If you are in the business of giving property on rent, then there are some rules you really need to keep yourself safe. From the locks to the copies of agreements and lease papers that specify every bit of the deal, ensure that you safeguard yourself before trusting your renters completely (even if they come with references). In today’s day and age where disputes can rob you off completely, it’s always good to seek expert advice. With relevant expertise in real estate laws and trends, Eric P. Gonchar suggests you should follow two most important tips before giving away your property to renters.
You Don’t Want Any Damage To Your Property
First and foremost, it is to keep duplicate keys very safely by a code that is only known to your manager. If you have given away many apartments on rent, never label your keys with apartment numbers or addresses. Eric Gonchar also mentions, when you loan away keys to renters, keep a count and ensure they are returned on time. The security system of your property is not just for their safety but yours too. And then give the keys details and rights only to someone you trust with all your heart. You cannot be callous about the safety of the property and lives.
Make Sure Your Money Is Safe
Second smart way to keep yourself guarded is to make sure your deposits are in a secure place. Eric Gonchar points here that you should have them registered with a tenancy deposit by the government. This is essential in times of dispute. These schemes provide both parties with arbitration service in case of a dispute. Study this thoroughly before signing up for these deposits. Ensure that your renter also gives his share on the same and the details and documents clearly specify the terms and conditions.
Disputes often lead to loss for both parties. By following these simple tips you can ensure safety of your money and property.
Real estate has always been and, still a great long term investment. No matter what the economy of market is, you will always need a home to live and a place to work. Real estate market is full of opportunities that you can make use of to get long term benefits. One such alluring real estate investment is commercial real estate, says Eric Gonchar-a leading and reputed real estate law attorney in New York. Eric Gonchar has over 26 years of experience in real estate law and has been delivering meticulous services to the residents of the New York.
Eric Gonchar suggests investing in commercial properties as he believes that commercial properties are often overlooked due to increased interest of homeowners and investors to invest in residential properties. There is a lesser competition and you can expect long term cash flows from commercial properties. Moreover, a commercial property also provides you long term securities which last over 10-15 years, says Eric Gonchar.
There are many colorful financing options depending upon the type of investment plan you chose to make your deal easier and less time consuming to finish. If your property is located in an industrial area, then you may also increase leasing rates to generate more profits. As a landlord of the property, you would be only responsible for maintaining the property, paying mortgages and taxes. There are a number of benefits that you can avail when you make your decision final of investing in commercial real estate properties.
To sell a home is a tedious task that can leave you behind exhausted and drained. Adopting some simple home staging tips by the professionals can help you sell your home faster. Eric Gonchar is a real estate law attorney helping the residents of New York from last 26 years to deal with their real estate law issues and make their investments gainful.
Staging your sale is necessary before you set it for sale, says Eric Gonchar. The eyes of the potential customers are always in quest of finding flaws with your property; therefore it is essential for you to prepare your property the right way. Staging your home is nothing but the process of deep cleaning your house and updating the accessories that can maximize the potential of your property. You do not always need to spend thousands of dollars while updating accessories as you are not sure every dollar you are going to spend will come back to you. There are several inexpensive home staging tips that you can follow to increase the appeal and liveliness of your home, says Eric Gonchar.
It‘s amazing how a small adjustment in your home can make a big difference. Remove the clutter, fix those loose door handles, update kitchen and bathroom accessories and deep clean your house. To give a fresh and new look to your house, you may also paint it. Open up the curtains, so that natural light can come in. Clean your outdoors so that they look pleasant and inviting to the potential customers. Using these several tips, you can definitely sell your house faster at a good price.
If you are going to rent a property, then it is very important to understand your legal aspects before becoming a tenant. According to one of the renowned real estate Attorney, Eric P. Gonchar, the best way to win a landlord’s heart is to be prepared. To get an edge over the other competitive applicants, you should bring the following:
- A rental application
- Written references from the previous landlord, if any
- References from your employer
- Current copy of the credit report
Eric is regarded as one of the city’s most accomplished transactional attorneys especially in the real estate community. Below are some of the points that the tenant should keep in mind before renting a property:
- Review the Lease for the Property
The tenant should review all the terms and conditions mentioned in the lease agreement before signing the agreement. Some conditions may be unacceptable to you. So it is better to read it beforehand.
- Protecting the Privacy Rights
It is very important to protect your privacy and it is necessary to clear everything o the landlord in order to avoid any misunderstanding later on.
Eric Gonchar Real Estate Lawyer suggests that it is important to keep your communication open with your landlord. Otherwise, when there is a problem, the landlord will try to ignore things and this can cause many problems between you and your landlord.
- Purchase Renter’s Insurance
The landlord’s insurance policy does not cover anything if you lose anything due to theft or damage. So it is important to have a renter’s insurance with you in order to avoid such situations.
To protect yourself from any kind of misunderstanding, it is necessary to clear everything on the use and refund of the security deposits. Make sure the agreement mentions clearly on the amount of deposit and refund policy.
