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Archive for the ‘Rental Tips’ Category
Tuesday, July 20th, 2010
There are only a handful of things a landlord dreads more than getting a call on a Sunday evening from a tenant asking them to come in and unclog the toilet. Prevent this problem by supplying all the tools and know-how a tenant might need to unclog their own mess.
Preventative
There are a number of things that should not be flushed down the toilet. Educating your tenants with a good visual list will solve half of the problems. Here is a great list we at The Rentables made for you to tape to the wall in front of the toilet when new tenants move in:
Printable PDF version: Teach your tenants to unclog toilets | The Rentables
Preventing clogs is the best bet, but once they happen there are still a couple remedies any tenant should be able to try before making a call.
Plunger
Every apartment should have it’s own plunger. The cost is minimal, and with proper instructions you may never have to hear from your tenants about this problem. I prefer plungers with a wooden handle instead of plastic. Make sure you get a flange plunger because it properly seals around the edges and doesn’t shift around.
Make sure you explain to your tenants how to use the plunger even though it may seem quite obvious. Some points to remember:
1. There must be some water in the toilet/sink before using the plunger – water is a lot more difficult to compress and it’s water pressure that will clear the clogs.
2. Pulling is just as important as pressing, make sure to press all the way and pull back for 15-20 seconds at a time.
3. You will know the clog is gone when the water starts draining rapidly on it’s own
Drain Cleaners
If the plunger doesn’t work, provide them a simple off the shelf drain unclogging chemical. Explain that these chemicals are very bad for the environment and should only be used as a last resort. The chemicals used are harsh since they are are purposely designed to dissolve anything that is stuck in your drain. Remind your tenants to use gloves and be careful not to get these chemicals in their eyes.
Posted in Landlord News, Landlord Tips, Real Estate Investment Tips, Rental Tips | No Comments »
Wednesday, July 7th, 2010
Recently, in preparation to being a landlord, I started paying attention to water faucets and reasons why tenants don’t close them all the way. When asked about it, people would normally respond: “Oh, I didn’t?” followed by a number of different excuses, such as “It’s too hard to turn the handles all the way” or “I’m not used to the two-valve style as opposed to one handle faucet”.
What can you as a landlord do to prevent this? Switch to one handle faucets. But why bother?
- It reduces number of moving parts. Therefore there are fewer seals to start leaking.
- It requires less force to shut off meaning it is more likely to happen.
- It is simpler to use so anyone can fully close the tap (even kids).
- It allows you to use back of your hand to operate when hands are dirty (e.g. in the kitchen).
Try to make your rental property fool proof and it will save you money in the long run.
Posted in Landlord Tips, Real Estate Investment Tips, Rental Tips | 1 Comment »
Thursday, June 24th, 2010
 Renting can be expensive, that’s no secret, and there comes a time in nearly everyone’s life where the concept of personal space and privacy must be compromised to maintain the concept of disposable income. Especially amongst young people, it’s very common to have two and sometimes even three people sharing a space that was designed for a single inhabitant. There are many simple tricks and alterations one can do to reduce the amount of tension and clutter in shared apartments.
Open Spaces
A very common dilemma is when a couple of friends are sharing one bachelor apartment. In theory, the physical size is big enough to accommodate two, but these types of apartments are often designed to act as a roomy space for one. These apartments often have one large “bedroom” area a small bathroom and a very open general space which functions as the kitchen, living room and dining room. There are as few doors as possible, so separating the living space can quickly become an issue.
So what can you do? … Divide!
Curtains:
 - At nearly every fabric store there are large pieces of cheap but great-looking fabric scraps. If you’re on a tight budget and looking to divide the space in a classy way, this is the solution.
-Pinning up these sheets and fabric pieces to act as curtains is an aesthetically pleasing, and yet effortless way to create a visual division of areas within the apartment. It also creates a better sense of privacy, and gives each roommate an area to call their own. (Just keep in mind that these barriers are NOT sound proof!)
- If you are looking to put up curtains with rods or hooks, etc. Just visit a nearby furniture or home decor store (Ikea is always a great starting point for curtains). The in-store reps will show you which curtains will suit your purpose and will teach you how to install them without using pushpins. The only downfall of this method is the slight increase in price from the D.I.Y. alternative.
Folding Screens:
 - Most home decor stores sell these wooden, hinged screens. They function exactly like curtains, just offer a contrasting look to fabric. If you prefer the more modern, refined look of solid dividers, then opt for folding screens instead.
