720 989 1996

Smoke Detector Laws and Rental Property Safety – Property Management in Denver, CO

Property Management


One of your responsibilities as a rental property owner is to provide your tenants with a safe and habitable property. Installing and checking smoke detectors will help you stay in compliance with the law and ensure your tenants that you are taking their well-being seriously. If you’re not sure what kind of smoke detectors to use or how to test them, contact a professional Aurora property manager who can help you. (more…)

Secrets to Rental Property Cleaning – Things That Tenants Never Touch: Denver Property Management Advice

Secrets to Rental Property Cleaning – Things That Tenants Never Touch: Denver Property Management Advice

Property Management

Everyone has a different definition of clean, and when tenants move out of your property, you want to make sure that the home is clean before you begin marketing it to new tenants. There are a few areas that people tend to ignore, whether they are tenants or landlords. When you’re checking for cleanliness, take a look at what professional Denver property management companies scrutinize. (more…)

Thinking About Investing in an Income Property in the Denver Metro Area?

Thinking About Investing in an Income Property in the Denver Metro Area?

Property Management, Real Estate Investing

Income property investing can be tricky.

However, a property management company can help you find the right income property to invest in.

If you’re considering buying a residential property to rent out, the potential return on investment is encouraging and exciting. But sometimes choosing the right income property can be overwhelming. If you need some guidance finding the right house, condo, or townhouse to purchase, a property management company in Aurora, Centennial, Denver, Highlands Ranch or other cities, we can help.

With an income property, it’s always good to keep the big picture in mind. Over the long run, the value of the property will increase, making it a sound investment. Ideally, you’ll want to see some short-term profit too, but to do so your income must exceed your expenses. Before you purchase a property you need to consider how much the following items will cost:

  • Loan payment
  • Insurance
  • Taxes
  • Utilities (depending on whether you or the tenant will pay these)
  • Maintenance needs
  • Other dues, such as Homeowner’s Association

Next, you need to find out how much rent you can get for a specific income property.

For this, it’s best to go to an expert. Different factors will affect rent amount including:

  • Neighborhood
  • Strength of the rental market
  • Size of property
  • Updates in the unit

There’s really no need to be stressed about purchasing an income property because there’s little risk when you get a property management company with experience involved. They can tell you what to expect regarding expenses and income, and will even help you find the right place for you.

Investing in real estate by using an income property plan is a healthy way to diversify your savings portfolio. You can building a strong financial future for you and your family, rather passively.

If you’re ready to jump into buying an investment property and need some guidance, contact us. Legacy Properties-PM wants to help you as you work to leave a financial legacy for your family. Call us at 720.989.1996 or contact us.

 

Tenant Makes Improvements in Exchange for Rent? Ok or No?

Tenant Makes Improvements in Exchange for Rent? Ok or No?

Property Management

Have you heard this?

“For a discount in rent, I will fix it?”

It’s extremely common for a tenant to offer to fix things on your rental. But should you allow an agreement when the tenant makes improvements in exchange for a break on the rent? Or do you have a tenant who offers to do the work for free as long as he or she is reimbursed for the cost of the paint, flooring or other supplies?

While most tenants have only but good intentions, it’s not advisable to get into such deals where the tenant makes improvements. What may have started out as a small kitchen painting project may end up costing you instead of saving you money.

For example, if the tenant makes improvements by painting the exterior. It could be a color that’s not approved by the Covenant. Or, they could damages something expensive by spilling glue or paint.

By relying on an experienced property management company, you can rest assured the work done to your home is handled only by trained professionals. All changes will be overseen by your property manager.

Worried about ‘tenant makes improvements’ issues?

Check up on your rental home tenants

A property manager can check up on your tenants, in case they took the liberty to make changes to the property. Even if the tenant makes improvements they have been given permission on, they may make  other cosmetic changes or cause damage. Some tenants don’t see the line between acceptable decorating and changing the existing structure of a home.

It’s not appropriate for you to pop in on your tenants. Your property management company knows the local, state and federal laws. They will do a monthly exterior review of the property that’s random as well as a regular interior review that is scheduled with the tenant in advance. If you tenant puts up garish wallpaper, you will find out.

Work with the proper vendors

Your Denver-area property manager will let the tenants know if there are any problems with the property that they need to address or arrange to have the proper Colorado vendor take care of issues. Only insured, licensed and bonded technicians and workers should be allowed to do work on your property.

Your tenant may even have the proper skills, but if the tenant makes improvements, they may later fail and you could have no remedy. Or, the solution could become very muddy. For example, you may have a tenant who claims to be a trained architect, it’s still not a good idea to allow the tenant to re-configure the layout of the great room and kitchen by knocking down walls. They could later say they improved the home value and want additional proceeds.

Keep in the loop

There are times a tenant may take advantage of a landlord, especially a reluctant one. Some landlords fell into the being one by accident- needing to move but couldn’t sell, or from a home inheritance. When the tenant makes improvements it is very common area for unknowing landlords to be taken advantage of.

A reliable and reputable Denver property manger will keep you updated on your property, so you lessen this risk. You should receive property reports on the interior and exterior reviews as well as financial reports to be used for filing taxes.

At Legacy Properties-PM, we take pride in being members of NARPM (Natl. Asso. of Residential Property Managers). For more information on property management in Denver and areas including Cherry Creek, Lakewood, Aurora, Littleton, Parker, Highlands Ranch and Centennial, please call 720.989.1996 or contact us.

tenant makes improvements

You tenant may say they can fix it, but at what cost?

Free Property Assessment

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Just a Few Simple Reasons Renting Can Be Better Than Buying

Just a Few Simple Reasons Renting Can Be Better Than Buying

Aurora, Denver, Property Management

Just a Few Simple Reasons Renting Can Be Better Than Buying

Reason #1: You can change your location whenever you want

Owning a home and raising a family are top priorities for some people. Settling down and finding a safe and homey suburb to live in for the next ten to twenty years is perfect for that. On the other hand, there are quite a few people who aren’t sure where they’ll be next year, let alone in a decade. This makes the idea and option of buying a home a not so feasible option.

When you rent, you have the flexibility to move next month or next year without the stress of having to find renters for your home and/or maintain a property remotely.

Reason #2: If the water heater breaks as a renter you don’t pay for it

As a renter, surrounded by homeowners you’re sure to witness the hidden costs involved in owning a home. “A friend of mine recently had to have her heater replaced and consequently ate baked beans for four months afterwards.” says renter Jackie Smith. When you rent, it’s the home owners/landlords responsibility to pay for the repairs on and in the property.

“It’s nice to not have to drop a couple of grand per year on things like curtains, hot water systems and replacing toilet cisterns,” says Jackie.

Reason #3: Renting can be less pricey than buying

People many times buy a house as a way to save money, they do this by putting most of their monies into a home and property where it can’t be touched, rather than a bank account where it’s always accessible for withdrawal. Instead of buying a home though, one can save just as well with paying rent and putting the extra money in a high returns investment bank account rather than buying property.

Whether you rent or buy, it’s important that you do what’s right for your own circumstances and your own financial situation. If you are a homeowner looking to rent out your home or a tenant looking for a new home to rent, call Legacy Properties-PM at 720.989.1996 or contact us. We proudly serve many Denver areas including Aurora, Centennial, Highlands Ranch and Parker.