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Trying to Sell a Home with Tenants Still Living Inside? These 3 Tips Will Make Your Life Easier

January 5, 2021 by Cachet Real Estate Finance

Trying to Sell a Home with Tenants Still Living Inside? These 3 Tips Will Make Your Life EasierAre you thinking about selling a home that you have rented out for some additional revenue? If so, you’re likely trying to discern how to best inform the current tenants and conduct the sales process in a way that works well for all of the parties involved. In today’s blog post we’ll explore how to sell your home while you’re renting it out to tenants and share three tips that can make the process a bit easier.

#1: Review Local Laws and Your Tenancy Agreement

First, you’ll want to break out your tenancy agreement and download any state, provincial or municipal laws that apply to landlord-tenant relations. Selling a home with renters living in it can result in a number of sticky situations. You’ll want to ensure that you conduct yourself in accordance with the rule of law as you may end up in court if the process goes sour.

#2: Communication is a Vital Part of the Process

Next, you’ll need to ensure that you’re communicating with your tenants every step of the way. Meet with them to let them know that you would like to place the home on the market, and explain how the sales process is going to work. Allow your tenants to ask questions and to state their case as they may be willing to buy the home from you if they can afford it, or if the price is right. Be polite but firm; you don’t want to encourage any hostility but this is your property and ultimately, your decision.

Don’t forget to fully inform your tenants as to how home showings will work, as they’ll likely be concerned as to who is being provided with keys to their home.

#3: Incentives Can Sway an Unruly Tenant

Finally, if you’re faced with some unruly tenants that are making the sales process challenging you may find that financial incentives make them back off a bit. You’ll need their cooperation in keeping the home relatively clean and tidy, so you may want to consider offering some gift certificates or paying a portion of the rent in exchange for their help. If you’re hosting an open house over a weekend, offer to put their family up in a nice hotel somewhere in town where they can enjoy a weekend together.

While selling a home with tenants living inside is rarely easy or fun, it’s certainly doable. When you’re ready to learn more about the home selling process, contact your local real estate agent as they can share their expertise and guidance to ensure you get the most from your sale.

Filed Under: Real Estate Tips Tagged With: Around The Home, Homeowner Tips, Real Estate Tips

First-Time Condo Buyer? What to Expect from Your New Homeowners Association

December 18, 2020 by Cachet Real Estate Finance

First-Time Condo Buyer? What to Expect from Your New Homeowners AssociationEvery owner of condominium property automatically becomes a member of a homeowners association, otherwise referred to a “HOA” throughout the United States or a “Strata” in Canada. With that membership come certain rights and responsibilities. The primary right that the owner has is to vote at HOA meetings and elect board members. Responsibilities include payment of condo fees and assessments, compliance with association by-laws and rules, and maintaining a condo unit in conformity with those by-laws and rules.

Let’s take a quick look at various other terms you may hear about from your new HOA.

Declaration of Condominium and By-Laws

The declaration of condominium establishes the existence of a condominium property. It gives the precise location of the property through a legal description and describes each individual unit in the development along with the various common elements.

Individual Units

Ownership of an individual condominium unit is defined by the declaration of condominium and ordinarily consists of the interior walls and everything within the interior walls of a dwelling unit. Anything outside of that unit is usually considered to be a common element, such as the entryway, the swimming pool, the tennis courts, the parking lots and more.

Common Elements

This is property both inside and outside of buildings that the individual condo owner has an undivided interest in. It would include any common hallways, garages, parking lots, recreational facilities and open space on the property described by the declaration of condominium. If for example, there are 100 units in a condominium development, each individual unit has an undivided one percent interest in the common elements.

Running a Homeowners Association

Homeowners associations tend to operate like a small democracy. When matters are brought up at meetings to be voted on, each condo unit has one vote. Each HOA has an elected board of directors. They’ll meet once a month to decide on association business and make decisions on behalf of the HOA. The unit owners are permitted to be present at these meetings.

Owners’ Responsibilities Inside Their Units

Owners are responsible for any repairs within the walls of their dwelling unit. They might be responsible for damage to other units from leaks or flooding from a burst pipe. Depending on the by-laws, the unit owner might be responsible for maintenance or repairs of any pipes or electrical wires running behind their walls. The association is responsible for anything on the common elements.

Don’t let the purchase of your next home get derailed. If you’re thinking of getting started on condo shopping, your trusted, reputable and highly experienced real estate professional will guide you through your condominium purchase.

Filed Under: Home Buyer Tips Tagged With: Buying A Home, Home Buyer Tips, Homeowner Tips

Winter is Here: Prepare Your House with These Three Home Maintenance Tips

December 4, 2020 by Cachet Real Estate Finance

Winter's Coming: Prepare Your House with These Three Home Maintenance TipsHave you prepared your home for the winter? With colder temperatures starting you’ll need to spend an hour or two getting your home ready to deal with the possibility of harsher weather and below-freezing temperatures, depending on where you live. Let’s take a look at a few quick home maintenance tips that will help you get your house ready for the cold of winter.

Check Your Roof, Gutters and Spouts

Your roof is one of the most important structural elements in your home and one that is going face the brunt of any inclement weather that passes through your area. If you feel comfortable on a ladder, climb up and quickly inspect the roof for damage or missing shingles. You’ll also want to clean the gutters and drain spouts, removing leaves and other gunk so that water can flow freely from your roof to the ground.

Drain Your Faucets, Hoses and Irrigation System

If you have exterior faucets and hoses you’ll need to flush out and drain any remaining water before storing them away for the winter. In-ground irrigation systems should have an anti-freezing treatment performed by a professional as freezing can cause a significant amount of damage to pipes and outlets.

Check Your Doors and Windows for Drafts

Leaky windows and doors can cause your heating bill to skyrocket, so spend a few minutes going around the house to inspect seals and frames to see if anything is leaking. Pay close attention to any single-pane windows as leaks can appear over time due to expansion caused by temperature fluctuations. It takes just a few cents worth of caulking to save many dollars in wasted heat.

Store Your A/C and Prep Your Furnace

Finally you’ll want to ensure that your air conditioning unit has been fully shut down and properly stored. If you have an in-ground unit, you’ll also need to cover it to protect it from rain, snow and wind. If you use a furnace to heat your home, be sure to clean or replace its air filter and consider firing the entire system up so you can check the ducts for leaks.

These home maintenance tips will help keep your home in peak condition and prevent damage that can reduce your resale value. If you’re thinking about selling your home, give your local real estate agent a call and they can assist you with getting the process started.

Filed Under: Around The Home Tagged With: Around The Home, Home Maintenance, Homeowner Tips

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