- Folding Screens can be very expensive or very cheap, which make them a more tricky solution to sharing your space. If you can’t luck out at any local interior design franchises, try the internet. You’re always sure to find what you’re looking for by filtering through search engine results.
- There are a couple bonuses of folding screens. Firstly, they do not leave any installation (or pushpin) holes in the drywall. Secondly, they can be folded, stored and hidden from sight if you ever throw a party or have company over and want some extra open space. (Keep in mind, however, that folding screens are also NOT sound proof!)
Posted in Apartment Living, Rental Tips, Student Rentals | No Comments »
Tuesday, June 1st, 2010
 The adored season of summer is nearly here, and as the warmth, freedom and fun approaches, so do the fruit flies, stifling heat and expensive air conditioning bills. Here are some tips and tricks to help you get through the downsides of this amazing season.
The weather is what most of us love about summer, but it’s a catch-22 in the sense that it also has a way of getting on our nerves. From physical discomfort to pricey utility bills, there are a handful of pet peeves linked with the heat of the summer. Here are a few different ways of eliminating the negatives, and delighting in the positives of the upcoming hot and sunny days.
1. Light Reduction
- The root of heat is the sun, and so to turn down the thermostat on your summer, all you need is some sun-savvy ideas.
- Using scraps of fabric (which are cheap in bulk bundles at most fabric stores) and push pins, loosely drape thin fabrics over top of your windows. Not only can this add a very bohemian and stylish touch to your apartment, but it allows you to keep the bright and cheery ambiance within your living space, whilst still diffusing the sun and heat, keeping your home as cool as possible during the day. When nighttime rolls around, just pin up the drapes and allow the cool breeze to drift in.
2. Air Circulation
- With the prevalence of air conditioning systems, it seems that we have forgotten about the effectiveness of a good fan. Stagnant air should never be underestimated, and it can often amplify the humidity and feelings of near suffocation which can occur during the summer.
- Get your hands on a good electrical fan! Even if you have the A/C on, when coupled with a good fan you can turn the air conditioning way down and reduce the price of your bills greatly.
- At nighttime, perch the fan at a propped open door or window if possible. This will help circulate the cooler nighttime air into your apartment and your space will be prepared for the heat of the following day.
- If your windows are closed (especially at night) because they do not have screens and you are trying to keep the bugs out, fix it! If you can’t afford proper screening, just run down to the nearest fabric or sewing store and buy several yards of thin mesh. Using scotch tape, you can tape the screen over your window discretely and keep those windows open all summer long. After all, would you rather have your guests poke fun at your homemade window screens or be gasping for air in your sauna of an apartment?
- Also, keep as many interior doors open as you can.
3. Careful Cooking
- The heat generated from stoves and ovens is more extensive than most people think, and is awful for keeping your place cool in the summer.
- When you feel like a meal cooked in the oven, try and plan to cook multiple dishes at once, then refrigerate or freeze them and warm them up by individual serving in the microwave, or on a low oven setting. By doing this you’re maximizing the cooking you get done with one hot oven session, and minimizing the amount of heat you’re generating in your space.
- Opt for cooler food alternatives: a raw mixed vegetable salad instead of veggie stir-fry, toasted flatbread and chopped tomatoes with cheese instead of pizza, etc. Improvise! You might be surprised by the yummy cold recipes you come up with.
Instead of just turning up the air conditioning and draining your pockets with bills this summer, try making use of the other resources you have. Summer doesn’t have to be as expensive or as sweaty as you think!
Posted in Apartment Living, Rental Tips, Student Rentals | 2 Comments »
Tuesday, May 18th, 2010
 The adored season of summer is nearly here, and as the warmth, freedom and fun approaches, so do the fruit flies, stifling heat and expensive air conditioning bills. Here are some tips and tricks to help you cope with the downsides of this amazing season.
When these annoying little creatures called fruit flies start invading your living space and compromising your sanity, don’t get frustrated and buy expensive (and toxic) pesticide traps. All you need to do is turn to earth’s natural occurring kryptonite…liquor. Here are 3 natural ways to take care of these tiny pests.
1. What you’ll need: brandy and a glass
- Pour a shot or two of brandy into the glass, and just let it sit.
- The flies are attracted to the scent of the brandy, and sit on the edge of the glass.
- The flies grow intoxicated by the alcoholic fumes and eventually fall into the brandy, and experience a drunken death by drowning.
