How to Turn Your Primary Residence Into a Rental Property

rental property

Did you know there are nearly 48.5 million rental units in the United States? If you’ve ever paid rent in a big city, you know how profitable a rental unit can be.

Now you own a house of your own, and you’re ready to move. Rather than put it on the real estate market, you’re thinking about making it pay over the long term and converting it into a rental property.

Sounds easy, right? Not so fast. There’s a lot you need to do to prepare your former primary residence for a rental property.

Obtain Licenses and Inspections

Turning your home into a rental home isn’t as easy as listing it for rent. To be a landlord and rent your property, you must first get all the licensing and inspections.

Depending on the state and city your rental unit is in, you’ll need a landlord license to transform your primary residence into an investment property. This licensing may include a business license and/or a rental license.

To turn your house into a rental unit, you’ll also need the proper municipal inspections and permits. An inspector looks at the residence to determine whether the building suits occupancy.

Do You Want to Be a Landlord?

The life of a landlord isn’t just collecting rent. You put your property and your mental well-being at risk.

Appliances break, pipes burst, and roofs leak. Tenants might not pay their rent on time (or at all), and then you’re involved in eviction proceedings.

In other words, owning a rental house and being a landlord is another job. Do you have the personal bandwidth to take this on?

Home Insurance

When you file the proper licensing paperwork to turn your home into a rental unit, your homeowner’s insurance policy covering your primary residence voids.

You’ll need to shop for landlord insurance that includes dwelling insurance, water or flood, and rental income insurance to cover lost rent.

Get Your Taxes Straight

Investment properties follow different tax rules than primary residences. Interest deductions change, and different laws apply.

For example, under current tax laws, you can deduct mortgage interest. You can also write off any other occupational expenses like repairs and maintenance work.

Before you begin renting your home, consult your accountant to get your taxes in order.

Prepare for the Rental Market

To make money, you need to establish the quality of your place so you can charge on the high end of the prevailing rental market.

Make any renovations necessary to make your house more attractive. This might mean updating the kitchen, the floors, and or major appliances.

The next thing you need to decide when you’re offering your home for rent is whether you’ll hire a property manager. If you do, you need proper worker’s compensation

Interest Rates on a Primary Home vs a Rental Home.

Primary home mortgages typically have a significantly lower interest rate than if you tried to buy a property strictly as an investment property. The mortgage company typically requires you to live in the home for 1-2 years before turning it into a rental. Once the 1-2 years is up, you can rent it out while still taking advantage of the lower interest rate. Plus, you can then purchase your new home at a primary rate as well. 

Turn Your House Into a Rental Property

Are you planning a move? Rather than sell your house, why not turn it into a rental property? It’s a great way to get involved in real estate investment and make money.

Are you ready to be a landlord? Get your unit on the market with us!

The Spring Home Maintenance Checklist You Need Today

Don’t just spring clean… Get going on your spring home maintenance today!

Spring is in the air and that means that you’re probably thinking about spring cleaning.  Hold on though! You also need to be thinking about some key spring home maintenance items as well! Doing these 8 things at least once a year will save you time, money, and a big headache down the road.  The goal is to prevent things from going wrong or catching little problems early BEFORE they become major problems.

We created a handy check list of 8 spring maintenance items you should be checking every year.  As a matter of fact, you can probably get these done in one weekend and then you don’t have to worry!

 

1.  Check your gutters and down spouts

Gutters and down spouts get all clogged up over the winter with leaves and debris.  Get up on a ladder every spring and clear that gunk out.  It will save you leaks, breaks, pools of stagnant water and a big repair bill.

2.  Inspect your roof

Most roofs will last around 12-25+ years (depending on the material) IF, and only if they are inspected regularly and repaired.  While you’re up on the ladder cleaning your gutters and drain spouts, take a moment and climb up on your roof.  Look for loose roofing, pooled water, or curling shingles.

It can be very affordable to repair your roof regularly.  If your roof ends up leaking during those springtime showers, it can cost you thousands in damages PLUS the money to repair or get a new roof.

It’s a good idea to check your roof both in the spring and the fall. Just to be safe.

3.  Check seals on windows and doors

Check and repair any seals on window sills, door sills, and thresholds.  Look for damaged or peeling caulk, splinters, loose panes and gaps.  While you are at it, check and repair any screens – you’ll be glad to be able to open those windows and air out your home without bugs getting in!  Here is a handy guide for how to caulk your windows.

