4 Reasons You Should Hire a Property Manager

 

While for some people, the “do-it-yourself” approach is the best, having someone who can handle property management might be handy 

Managing a rental property can be a financially rewarding task. But it can also be tricky if you’re just getting started. That’s why sometimes you should hand over that part of the business to property managers. But, what do they do? 

 

What’s a property manager? 

 

According to Investopedia, a property manager is “an individual or company that is hired to oversee the day-to-day operations of a unit of real estate.” This means that if you can’t oversee this part of the deal or you’re not available to handle the property, you could hire them to help you during the process. Easy, right? 

 

Now that you know the basic definition, here are some reasons why you should have a property manager around to help you: 

 

1. 1. It’ll help you find, vet, and secure tenants. 

 

Your property manager will have the knowledge to find, vet, and secure the best tenants. And which skills do they need? They should know how to properly advertise your property, find potential tenants, and manage inspections. 

 

After these inspections, a property manager will have all the applicants’ information and advise which is the best choice. 

 

2. 2. Manage inspections, repairs, and maintenance 

 

The property manager will regularly inspect to make sure the tenants are taking care of the property. If tenants request any repairs or maintenance, the manager will also coordinate with the right team to fix any inconvenience. 

 

3. 3. Property managers know their paperwork and the law. 

 

Probably the best advantage is that having a property manager means that you don’t have to handle all the legal paperwork, since that’s something they know like the back of their hands. They have a better understanding of state and federal laws around tenant selection, possible eviction, and more, while keeping a professional relationship with your tenants. 

 

4. 4. They’ll give you market advice. 

 

Since the real estate market is constantly changing, the property manager will pay attention to updates around it. It means that they’ll give you proper guidance on matters like increasing rental fees, the best time to rent, etc. All to ensure a more significant investment return. 

 

When it comes to finding the best professionals in the area, you can call South Florida Riches. We’ll be helping you before, during, and after the process. 

What to expect from the real estate market in 2021?

 

After a year as complicated as 2020, and with the rise of the COVID-19 pandemic, the real estate market has undergone some changes and there are some trends for 2021.

In 2021 there is more interest in buying homes rather than renting. More spacious homes with outdoor spaces, etc., will be sought after.

The consequences of COVID-19 may last throughout 2021, so the real estate sector will have to face new challenges to adapt to this situation.

 

1.    There will be stability in sales and purchases

November 2020 marked a turning point, recovering the downward trend in housing prices.

2.    Investing in housing

Buying a house as a safe and stable investment is still a good option. The most attractive properties to invest in are those in good condition and with a good location.

3.    Properties with offices

Properties with offices will be those most in demand. With the pandemic, and work at home, properties that have offices will be the most sought after, as for now it seems that the pandemic will not end soon.

People prefer buying rather than renting, this gives them more security.

In addition, they prefer properties with free spaces and offices where they can work from home.

Make a safe investment, insure your property

Home insurance is the best way for a person to protect his/her home from any possible eventuality that may occur. Any day, and as a consequence of an accident or other causes beyond our control, we could lose our home and everything in it.

 

From one day to the next, we could find ourselves in the street and have lost our home, and with it the savings of a lifetime. That is why it’s very important to have insurance, especially in South Florida, where many times of the year there are some weather phenomena that can lead to some unforeseen events.

 

If any eventuality happens, by having your home insurance, you will be able to sleep better. If there is any accident covered by the insurance policy, you can rest assured that those expenses will be covered by your insurance and not by you. Although having insurance for your home is not mandatory, like having insurance for your car, we recommend 100% that you insure your home, and that way you will be covered in case of any unforeseen event.

 

If you want to invest in South Florida, where there are beautiful places to live, having home insurance can be very important for you and your family in case of any eventuality. Don't think twice, insure your home, and that way, you won't have to worry if any unforeseen event or accident happens.

Buy or Rent?

Without a doubt, choosing between buying or renting a home is one of the most difficult and important financial decisions you can make. Depending on which way you go, it will affect your finances in different ways.

 

In order to decide if renting is better than buying, or vice versa, it is necessary to evaluate our own circumstances, those of the market at that moment, and clearly understand the advantages and disadvantages of both.

 

Advantages of Renting

 

- You hardly need any savings to get started.

- The paperwork and steps to be taken are minimal.

- In case of a mistake, it is easier to make amends.

- You can have access to areas where you could not buy.