2. What you’ll need: wine, a deep glass and plastic wrap
- Put a fair amount of wine in the bottom of the glass.
- Cover the top with plastic wrap and using a pin or pen, poke small holes in the plastic.
- The flies are drawn to the smell of wine, and enter through the holes but are not able to exit again.
3. What you’ll need: wine, a tapered bottle, a piece of paper and tape
- Leave wine in the bottom of bottle.
- Curve piece of paper into a cone, with the end being a very small hole.
- Tape the cone over top of the opening of the bottle (with the small end of the cone entering the bottle).
- The flies enter through the cone and then when it comes time to exiting the bottle, they have trouble navigating out of the small opening.
Now, place any of these homemade traps upon your window sill, in your kitchen, any spot where these pests like to gather, and enjoy a fruit fly free summer.
Posted in Apartment Living, Rental Tips, Student Rentals | 2 Comments »
Wednesday, March 3rd, 2010
 The economy was not doing too well last year, so for many money is tight for any kind of vacation or travel in 2010. If you’re a student, money is usually tight anyway. Our spring break articles will focus on destinations that you can stay without spending a fortune.
Short Term Rentals vs. Hotels
If you’re taking a trip, these are your two main options for the most part. Each has its benefits and disadvantages.
- Short term rentals usually need to be booked weeks or months in advance, while hotels can be booked last minute (you may have to pay more though).
- A lot of hotels come with additional features like a swimming pool, room service, and concierge, among others. With rentals, you might get a couple amenities but you’re on your own.
- Hotel packages can be purchased with your flight tickets, which can save you some cash.
The Sunshine State
Typically, international travel will cost you a whole lot more compared to domestic travel. You might want to save your trip to Aruba, Bahamas, or Cancun for another year where your bank account is looking a little more flush. You still have another great option though – Florida. One great advantage is that you can drive there, provided you’re not too far away.
Florida’s Hot Spots
Besides figuring out your travel, you also need to know where to go. Here is a list of notable Florida beaches, courtesy of About.com:
- Panama City Beach – some consider it to be the “Spring Break Capital”, which is not too hard to believe with half a million spring breakers each year.
- Daytona Beach – famous for its sands, as well as the Daytona International Speedway. It’s about an hour away from Florida’s Disney World and Universal Orlando.
- Miami’s South Beach – it’s the hip place to be, yet not out of control (like some other spring break destinations).
- Orlando – this is a great spot if you’re bringing your family along. You’ve got Walt Disney World, Universal, and Sea World to check out, along with many other attractions.
Booking your flight
You’ll pay less for your flight if you book 6-8 weeks in advance or if you buy your ticket right before the flight takes off, provided there are spare seats left on the plane. Buying last second is probably not the best way to go. Also, you will usually save money by purchasing two way tickets. Don’t forget to check out any hotel discounts you might get with your flight.
Don’t do it alone
Spring break will be more fun and safe if you bring someone along with you. Plus you can split your rent and other living expenses with a partner. Remember, you can enjoy spring break without being summer broke.
Sources:
About.com: Florida Travel
Posted in Rental Tips, Student Rentals | 1 Comment »
Wednesday, February 10th, 2010
 Apartment living has its challenges. If you’re looking for apartments for rent in New York City or Boston, for example, available space is likely to be a big issue. There won’t be much of it. That’s something you need to consider when shopping for appliances. Here are some compact appliances that will get the job done without taking up too much space.
1. Countertop Dishwasher
Doing dishes can be a chore, especially if living with roommates. If your apartment does not come with a full size dishwasher, you’re stuck washing dishes by hand or eating out. Another option is to give a countertop dishwasher a try. Countertop dishwashers can be easily placed inside a cabinet if you have one with enough room. The only requirement is that it’s not too far away from the sink since you’ll need to attach a hose to the faucet. Most of these dishwashers have a heating mechanism inside so heating water to a high enough temperature shouldn’t be an issue. You can pick one up for about $200.
2. Washer-dryer combo
It’s a bird… no it’s a plane… no… it’s a washer-dryer all in one. Washer dryer combo machines are becoming more popular in North America. Previously, they were only available in South Korea, home of LG is located (a main manufacturer of these units). Washer-dryer combo units do not require humid air venting (the long hose that typically vents humid air outside), making them very convenient and versatile. You can place these units pretty much anywhere, as long as there is access to a water source, a drain, and an electrical plug. These combo units cost between $1000 and $2000, depending on the model.