 

4. Give some love to your deck

Already planning the first BBQ of the season?  Better get that deck ready.  Just like your roof, you want to inspect it every spring.  Look for cracks, greying wood, loose joints and water seeping in.  Every 3-5 years you’ll want to stain and seal your deck to keep it from weathering.  A final step?  Give it a good pressure wash to get it ready for that backyard party!

5.  Filter out those dirty filters

Guys. HVAC filters get D.I.R.T.Y.  They collect dust, pollen, pet hair and dirt.  And then recirculate all those things back through your house if you don’t clean or replace them regularly.  This is something you’ll want to check several times a year.

 

6.  Don’t forget about your dryer and refrigerator

When doing spring home maintenance, don’t forget to check your dryer vent.  It gets clogged up and makes your dryer work that much harder.  Which makes your electricity bill go up.

And while you’re at it, check your refrigerator coils.  Chances are they need a good vacuum.  Not only are they really gross when they are covered in dust, they also make your fridge less efficient.

 

7.  Drain that water heater

Your water heater should be 100% drained a couple of times a year.  The reason?  All kinds of minerals and sediment build up in the bottom.  Which equals corrosion and water that doesn’t heat as fast as you’d like.

 

8.  Test your smoke detectors

This spring home maintenance item can literally save your life.  Test your smoke and carbon monoxide detectors and put fresh batteries in.  While you’re at it why not make sure that your family knows what to do when an alarm goes off.  A household fire drill goes a long way.

Need a hand?

Check out our list of trusted vendors, contractors, supplier and all around handy types who can help you if you run into problems (or they can just take care of this stuff for you).  They’ll give you a hand with the whole spring home maintenance thing!

Surviving a Bathroom Remodel

Surviving a Bathroom Remodel

A bathroom is more than a commode. It’s a commodity. When buying or selling a home, the bathrooms are a big deal. And while remodeling a bathroom increases your home’s value, it can be a huge headache. The good news is, it doesn’t have to be.

Here is a quick guide to surviving your bathroom remodel. 

Schedule Wisely

First, consult several contractors and ask them questions about their credentials. Once you’ve picked the perfect one, schedule your bathroom renovation for the time that works best for you. 

Contractors are generally busiest during the summer, so consider scheduling a fall or winter renovation to gain your contractor’s full attention. Factor into your schedule that your renovation will take at least several weeks, and you may have to adjust your schedule if your contractor needs to perform additional repairs. 

Pick the Right Layout 

Examine the current layout of your bathroom with your contractor. Tell them what you want to change and keep, and consult their expertise. 

Research common layouts for bathrooms and see if there’s one that works for you. Choose a layout that maximizes privacy, safety when leaving the shower and bath, and utility for bathing, showering, using the toilet, and using the sink. Leave plenty of open space, and make some room for storage. 

Prepare Temporary Spaces 

Make a temporary bathroom before work begins. Utilize your master bathroom or a bathroom in your basement or attic, and stock it with necessary supplies. If you don’t have a second bathroom, portable bathrooms are easily affordable, and even public bathrooms can meet your basic needs. 

You will also need to prepare spaces for workers to move through your home, and places to store their tools and equipment. Clear the floors, hallway, and staircases around and leading to your bathroom. Provide a table for their tools, and make sure they can use the electrical sockets in and around your bathroom. 

Renovations are still being made through COVID-19, and home improvement professionals are adjusting to the pandemic appropriately. Touch base with your contractor about necessary precautions. 

Expect Setbacks

Setbacks occur during nearly every renovation. Don’t panic. Your contractor is a professional, trained to recognize and deal with problems, and they will fix anything that needs repairs. 

Check-in with your contractor daily to see how things are going. Consult with a plumber, an electrician, and other home improvement experts to see if your bathroom problems will affect the whole house. If you plan to sell your home after renovations, tell your realtor about delays as soon as they arise. 

If additional repairs need to be made, make them as soon as your bathroom renovations are done. This may be an inconvenience, but making sure they’re fixed will raise your home’s value and your comfort. 

After Your Bathroom Remodel, What’s Next?

A bathroom remodel is an important step toward increasing the value and comfort of your home. By selecting and scheduling the right contractor, and choosing the right layout and temporary spaces, you can safely survive your bathroom renovation. 