- It provides tax benefits to both the tenant and the owner, according to certain conditions.

- With the rent you have less expenses, since the taxes associated with the housing are assumed by the owner, unless different conditions are agreed upon in the contract.

 

Advantages of Buying

 

- The property is available for the purpose you want.

- It allows you to decorate and remodel it as you wish.

- In the long term it is usually revalued.

- It serves as a measure of future savings.

- Once paid, you no longer have a fixed monthly cost.

- Depending on the bank interest rate, it can be cheaper to live in your own property than renting.

 

No matter if you are looking for a property to buy or rent, our advisors are trained to help you throughout the process.

Condos or single-family homes? How can you choose the best one for you?

 

Everyone thinks that buying a condo or apartment is a great option. Like any investment, it has its pros and cons. But most people also don't know that condos can't be bought with government help. These grants generally exclude condos and mobile homes. Another thing they don't know is that, for that reason, they must pay more money at the time of closing the purchase, since the type of loan that most people approve for that type of property is conventional. This type of loan generally requires a higher percentage than the FHA loan type.

 

First of all, apartment prices in Florida have gone up. Second, most condos will require the payment of the condo fee and the HOA fee. For that reason, the price that appears to be so affordable goes up when those two additional fees get added to the payment. Most people who buy apartments are investors who lease them, for example, as vacation villas.

 

In the case of houses, called single-family homes, it is the preferred alternative for people who want to have their own home. Also, they are energy efficient, making the owners save money.

Thinking of buying a property in South Florida?

When we think about buying a property, we believe that we have to fill out a lot of paperwork. While this is true, it is best to be well counseled and consider a number of factors first.

We advise you to consider the following before investing:

1. Insurance

If you are thinking of buying an old house, with an old roof, it will be very difficult to get insurance for your home.

2. Property taxes

Taxes will vary depending on the area where the property is located and will also vary depending on the type of residence that you want to buy.

This expense can be very high, so it is important to evaluate it before buying the property.

3. Inspections

All inspections are mandatory. They should be, since you can discover all the imperfections that the property may have. In the inspections you will find the hidden damages that do not show in the sale photos of the property.

4. Visit the property at different times of the day

If you are thinking of buying a property, you should know that you will also have to live with the people who are around you, so it is very important to visit the house at different times to find out the habits of that population. We also recommend that you talk to the neighbors, since they can give you the best insights of the place where you want to invest.

5. Always check the documents before signing

Last but not least, always review the documents before signing. We recommend that you seek advice from a trusted lawyer and realtor to ensure that everything is perfect.

Source: http://actualidadradio.com/noticias/6-cosas-que-debe-saber-antes-de-comprar-una-propiedad-en-florida/

Coral Gables, the Perfect Place for You and Your Family

Having kids is one of the biggest joys in life, but it does change everything! It’s unbelievable how such small creatures can occupy so much space, and how suddenly they make your home feel much smaller and less spacious even in their first months of age. If you have small children, you are probably thinking about getting a new place, and Coral Gables is the perfect choice for you and your family.

But, exactly, which would be the ideal property to invest in if you have small children? Well, this is what you should aim for: 

1. Sufficient space: this might sound obvious, but sufficient space doesn’t just mean “bigger”. It’s very important that you buy your next home thinking ahead. Maybe you want more children in the future, and in that case, a third or fourth room should be in your plans. Spacious living rooms and kitchens are ideal for toddlers and small kids because they tend to follow you around, and tripping on them and their toys is inevitable if you don’t have enough space.

2. Available outdoors activities nearby: small children are full of energy, and having them inside during long periods of time can get exhausting for you because they get anxious and restless. The ideal scenario would be a park within the building (plenty available in Coral Gables) or a park in the neighborhood where you could take your children and get some fresh air while they play around, run and use all that extra energy.

3. Pet-Friendly Building: maybe you are an animal lover, maybe you are not, but the truth is, there comes a moment in every child’s life when they ask for a pet (most likely a dog or a cat), and because we want them to be happy, we will totally get one for them. But you need to know that pets aren’t allowed in every building in Coral Gables, some have strict rules about this matter, and if getting one is in your plans, this is something that you need to consider before buying your next home.

Gables Riches will help you find the perfect place for you and your family. Contact us and let us know about your plans, what you are aiming for, your budget, and we will help you in every way we can so you and your family get exactly what you need. Feel free to contact us anytime so we can start looking for your next home!