What You Should Know Before Renting Out Your Property

For many people, becoming a landlord is not always their first option. Sometimes, when the market is not in your favor or you are having a difficult time finding a buyer at the price you want, the option to rent out the property for a time until the market turns or you find someone who is interested starts to become more appealing. After all, having someone to pay for the mortgage will help you cut the vacancy costs. However, becoming a landlord is no small venture. Between having to draft up rental contracts and managing maintenance emergencies, being a landlord can easily become a part-time job. The Responsibilities of a Landlord When you rent out your property, you add many responsibilities to your plate. The following are examples of those: • Ensuring that your tenants pay you on time • Calling maintenance teams for issues with the appliances • Performing regular inspections of the rental property • Recording the profits on your taxes at the end of the year • Getting informed about legal issues regarding landlords and tenants There are many more tasks than we could possibly list here, but we hope that that have given you a better idea of what you should be ready for when you rent out your property. Is Selling Your Property the Better Option? If you had a guarantee that your property would sell, would you take it rather than bother with renters? At The Marshall, we guarantee that your home will sell within 86 days or we will buy it from you. That way, you can get the burden of trying...

How to Help Kids Understand Your Plan to Move

Some families move frequently from one location to another. While parents do their best to make the transition smooth, kids sometimes have a more difficult time adjusting. After getting used to their way of life, it can be tough to uproot them from the familiar surroundings of home.  Here are some pointers to help make the transition a little bit more kid-friendly:   Treat the move like a big family adventure.   If your children are young, you can narrate it like you are telling a story, when you break the news.  “Once upon a time…”  Nobody knows your kids better than you do, so model your story after one of their favorites. Keep the story light-hearted and interesting, especially if they’re too young to understand details. If you are moving a long distance, make the idea of travel exciting. Talk to them about the scenery and any special sites you might see along the way.   Focus on the positive new things that will be available to your kids in the new location. Perhaps there is a park, swimming pool, or recreation center nearby.  Plan a special day trip to celebrate the completion of your move.  Schedule the event at least a week or two after your move-in date.  This will give everyone something to look forward to, and a break from unpacking. Build a moderate level of anticipation, but never resort to lying or make a promise you may not be able to keep.   Relieve their anxieties about new friends and schools.   Encourage your kids to talk about the upcoming move. This will give you...

Are You a First Time Home Buyer? Avoid These Common Pitfalls

Thinking about owning a home?  Great idea. Or is it? Just the thought can cause a surge of excitement to run through your veins. On the other hand, the commitment required may be causing you sleepless nights; and rightfully so.   Home ownership is an achievement that deserves to be welcomed with open arms. The question is, are you ready for the commitment?   First- timers are often victimized by their own lack of understanding about the process. Given that this is a large financial decision to make, intense preparation is key. So before you sign up for the challenge; do your homework, and take a good look at these common pitfalls:     Financial Readiness   Your credit report reflects your readiness to move on to the next chapter of your life: homeownership. Obtaining a copy of your credit report, before you even start your hunt, is a basic rule. It allows you the opportunity to repair any existing problems and ensure that your score is high enough to meet the lender’s criteria.   Meanwhile you need to know how much you qualify to borrow and what your monthly mortgage payments will be. A minimum down-payment will be required, as well as other charges that apply when the transaction is closed. Make sure you’re left with enough cash on hand to cover unexpected expenses. In any case, consult with an expert to determine if you are really ready commit to the process.   Professional Consultation   When you act on a decision half-heartedly, you may end up being easily distracted and lack the drive necessary to find the...

News Updates:

Vantage Production‘s Mortgage Market Guide Weekly reports that in the week preceded by the Martin Luther King, Jr. holiday, the activities related to the economic calendar were relatively light. However, the following opportunities still presented themselves despite the seeming quietness that momentarily prevailed. As quoted from the review: “home loan rates reached some of their lowest levels in months” “Existing Home Sales rose by 1 percent from November to December to an annual rate of 4.87 million units” – National Association of Realtors This 1% increase “was the first monthly gain in three months” Compared to 2012, the year 2013 contributed a 9.1% increase in existing home sales. “The housing market continues to rebound, though at a modest pace.” Meanwhile, The Salt Lake Tribune recently published a positive update related to environmental awareness, particularly on a home that “produces only $10 monthly utility bill.” The news clip on Herriman energy-efficient home wins design award reports that the home (designed by KTGY Group, Inc., Architecture + Planning) got a platinum from the 2014 Professional Builder Design Awards competition that was held in California. What’s noteworthy about this achievement is that it’s the “first attainable or affordable house in Utah that achieves a U.S. Department of Energy HERS (House Energy Rating System) rating of O.” Located at 5047 W. Ambermont Drive, the home features a generous three stories and five bedrooms. It won its rating fairly through a strategic design led by the winning team. The make or break features are: “double-paned windows, special frames and seals for windows and doors, four types of insulation and solar panels to produce electricity.”...

Planning to Move? Pack In these Essentials for your Transition

The housing market in Salt Lake City real estate continues to gain recognition because of its nonstop boom. The past two years have reflected an upward trend that further validates why the city is ideal to live in. Visually speaking, the snow-capped mountains surrounding the area alone is enough of a stunner. However, the ultimate decision to move into a new city and state is based on several factors that are brought out by research and yes, even gut feel. So what do you consider when you are planning to move to a new area? If you are doing this move out of choice, it would be rational to visit the city or state first. Know what it’s like to experience the place firsthand and not only base it on hearsay or impressions from other people alone. It’s an advantage if you know someone from there so you can take a tour of the areas that you are considering for your new residence. Meanwhile, you can also look for housing or career opportunities online before you begin your travel. This way, you have a direction for your search. You can gather news bits, latest updates and even fun trivia about living in the area and how you can settle in to embrace its culture. Again, preparedness is a key to giving you and your family that peace of mind. Even if the big getaway is quite enchanting and magical, be practical enough to know the actual costs of living. It’s essential to live within your means, therefore you have to be honest about your financial capacity and what kind...

What Should I Ask to a Real Estate Agent Utah?

Integrity in real estate is a primary goal by dedicated professionals who’d like to see the industry grow and flourish. However, there are tales that are sometimes far from being truthful. Finding an honest to goodness real estate agent Utah who upholds the true sense of work ethics may be half the battle, but the rewards can also be enjoyed for longer terms. If that’s the case, you need to do your homework and study hard about this financial decision. It will not only affect the present but also your future. Take the time to talk to your candidates and get to know them better. Conversations and actual interactions can better help you get a gauge of how strong their presence and involvement is in the industry. You can even practice on these questions for starters: Are you working full time or part time? This question can be an indicator of how well versed the agent is about the market. Working for the industry full time means their focus is on the profession itself and not elsewhere. It’s a guarantee that everything he/she does is for the benefit of the client and does not compromise the quality of the service. Have you had any past problems with clients? How was it resolved? It’s important to recognize the resolutions that arise from problems. However, do take note that it’s not all the time that they are as open about the issues. Just in case you are told of specific instances when there was indeed some conflict, make sure to ask the action plan that was implemented. How much do you...