If you live in the Salt Lake area, contact us today to get the most out of your home. We can help with more than just your bathroom remodel.

How to Survive a Kitchen Remodel

How to Survive a Kitchen Remodel

Remodeling a kitchen is a long project, one that seems to take over your life for many months. If you’re not planning, you’re living in the midst of a construction zone or you’re doing clean up.

It can be hard to envision the finished product, and far too easy to get discouraged along the way. If you’re struggling to see how you’ll ever get to the end, there is hope for you. There are ways to find sanity throughout the project and hold onto the finished product as a goal.

Keep reading for ways to survive a kitchen remodel.

Order Supplies Ahead

Be sure to talk with your contractor about the items you’ll need. Order enough that you won’t face a restock partway through the project. This can cause supply problems like backorders or unavailability if you have to match color or texture.

You’ll avoid delays and frustration if you order what you can before the project starts. If storage space is an issue, try getting a small trailer to store supplies outside your home.

Designate a Temporary Kitchen

Plan ahead for your kitchen project. You’ll need a mini-kitchen, or at least a place to prepare meals and store kitchen supplies.

You won’t stop eating while your kitchen is undergoing its transformation, so you’ll need a bare minimum of things like dinnerware (try paper and plastic!) and cooking tools (the microwave is your friend!).

Do NOT Pack Crucial Items

Part of setting up your temporary kitchen is making sure it’s well-stocked. Don’t pack the crucial items you’ll use every day.

Consider keeping your fridge out, or using a mini-fridge. You’ll also want things like your microwave, toaster or toaster oven, and slow cooker.

Make Easy Meals

Eating out more while you’re remodeling is a great solution. It can also be an expensive one, and one that your family will grow tired of quickly. Instead of working through every takeout option in the area, try meal planning for easy, quick options you can cook with your limited supplies.

Scrambled eggs and bacon can both be made in the microwave. Get fun spreads and toppings that don’t need to be refrigerated to dress up toast.

Use your toaster oven for modified grilled cheese sandwiches at lunch, and microwave soup to accompany them. Use your grill outside to handle dinner. Cereal is a great bedtime snack.

How to Survive a Kitchen Remodel without Hiccups: Snack Stash

Keep a stash of non-perishable snacks during your remodel. Put them in an easy-access place in your temporary kitchen. Large containers can work, yet the individually packaged ones are even better because you don’t need a serving dish.

Adults who are trying to prep dinner in the midst of a construction zone will appreciate a no-prep snack while they cook. It’s a lot easier for kids coming home from school if they know what’s available.

Remodel projects add stress to the family dynamic. If you keep quick snacks around, you’ll avoid extra stress that comes from being hangry, a science-backed problem.

A Brand New Space

By the time you get to the end of your project, you shouldn’t feel like you’ve been through a hurricane. If you use the tips above, you should be able to survive a kitchen remodel without pulling your hair out.

From ordering ahead to a no-prep snack stash, communication is key to getting the project done.

Contact us for more home solutions in Salt Lake City!

Home Organization Tips

Home Organization Tips

An organized home is proven to aid in stress relief, management, and relaxation. But what’re some of the best home organization tips? Don’t fret. Here we’ll be discussing four of the most important things you should be focusing on when organizing your home.

Cleaning isn’t just for springtime. Make sure you’re confident in the steps you’re taking. Following a guideline might help in the long run. Let’s dive into the details.

1. Kitchen Sink Cabinets

It’s often forgotten, but the kitchen sink cabinet can be made good use of. In order to add some organization to the mix, think about plastic drawer units. We’re used to throwing things under the sink eventually creating a jumbled mess. Instead, opt for some convenience.

Label or mark each container so you know where everything is at first glance. It’s a good idea to use plastic containers in case the sink leaks and water spreads across the cabinet floor.

2. Organize Drawers

Organizing is a bit of a momentum-driven process. You might want to start small so you’re not overwhelmed. This could be something like organizing a junk drawer, spice cabinet, or color-coding a messy closet. This provides easy access to an otherwise cluttered area. Locating tools, favorite outfits, or spices for a meal can be an issue if you aren’t organized.

The entire process doesn’t need to be completed immediately. These little victories can help you build confidence and a mood for the organization instead of dreading the next large project.

3. Home Organization Tips for the Kitchen

We don’t often associate the kitchen with organization, but an organized one can create a nice flow in your home.  It’s likely your kitchen is the messiest place in the house. That’s why a simple organization checklist can help immensely.

