources. Now you’ve got two people who are broke on your premises, compounding wear and tear while making late payments.
There can also be some legal considerations. What if the person seeking a sublet opportunity is a fugitive from another state? You’ve got to have an apparatus in place which will allow you to vet whoever is on your premises. If you don’t, and that individual is found out, there could be a legal case to be made that you aided and abetted a fugitive.
Certainly this wasn’t your intention or expectation, but the right lawyer can do a number on an honest man. When you’ve got disorganized subletting solutions, you increase such risks substantially—by a factor of two, if you allow subletting across your premises.
Even good tenants who open up their units to those who can be trusted will still increase normal wear-and-tear. Also, sometimes pets show up when you’re not intending them to in such situations. That’s also quite bad for your building’s longevity.
Making The Right Choice
To sublet, or not to sublet? It’s quite a question! The truth is this: provided you put an apparatus in place which vets those who are paying your tenant rent, you should be okay. Just assure you’re not letting any fugitives in, and that those renting from one of your renters aren’t destroying the premises.
If you play your cards right, such options can allow you to make more money from a single unit, and assure that payment maintains regularity over the long-run. If you don’t, you’ll see more wear and tear, as well as the possibility of legal issues. At the end of the day, whether or not these things are a deal-breaker is your call.
by Lilly Miller | Sep 12, 2019 | CRESTICO
Open-plan home designs are becoming trendy again, so why not use the available space in your rental to make it more attractive for prospective tenants. Whether you’re aiming for a home office within a living room, or looking to merge the kitchen with the dining area, these spaces need to be well-designed to be able to take the best of both spaces. Smart decorating and styling ideas can make the spaces look separate but seamlessly integrated, which is much less complicated than it sounds. Make your remodeling plan, clear out space and safely store everything in a cheap storage unit and check out these eight tips for maximizing the open floor potential in your rental property.
Insist on symmetry
One way to give character to expansive space is to create a balanced look with larger furniture pieces. Make double the sofas for the seating area and counterweight them with a big dining table and a matching set of chairs, and the resulting symmetry will instantly bring order to the room. Use this setup as the frame on which to add moments of contrast like mismatched storage trunks or groupings of wall art.
Expand practical spaces
Open floor kitchens modern homes are often designed to be gathering spots, but instead of a classic kitchen/dining arrangement, consider a more eclectic approach by turning a kitchen island into an everyday dining surface with barstools, while keeping the seating area with heavy sofas and chairs right next to it. Such a space that capitalizes on everyday comfort and lounging is definitely going to make an impression on potential tenants.
Regulate foot traffic
By smart furniture arrangements, you can create specific stations within the larger space of your open plan area, and make the room feel more navigable. A big single room can feel directionless for people used to more compartmentalized dwellings with a central hallway and side rooms, while a huge room with dedicated ‘isles’ for conversation, comfort, eating, working, and preparing food is much more approachable. Between these stations, make sure there’s a clear path wide enough room for two people to pass by one another.
Plan for cozy corners
An open floor plan allows you a lot of creative freedom to create distinct areas that your tenants can use for specific purposes. If you don’t know where to start, look to the corners for inspiration. For example, a double wall of windows can make for a perfect reading nook heavy with lush potted greenery, while the opposite corner can become an intimate dining nook. To prevent those opposing nooks from feeling distinctly different, or you can create a more cohesive look through eh use of blue, white or natural gamut that spans both areas.
Choose consistent flooring
Rule number one for open floor rooms in rental properties is to use as few floor types as possible. Mixing different types like hardwood and vinyl in the same room chops it into smaller parts, roughly breaking the unity of the space. Consistency, on the other hand, doesn’t mean that the entire room should look exactly the same. By choosing quality flooring products of different accents, you can subtly distinguish different parts of the room. As materials are concerned, the best choices for rentals are durable floor types that can withstand a lot of traffic, such as teak hardwood or vinyl.
Try monochromatic color scheme
Sticking to a monochromatic color scheme is probably the safest option for both rental properties and open concept homes. Pick a color and use it in different shades and tones throughout the space. Make sure to include some patterns as well. Monochromatic decors are always welcoming for white or black details, but also try to add some interest with an accent color. For example, a monochromatic blue color scheme always benefits from a few splashes of rich red or orange.
