Protecting Your Home Investment

Most importantly, maintain a waterproof and fireproof enclosure in the outdoor area. Store important files like contracts and mortgage documents here. Always make regular backups of your investment-related computer files to the cloud or a similar service.

Honesty helps avoid civil rights lawsuits. You can’t reject a tenant just because you don’t like how they answered your questions. Otherwise, they can sue you for discrimination.

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In short, choose tenants based on valid factors such as credit scores, ability to pay rent, and references. It is recommended that you have a written tenant screening policy so they know why you have selected or rejected them.

Also, enforce consistent hiring rules and policies. From the new lease to the extension of your stay, always have written contracts.

A privacy policy is also necessary because you collect sensitive information from your tenants. As with websites, you must maintain this privacy at all costs, except when required by law to provide such information.

Some tenants have disabilities and disabilities, while others may become disabled due to accidents while they are at your rental property. When a disaster occurs on your property, you must accommodate tenants with disabilities.

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The Fair Housing Act requires you to design and build your rental housing with disabled tenants in mind. If you have tenants with disabilities, be flexible and flexible. Give them special privileges as a guard dog, even if you have a “no pets” policy.

Rental objects are subject to wear and tear. Sometimes tenants damage a piece of furniture or two during their stay.

To determine the reliability of damaged/damaged properties, inspect the condition of the rental units before the tenant moves in. Take pictures, make a list and show these pictures and lists to the tenant.

Discuss with the renter that if the unit breaks, the renter will be responsible for repairing or replacing it. After the tenant moves out, re-inspect the property for possible damage.

Protect Your Rental Property Investment With Insurance

Investment property requires a lot of capital. Therefore, you should make sure that you protect it at all costs. Get insurance to properly protect it in case of renters or natural disasters. If you have to hire a real estate consultant and other professionals, make sure you do it right.

Founded in 1914, Moody Insurance Worldwide, a division of Moody & Associates, is a leading provider of risk management and insurance programs to individuals and businesses throughout the East Coast. We underwrite businesses of all sizes with technical expertise in many key industries and provide personal insurance programs for wealth and high net worth assets. Our licensed, experienced commercial account managers can work with you to determine the coverage you need at a competitive price. Contact us today at (855) 868-0170 to learn more about what we can do for you. It’s a great investment, no doubt. But that doesn’t mean it has to be dangerous. In fact, you can significantly reduce your home buying risk by simply choosing a new construction home over an existing one. And if your builder offers an insured construction warranty on new homes, your risk is further reduced.

Two in five Americans say they would rather buy a new home than stay in one they already live in, twice as many as those who prefer to own their existing home. Why? Here’s a hint: It’s not just because of that new home smell.

When you buy a new construction home, you also get a builder who has your back. Your home builder is more than the person selling your home; they also help protect your investment. More than likely, this is not the case with home remodeling! However, choose a new construction home and work with a builder who:

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One of the biggest benefits of a new home is that you won’t have to do major home repairs for a while. Even if one of the brand new components fails, such as if the roof begins to cave in, your home builder’s warranty services will take care of it.

“A new home is usually fully warranted by the builder for at least one year, and most other components are warranted for longer,” says Jack McCabe of McCabe Research & Consulting.

New home construction warranties typically cover one year for manufacturing and material defects, another year for major home systems like wiring and plumbing, and structural defects for the first ten years of your home’s life.

If the house is older, major foundation or structural repairs need to be done right out of your pocket. “When you’re buying a home for sale, even if you’ve had a home inspection, there are still hidden defects that aren’t revealed that you often don’t know about for two years,” says McCabe.

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Many homeowners cannot afford that risk. Major repairs can cost you $800 or more, but the average replacement costs more than $1,200. But six in 10 homeowners say even a home renovation costing less than $2,000 will break their budget.

That’s why more than half of homeowners prefer new construction, saying they do so because they want lower maintenance and repair costs. In total, new construction homeowners typically pay about one-third of the monthly maintenance and repair costs that most homeowners face.

Homes are generally expected to last at least 75 years. In fact, the durability of a home’s structure can greatly affect its lifespan.

When you buy an older home, McCabe points out, you don’t really know what you’re getting. Even if you can determine who the original developer was, it’s usually unclear what may have been done to it since then. Poor work by unlicensed contractors can ruin the long-term sustainability of your home.

Safeguard Your Investment

With a newly built home, you have the option of choosing a builder with a quality reputation. Today’s quality builders thoroughly vet all of their subcontractors to ensure they have the necessary licenses, insurance and qualifications. They have access to a network of contractors that allows them to choose only the best people to work on your home.

Today’s new homes are much more efficient than those built six years ago, and they are constantly being improved. For example, houses built after 2012 reduce energy consumption by more than a third compared to those built a few years ago. When you buy a new home, you can pay up to 50 percent less to heat, light and cool your living space.

Newly constructed homes are more efficient in two ways, says Kevin Morrow, senior director of green building programs for the National Association of Home Builders:

All of this improved energy efficiency doesn’t just save you money on utility bills. It also helps increase the overall value of your home. Every $1 you save on your utility bills can add $25 to your home’s value.