3. Convectional Toaster Oven
Most apartments come equipped with a regular ovens. These use up a lot of electricity and can be a pain to clean. Countertop toaster ovens are versatile, heat up quickly, and don’t take much space. If you do decide to get one of these portable ovens, go with one that has a convectional cooking feature. Convectional units have a fan inside that circulates the hot air and cooks your food faster as a result. You can find these toaster ovens for about $100.
 4. George Foreman Grill
Lean, mean, fat grilling machine. Yes, food prepared on an electric grill doesn’t taste as good as the same thing prepared on a regular charcoal or propane grill, but it’s convenient. These grills are easy to use, easy to clean, and inexpensive. Some of them turn into a griddle, allowing you to make pancakes, scrambled eggs, and etc. Depending on the model and size, cost for these grills ranges from $20-200.
5. Mini Fridge
These can come in handy even if you already have a full sized fridge. Mini fridges are perfect for dorm rooms as well. There are two main types: one piece fridges and ones with a separate freezer compartment. The second kind is more convenient because the freezer has its own door. Mini fridges go for about $200 a piece. If you live near a college, you may want to check out their classifieds at the end of the semester. Many students will try to sell theirs when they graduate.
As you can see, some of these appliances are not cheap. Keep in mind though: if you buy new, you usually get a warranty and if you keep them in good shape you can resell them and get a good portion of your money back when you move out.
If you have any other examples of good compact appliances, feel free to share them in the comments section.
Sources:
Apartment Therapy
Posted in Apartment Living, Rental Tips | 2 Comments »
Saturday, January 30th, 2010
Recently, there has been a lot of talk about mortgage rates going up, this seems to be the general consensus, but the only reason for this increase that I keep hearing is “it can’t be this low forever”. Since I’m in the market to buy a condo in downtown Toronto for myself, I decided to do some more research on this topic and will share what I learned. Conventional mortgage rates follow bond yields very closely. Here’s an example using the past 10 years worth or weekly rates; both the 2-year bond yield (GRAY) and 1-year fixed conventional mortgage rate (RED). Please do not confuse bond yield with bond interest rate, as mortgage interest rates have an inverse relationship with bond interest rates.
The question then becomes: what causes the bond prices to rise and yield to decrease?
The answer to that question is quite complex, but in simple words, when government backed bonds are perceived as the safest investment, prices of bonds increase (thereby reducing their yield since they pay a set amount of interest no matter what the price). This can be seen in the recent economic melt-down; where subprime mortgage-backed securities turned out to be overpriced, investors turned to bonds to keep their money safe which drove yields downward.
When will they go up?
In the chart it’s evident that the bond-yield has reached the bottom and it’s slowly starting to recover (gray line). This means that mortgage rates will soon follow and slowly start to increase by June 2010. As the economy recovers, so will the bond yield and therefore you and I will need to pay more interest on money borrowed in the form of a mortgage. After reading numerous reports, my prediction is that we will see only a slight increase in interest rates during 2010 since the economy will not recover overnight. Will this be a good enough reason to abandon the all-time low variable rates in favor of a 5-year fixed mortgage? I will explore that in Part 2 of this series.
Posted in Landlord News, Rental Tips | 3 Comments »
Friday, January 29th, 2010
 You’re probably familiar with auto insurance and health insurance. Chances are you even know a thing or two about life and homeowners insurance, but what about renter’s insurance? Is it something that you need? And what exactly does it offer?
When you rent an apartment, the unit itself is covered by landlord’s liability insurance. So in case of a fire, you would not be responsible for the damage done to the structural part of your apartment.
Renter’s insurance, also known as tenant’s insurance comes into play when you start talking about personal belongings, which are what this type of insurance is designed to protect. In the same fire, while the landlord’s insurance covers your apartment itself, it does not cover your belongings. If any of those are damaged, you’re on your own.
Replacement Value
One of the things you need to consider is the value of possessions you have in your apartment, and consider their replacement value. If you recently bought a new HDTV, fridge, and laptop, you’ll want to protect them. Renter’s insurance will cover those in case of fire, flood, theft, and other events. However, if you are living in an apartment for a very short period of time and don’t have many valuables, you’ll have to decide if setting up a policy is worth the hassle (and premium).
Multiple Policy Discounts
Having renter’s insurance can save you money on your other insurance policies if you purchase your coverage from the same company. Let’s say you buy your auto insurance from State Farm. If you purchase your renter’s insurance from them as well, you’ll get a multiple policy discount and that in itself can make it worth your while and reduce the total cost of your insurance coverage.