Consider labeling the contents inside your pantry or sorting the food in your fridge by zones. This may seem like an overhaul, but the organization in these areas can help remove daily clutter. Zones in your fridge and pantry can be sorted by lunch, drinks, condiments, leftovers, meal prep, and more. This creates a helpful pathway to completing meals without searching for ingredients.

4. Use Shoe Boxes

Using shoeboxes for home organization tips provides a function. These aren’t your standard cardboard shoe boxes, but rather a clear or transparent case for your shoes.

This provides a place for your shoes to be out of sight, avoid dust, and steer clear of damage from other shoes. It’s also a great way to show off your collection and make each pair of shoes accessible.

Managing Your Home

When it comes to home organization tips, the possibilities are endless. In order to properly manage your lifestyle and the complications that come with it, you need reliable information. Your home is apart of that bigger picture.

Don’t let your home organization lag behind the rest of the pack. That’s where Market Source Real Estate comes in. If you’re thinking about buying, selling, or learning about your home, we have you covered.

We know in the real estate market there’s tons of information dumped on you. Market Source is here to simplify the process.

Give us a call today and manage your home and lifestyle the right way.

Spring Cleaning Tips

You are probably quarantined at home right now, and maybe looking for activities to do to be occupied during this period. Coincidentally is Spring cleaning season too, since you have more time available, it is an excellent opportunity for cleaning, decluttering, and organizing your home. 

Here are 5  tips that will help you with Spring Cleaning:

1. Get your tools and supplies in order

Having all your tools in one place will make all the process of spring cleaning more manageable, you will save time running from one place to another, looking for the sponge or the multi-purpose cleaner. Some of the items you might need are paper towels, mop, vacuum cleaner, window cleaner, and all-purpose cleaner.

Did you run out of disinfectants? Looking for natural disinfectants? Here is a simple recipe using natural ingredients that you are likely to have at home that can be very handy.

Ingredients: 

  • 3/4 cup water
  • 3/4 cup rubbing alcohol
  • 5 to 10 drops of your favorite essential oil 
  • 1 squirt natural dish soap

Steps:

  1. Mix up all the ingredients into one spray bottle.  
  2. Shake it up before you use it and spray it onto the surface and wipe with a clean cloth. 

 

2. Make a do to list 

Focus in one space at a time, you can even separate your chores into different days of the week, for not feeling overwhelmed and pressured to finish everything in one day. You should prioritize the space that needs more attention.

 

  1. Monday: Kitchen – Clean the fridge, microwave, stove, and do a wipe-down of all the counters.
  2. Tuesday: Bathroom – Germs stay longer on a wet surface, so don’t forget to clean the taps, handles, knobs, mats, and the floor of the washroom.
  3. Wednesday: Bedroom – Wash your sheets, dust side tables, vacuum, and clear clutter.
  4. Thursday: Living Room – Dust and wash all mirrors, frames, and decorative items and vacuum all rugs and upholstery.
  5. Friday: Accessories – Organize your closet and clean your accessories from your watch, shoes to jewelry and sanitize them as much as possible before wearing them.

 

3.  Clean high-touch places where you often put on your hands

Cleaning and disinfecting high-touch surfaces is a step you should take, even if you aren’t leaving the house. Anytime items or people come in and out of your home, there is some possibility of exposure. It is essential that you take the time to clean these areas to get rid of any germs. Clean the door handles, stair rails, window sills, kitchen counters, toilets, and even your phone.

Every home is a little bit different, so think about the areas where your family and roommates spend the most time.

Here is our checklist of home maintenance you should be doing every spring 

 

4. Have fun while spring cleaning

You might not think cleaning is fun, but try to make the most out of it, get creative, put on your favorite playlist or listen to your favorite podcast, and get started with your chores. You can even set a timer for each playlist, so you know the amount of time it took to do each task. Play some spring cleaning games and set up a reward system whenever you achieve a goal. These will help things feel less tedious.  

5. Establish new routines

Now is an excellent time to establish new routines and cleaning habits. It won’t only be useful due to the COVID-19 pandemic, but because it will make the next spring cleaning way more manageable. Start with a simple routine, organizing your closet every week and cleaning your windows at least twice a month, try decluttering those clothes and accessories you no longer use and donate them if you can. This will help you to have your home beautiful and neat all year long.

Stay Home and Stay Safe!