Employ wood designs
Although heavy furniture pieces such as big upholstery and a banquet-sized table will make use of an open floor plan beautifully, there’s a lot of charm in wood pieces with slender silhouettes, as well. Tailored mid-century-inspired wood designs can infuse the space with a refreshing modern appeal while maintaining the whole room weightless. Besides, the slim designs allow for plenty of walk-around space.
Create a modern great room
Take inspiration from elegant and sophisticated great rooms with soaring ceilings and tall windows, which were used for open living and dining in past centuries. In the latest trend of reviving baroque interior décor, attract quality tenants of style by creating a great room with a modern sensibility. Instead of going overboard with patterns, rich leathers, and deep colors, give it a try with a pair of simple and bright sofas, gold and crystal accents, and minimalist abstract art that acts as a Bridge between the seating and dining area.
Open-plan homes enhance the feel of a space, boost social interactions, and improve the efficiency of usable space, so it shouldn’t surprise why such rental properties, like downtown Columbus apartments are in high demand with both families and young couples. As the concept evolves, less and less interior designers speak of it as a trend but rather an opportunity that can be exploited with great success.
by Lilly Miller | Jul 10, 2019 | CRESTICO
A rental landlord’s obligations don’t end with providing a home for your tenants and picking up the rent each month. Their welfare, as well as the safety of their belongings, is partly your responsibility, not to mention your rental’s security.
You need to make sure you put into effect all necessary measurements against burglary and break-ins. Providing a space where your tenants feel safe will probably result in them settling there for a longer period. Here are a few tips on how to keep the burglars at bay and your tenants satisfied.
Fix what needs to be fixed
Take a turn around the house and analyze the potential risks – are there any places that can give burglars easy access? If you know that the window latch in your bedroom is faulty, don’t wait another minute to replace it. Are there any bushes which can provide good cover for an uninvited guest? There are things we know that ought to be dealt with but somehow, we get used to them and forget that the particular state is not common. However, ignoring the possible risks is careless, so it is vital to do all that we can to ensure the safety of your rental and your tenants as well.
Add more light
Common sense tells us that a well-lit house is not an eligible target for a thief. Without the cover of darkness to hide their criminal activity, they will not be able to sneak up on your tenants. So, investing in additional outdoor lighting is probably one of the most practical ideas to provide a clear view of what is going on around your house. Motion-sensor lights are bound to scare off any unwanted visitors, and if the tenants aren’t fast asleep, it will also be a type of an alarm for them that allows them to know that someone is prowling around the house.
Take out an insurance policy
If you want to be completely certain that everything will be taken care of in the case of some event, you can opt for an insurance policy. However, mind you, you need to read the small print to know for sure what the policy covers. To be safe, always choose more comprehensive policies, such as Youi home cover landlord insurance, which encompasses natural disasters as well as damage caused by people. It even covers the content of the property, so you can be at peace even if your keys get stolen or any furniture or furnishings are damaged due to the insured event.
Secure doors and windows
For better security, equip your door with a double-cylinder deadbolt, especially if your doors have glass panels or windows that are close by. This kind of deadbolt cannot be opened from the inside, so it won’t be easy for a burglar to break the glass and reach inside. As for the windows, you can go with locks, which will probably make the perpetrator re-think whether to attempt to get in by breaking the window. Naturally, if you had an unpleasant situation and you had to evict the tenants, don’t forget to change the locks, just in case.
Keep private
Curtains and blinds are not there just to protect you from the sunlight. They also serve as protection from unwanted attention, so advise your tenants to keep the curtains drawn, especially when they are not at home. When the property is not being rented, it is advisable you keep the blinds down. Shielding your privacy in this manner will prevent the burglars from spotting any valuable items that you or your tenants might keep in the house. Also, don’t disregard gossip: if you have any valuables in your rental property, don’t inform the neighbors since you never know who that information may reach.
Renting your Real Estate can be quite a profitable scheme but it is also a responsible one. Every landlord wishes to have a long-term relationship with their tenants – nobody wants to have shady people marching through the house every month or so.
In order to achieve this rapport, you need to communicate openly but also to ensure their safety. This includes securing doors and windows, installing external motion-sensor lights, and also taking out an insurance policy. By protecting your rental property, you are protecting your tenants and your relationship with them.