Average Cost
Renter’s insurance policies typically cost around $20 per month, but vary depending on the amount of coverage and several other factors.
What to Consider
In selecting a tenant’s insurance policy, you’ll want to consider the following items:
- How much coverage do you want? Greater coverage = higher premiums.
- What’s your deductible? How much do you pay versus how much the insurer pays in case of damage? Higher deductible = lower premiums.
- Depreciation – your insurance policy will pay for the current (or replacement) value of your items, not their original price.
- Pets – these are seen as a risk by the insurer and are likely to increase your premiums.
Taking Inventory
It is recommended that you take inventory of your current items, which should cut down on possible disputes with your insurance company should you have a claim in the future. Documenting your personal property using a video camera or series of photos will make things easier both for you and your insurer if you end up needing your insurance.
The Bottom Line
Renter’s insurance can get you about $30,000 worth of personal coverage and between $100,000 to $2,000,000 worth of liability coverage. For about $20 a month – that’s money well spent, especially if the cost is reduced through a multiple policy discount. While these numbers are rough estimates, if you’re interested in this type of coverage, give your local insurance broker a call.
Sources:
The Money Alert – Renter’s Insurance
MSN Money – The Basics of Renter’s Insurance
Posted in Apartment Living, Rental Tips | No Comments »
Thursday, January 21st, 2010
 House and apartment fires are a common occurrence. Many times these fires can be prevented if you know what to look out for. Here are 10 things to consider when it comes to fire prevention:
1. Don’t overload your circuits
User a power strip because it has a safety mechanism inside. When there are sudden spikes of electricity, the power strip will either smooth them out or shut itself down.
2. Light bulbs
If you use conventional light bulbs (not fluorescent), make sure you get the correct wattage. Using a 40 watt light bulb in a 100 watt socket will lead to overheating and possibly cause a fire. Consider switching to fluorescent light bulbs entirely because they emit considerably less heat than conventional ones.
3. Auto shut off
Buy for appliances with an auto-shut off feature (irons, coffee pots). In case you rush off to work in the morning and leave your iron on, you know that it will shut itself off within a few minutes.
4. Avoid clutter
If you’re using an appliance with a heating element, make sure there is plenty of space around it. Clutter prevents heat from escaping properly. While the appliance may not light on fire, there is a possibility of wires melting which can lead to an electrical fire later on. Additionally, the clutter itself may get too close to the heat source and also cause a fire.
5. Don’t throw water on a grease fire
If there is a grease fire in your kitchen, throwing water on the fire will only make it worse. Use baking soda if you have to. Best thing to do is to turn off the appliance and let it cool off. If it’s an oven, keep the door shut. Opening the door will let in more oxygen and intensify the fire.
6. Clean cooking appliances
Clean your cooking appliances after use. If you don’t clean regularly, you may end up with a food buildup around the heating elements. Under high temperatures this buildup turns to charcoal and can catch fire.
7. Self-cleaning ovens
Self-cleaning ovens: many ovens with a heating element have this feature. The way these ovens clean themselves is they get extremely hot and burn off any of the junk that is inside. Unfortunately, that also causes them to light on fire, which happens all the time.
8. Carbon Monoxide
Get a Monoxide alarm. Carbon Monoxide is a poisonous gas which you can’t see nor smell, yet it is deadly in enclosed spaces. Carbon Monoxide in the home is usually produced by oil furnaces or gas appliances when the fuel is not burned correctly.
9. Test your alarms
Test your smoke and CO2 alarms monthly (at least).
10. Get your chimney cleaned
If your condo or apartment has a fireplace, make sure to get the chimney checked out annually. Based on the type of wood you burn, you can get a lot of build up inside the chimney which can light on fire without you ever knowing. When you find out, it may already be too late.
In addition to being proactive about fire prevention, it is always a good idea to get a portable fire extinguisher for your apartment, in case a fire does occur. The kitchen is usually the best place to keep this. In addition, you should consider getting a fireproof safe to keep your important documents, money, and other valuables locked up and fire protected. These will protect your valuables not only from fires, but also from theives. Just be sure to mount your safe securely.
Most of these things are not hard to implement, once you know what to do, so make sure to do so. When it comes to fires, it’s better to be safe than sorry.
Posted in Apartment Living, Rental Tips | 2 Comments »
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