Real Estate

I didn’t know the dog would eat that??

dog damage
The rent was do from my tenant who always pays on time, so I knew something was wrong when I didn’t get rent this month. I have been in the house many times over the past four years and everything was fine. This tenant always paid on time and took good care of the property. Floors looked fine until I went in the property today.
So I was shocked to see that the dogs had eaten through the pergo (lamanite) flooring. This stuff is suppose to be scratch and dent resistant but obviously not completely dog resistant. I can’t imagine that this tasted good. Or maybe they were just digging to see what was below the wood flooring. Either way, I now have to replace the floor.
I have been a landlord for a long time. And nothing really surprises me but it still makes me frustrated when people and animals destroy my property.
Lots of landlords do not want to allow pets into their rental property because of potential damage. While other landlords such as myself have decided to allow pets into the property but with a pet deposit. But how much should you charge for a pet deposit. A $200 or even $300 pet deposit is not going to pay for this damage. maybe I should start charging a $500 pet deposit. This is the problem with pets in a rent house. The floor is probably $700-$800 to replace and that is if I do it myself.
So I will take the next several weeks to do some updates and clean the property as well and change out the flooring. Maybe I will put ceramic tile in the livingroom to replace the pergo flooring. Surely the next animals will not eat through it. I could always deny animals in the rental but it has been my experience that they will just sneak the animal into the house.
Investing in rental property can be a way to increase in wealth. Whether you choose to allow pets or not in the rental is a choice only you can make. Pet deposit’s help to pay for some of the potential damage in the property but will most likely never cover all the damage. If damage such as this occurs you may have to file a suit in court to recover the additional damage.
If you have questions regarding investment properties or other real estate questions feel free to contact me at 405-213-2992 or visit my website http://www.sandiwalker.net

Uncategorized

That house is CHEAP

In the day and age when everyone is looking for a deal, I sometimes hear “Wow, that house is cheap what is wrong with it.” And I can’t help but chuckle a little bit.
Of course there is a reason everything is priced a certain way. All houses are priced based on location and condition. Remember a property is really only worth what someone is willing to pay for the property. If the property is really priced to cheaply, multiple offers will ensue and the price will go up to fair market value.
Things that change value on a house can be area. What are the other houses in the neighborhood selling for? An oversized home in a neighborhood may look underpriced because the price per square foot is significantly less, but if the area will only allow a certain price to be obtained then it may not really be undervalued. Look at the comparables in the neighborhood to make sure the house is not too large for the area.
How is the crime in the area? Is the neighborhood safe? I always suggest that a buyer drive the neighborhood at day and night, during the week and on the weekend to see the different activity that may be present in the area. Realtors® are bound by fair housing laws and are therefore unable to tell you if a neighborhood is safe or not. Also remember one person’s idea of safe is different than another’s. But if you do not feel safe walking down the street are you really going to feel safe sleeping there or leaving your kids home alone.
Is there a school near by or a park? Are the other houses in the neighborhood dilapidated or nicely landscaped. Does the home back up to a busy street or industrial building? All these things make people want to buy or not buy a home.

The other factor in pricing a home is that of condition. A home that smells nice and is clean will generally sell for more than one with bugs and needs repairs. If the appliances and flooring are out of date, the carpet is stained, or the bathroom has swag lights from 30 years ago, a buyer is going to discount these items from an offer. And most the time the buyer will discount the price more than the actual cost of replacement for their trouble.
If you are handy and have the tools to repair the condition of the property, you may be able to get a good deal on a house that needs some repair. But make sure you get bids or understand the true cost of repairs prior to making that commitment.
If you need help buying or selling a home, please call me, Sandi Walker 405-213-2992 or visit my website at http://www.sandiwalker.net.