Seven Features to Consider When Searching for a Profitable Rental Property

Deciding to purchase a rental property is a big investment step. My Dwelling is here to guide you through the process confidently while providing resources along the way. Here are eight points to research and think about while looking for a rental income property.

 

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  1. Will you be the active property manager? This depends on location. If the home is close to your own home, you could be the active manager or if the home is farther away, you can also hire My Dwelling to be your property manager.
  2. What kind of neighborhood are you looking for? Suburban families? Near a university for high-turnover? This will help you figure out how often vacancies may occur.
  3. What kinds of schools will you be near? Parents with children or planning a family will be looking at the school’s rating and will want to live close. Find a school with a quality rating.
  4. How is the local job market and see how it is faring. Are there start-ups in the area or places where businesses are growing? People like shorter commutes and having a growing business in the area would be a positive attribute.
  5. What are the amenities in thmy_dwellinge neighborhood? Are you near a gym, shopping, a park or restaurants? Proximity to these perks will help your price while keeping your building filled.
  6. How are the vacancies or listings in the area? Are there a lot of open slots? This may mean that the neighborhood has become less desirable or maybe it is cycling over from old to new. Do some research to find out what the case is.
  7. What is the average rent in the area? Rental payments are how you make your income; it is a good idea to see what you can charge in the area before buying.

 

After looking into these seven options with your My Dwelling representative, it should paint a clear picture on just what kind of rental income property best fits your needs. Your My Dwelling representative can not only help you with finding your rental income property but also maintaining and more! Contact My Dwelling today to find your representative.

Dwelling Tips: A Truly Moving Experience

It’s no secret that the real estate market operates on a warm weather cycle, home buying and renting is at it’s peak during this time of year and as a result it makes summer one of the best times to move. But, while it’s one of the best times –  it’s also one of the busiest times. At, My Dwelling we understand how demanding and time consuming moving can be so we’ve put together a moving checklist to help you stay on track as you pack.

Below are those tips to help you get started:

9 – 10 Weeks Out

  • Get organized: Start a file with all your move-related paperwork.
  • Research moving companies: Ask family and friends for recommendations, utilize online review sites to help in your decision.

7 – 8 Weeks Out

  • Get supplies: Buy packing materials – boxes, tape, markers and bubble wrap.
  • Start sorting: Decide what items you’d like to keep, sell, or donate. Also, host your garage sale around this time – you’ll make a few extra bucks to utilize towards moving expenses.
  • Notify schools: If you have kids, get copies of their school records and check into the enrollment process at the schools near your new residence.
  • Medical records: Check with your doctor to get copies of your family’s medical records.
  • Insurance: Consider movers insurance

5 – 6 Weeks Out

  • Give notice: Most landlords require a minimum 30 day notice that you are vacating,  but double check your lease to ensure that you are honoring your contract.
  • Book it: Finalize your moving truck and  movers insurance if you decide to use it.
  • Start packing: Begin boxing up the things you won’t need right away. Don’t forget to label boxes and use color coded tape.
  • Notify utilities: Start the process of closing out utility service at your current place and getting utilities set up at your new residence.

3 – 4 Weeks Out

  • Change your address: Complete a change of address form on the USPS website.  Notify banks and credit cards of your new address.
  • Transfer renter’s insurance: If your current home is covered, check with your agent to transfer the policy to your new home.

1 – 2 Weeks Out

  • Empty fridge: Use up food items that you don’t want to move or donate  items to your local food pantry.
  • Pack away: Now’s the time to start boxing up  everything left in your home. Again, don’t forget to label!
  • Coordinate your valuables: You don’t want valuable items mixed up with your other packed items. Keep them in a safe place so you can transport them yourself.
  • CONFIRM: Check in with your mover to confirm the time and date of the move.
  • The Essentials:  Prepare an overnight bag that will stay with you fill it with items you will need right away at your new place.

1 Day Before

  • Keep important documents handy: Make sure to have any documents related to the move ready.
  • Defrost and dispose: Finish emptying and defrost your refrigerator. Also, check that cabinets are indeed empty.

Moving Day

  • Work with your movers: Assist your movers by pointing out fragile or large items right away. Be sure to be there when the movers load your items onto the truck. You’ll be responsible for verifying that they loaded everything. Be available to answer all their questions.
  • One final sweep: Before the movers pull away, do a final check of your home to make sure nothing was left behind.

Dwelling Tips: 10 Staples of Rental Décor

Want to decorate your place while still keeping your security deposit in-check? Personalizing your place is important, as is staying within the boundaries of your landlord. These 10 staples of rental décor will make the impact you are looking for, without costing a lot of time or money.