Do check about the locality and neighborhood safety. Do everything possible for your safety as the landlord will not be doing anything in case if there is any problem.
It surely feels like a boss to be a landlord. But it doesn’t end there. There are responsibilities that come with that title and attorney specializing in real estate law Eric P. Gonchar says it takes more than just a “little” effort to be a good and happy landlord.
Keep it all Clean
This is a very significant part of the responsibility you own as a happy landlord. You need to be sure that your place is clean and the paint is fresh. Someone coming over to rent will easily be put off by a shabby looking apartment. Don’t let any piece of torn furniture be there and fix it before renters come in. A clean apartment is a great comfort zone for anyone moving in.
Lay the Rules
Does it way much in advance, say Eric Gonchar. You don’t want any troubles over trivial things later. Lay the rules on a piece of paper and keep a copy. Let them know what is acceptable and what is not. This way you will be approached only the kind of people who think alike. Be very specific about what you don’t want. Once you tell them in advance they will always respect you for that.
Screen your Renters
Take your time and don’t rush. Know well about your renters; ask for references, income statements, and everything that you feel is necessary initially. Eric P Gonchar Attorney asserts that a big balance in the bank isn’t your only concern. You want to make sure you don’t have to deal with everyday hassles over any big or small issues. Make it easy for yourself by getting them to fill an application form that talks about various aspects of the agreement.
Timely Repairs are a Must
Eric Gonchar Real Estate Lawyer adds that when you want a good relationship with your renters, you want to make sure they are happy. It’s a give and take relationship. Just like you would respect them for paying the rent on time, they would be more than glad to get their living space repaired and kept well by responsible landlords.
There are many tricky situations that first time landlords can find themselves into. For starters, you may not know the right questions to ask before letting someone in, or you could just skip getting a good background check. So whether you have recently got someone to rent your apartment or are looking for a renter, real estate law expert, ERIC P. GONCHAR gives you a heads up on some valuable tricks to help you.
Get proper Insurance
Make sure that your property is insured. ERIC P. GONCHAR who has been dealing with sellers and purchasers for over 27 years, suggests you must speak to an attorney who can guide you about the legal formalities in your state. Don’t leave these things to be resolved at the last minute. You are responsible for things that malfunction or break in your rental space; this is why insurance is the most important. When you have a budget, you can calculate how much of that needs to come from the rent.
Find Out What You Need
What all does your rental space require before your renter finally comes in. There are rules for this too. For instance, in some cities landlords have to get the walls redone every three years and tenants end up paying for it if the move out before that. Check these facts before you give away your apartment. Review and make a list of everything that you need to make the house perfect.
Set a Contract
Don’t know how to make one? There are many samples out there online that help you decide better. Take it from there. Make a detailed contract and spell out the preferences in terms of payments and maintenance in advance. The penalty fee, monthly payments and the methods of money transfers should be specified very clearly.
Be Picky in Letting Someone In
Don’t tank your close relationships by renting them a place. Professional contacts and acquaintances make for great renters as they are never over demanding. Choose a person you can trust but definitely not someone close.
Follow these simple advices by ERIC P. GONCHAR to take the right decisions on your first contract as a landlord.
Renting a property is a complex task. A lot needs to be taken into consideration. Reputed attorneys with many years of experience in offering adept advice such as Eric P. Gonchar recommends conducting sound research to ensure getting a property of one’s choice without incurring losses. Eric P. Gonchar is a famous name in United States in the Real Estate law field.
Here are some tips on renting a commercial property:
It is crucial to do some homework prior to actually renting a property. First, you must decide on the place where you would like to set up your business. You may even try to pinpoint the sites of competitors and similar businesses to ensure success for your company. Try consulting a professional for prospective sites.
Eric Gonchar warns that commercial landlords usually ask for extra money for maintenance of shared facilities, overall maintenance fees, etc. They also charge extra for utilities. Hence, it is crucial to know in advance about all kinds of additional expenses you require paying. Hidden fees may bother you later on.
Repair and Maintenance
Make sure you know about the maintenance and repair responsibilities. Commercial leases are different from residential ones. With residential leasing, the landlord usually takes the responsibility of maintenance. To know about the responsibility of maintenance of property, simply speak to the landlord and get a clear idea of lease rules and regulations.
According to Eric Gonchar, it is always important to read over the lease agreement thoroughly before making a decision. This will help you get complete knowledge about the property and lease.
Hire a Professional
Before signing the dotted line, make sure you read the lease agreement thoroughly. It is also better to hire a professional attorney who would help you know about the property in detail. The fine print should be read well at all costs.
Eric says that renting a commercial property is a crucial matter of one’s life and should be handled with care. Understanding what’s right for your business and relying on best sources will help a lot. Don’t be penny wise and pound foolishe here. Invest a few bucks and hire an attorney who can save you much more time and money in the future.