 

    1. Add Storage. Adding custom cabinetry in a rental place is usually not an option. Therefore adding your own affordable storage such as bookcases, simple shelves or a fun Pinterest hack will really help, not only with storage but with overall aesthetic as well!Rental 1

 

    1. Change the Hardware. Rentals can be…basic. Your style is anything but! Switching out your cabinet hardware in the kitchen and bathroom will make a huge styling impression. Just make sure to keep the original pieces to swap back in before moving out.Rental 2

 

    1. Lose the Vertical Blinds. These style of blinds are very basic and can turn a room from fab to drab. Either hide them under trendy curtains or take them down altogether. Save them for when you move out, they will be essential to getting your security deposit back!Rental 3

 

    1. Line your Cabinets. This might seem like a small step but it can make all the difference! It is the extra touch that will make your kitchen seem clean and streamlined. Adhesive liner can work but a softer grip liner is easier to install (and take out when you move!)Rental 4

 

    1. Time to Accessorize! So easy but so necessary! A truly personal style comes with accessories. Go nuts with throws, pillows and accents that reflect your true style.Rental 5

 

    1. Avoid Wallpaper. Is it really worth the hassle? Sure it’s stylish but it is inconvenient to remove, especially if you won’t be in your place for long. Consider removable wallpaper or even just an accent wall.Rental 6

 

    1. Add Art to the Walls. An easy way to make a statement! Patching tiny holes made from nails on the day you move out is nothing compared to the impact art will make on your space. Consider hanging one statement piece and resting photos on a mantel or shelf for less work.Rental 7

 

    1. Invest in Rugs. Even if you have carpet! Rugs are an easy way to cover up ugly carpeting and are great to take with you to the next place. An added bonus: they help keep noise down, especially in an older apartment with wood floors.Rental 8

 

    1. Emphasize Lighting. Use lighting to set the tone and make an impact in your rental! Get creative with floor and table lamps that can be easily moved from place to place.Rental 9

 

    1. Bring Life in with Plants. No yard? No problem! Pots of plants provide many benefits from clean air to having your own urban garden. They are wonderful accent pieces.Rental 10

 

Personalizing your place is making it your own. With renting it is sometimes hard to do everything you would like to do to your place. These 10 tips will help bring out your personal style and freshen up your living space! If you are looking for a place to rent, don’t hesitate to reach out to My Dwelling, Shorewest, REALTORS® exclusive renting company! #MyDwelling #Renting #Decor

Dwelling Tips: How to Create More Storage Space in Your Rental Home

Looking for a way to create additional storage space in your rental home? Below, we’ve put together a list of tips that will help you efficiently utilize every nook and cranny your dwelling has to offer. Consider the following tips to help you begin maximizing your storage options:

In the bedroom . . .

1. Store clothes under your bed. Most home good stores sell plastic storage containers in various sizes that you can use to take advantage of the space under your bed.
2. Consider a storage headboard.  Look for a headboard with built-in bookshelves or cubbies, your favorite reads are now organized and less than an arm’s length away.
3. Organize your dresser like a pro.  Utilize drawer dividers to create multiple compartments.
4. Go behind.  Utilize over the door solutions such as shoe bags, caddies, towel holders, or racks to make the most of the space behind the doors.
 5. Maximize closet space.  By adding drawer or shelf units, tiered racks, slide out bins, or shoe cubes everything will be in plain sight and you’ll inadvertently solve your nothing to wear problem.

In the living room . . .

6. Double duty. Consider multi-functional  furniture with storage options; instead of a coffee table try a chest. Storage ottomans are also perfect for stowing away blankets, games, and media.
 
7. Put the walls to work.  Add a bookcase or shelf units and store away items in decorative boxes in different patterns, shapes, and sizes. Utilizing removable hooks you can easily create a place to store outerwear in the entryway.

In the kitchen . . .

8. Cabinet space slacking . Try mounting a pegboard and hanging all the utensils you can. For the items you can’t hang individually like silverware, create pockets on the pegboard and store them in there. Label the pockets with fabric letters for extra-pizzazz. Don’t forget the space above the cabinets, stow additional items in baskets and place up top.
 9. Check the office supply aisle. Create more space on the inside of a cabinet door by adding hooks or mounting a file holder. No home for your bake ware and cutting board? Try a file organizer.

In the bathroom . . .

10. Install narrow shelves, racks or ledges.  When strategically placed these not only increase the space but also allow easy access to the items used daily. Spice racks work well for organizing beauty products. Add towel racks to the back of the door, that will leave more wall space to utilize as you please.

In any room . . .

11. Use every inch of space.  Take full advantage of every corner in your home; no matter how tight the space seems you’ll be surprised what it can store when you add a shelf here or there.