renting

How Does a Foreclosure Impact Tenants?

June 25, 2018 by Helen Miltiades

There may be nothing worse for a tenant than to discover their landlord has not been paying their mortgage and now the home is at risk of foreclosure. Will you suddenly be thrown out? What can you do?

There are some things you should do immediately. If you received a letter from an attorney you should call that lawyer and ask when and where will the foreclosure sale take place. Ask where you should be making your rental payments. You may be asked to send it to the lender directly or put in escrow.

If the lender purchases the property at the foreclosure, will they allow you to remain in the home? Most lenders are not in the real estate business and will want to get rid of the property as soon as possible so you need to understand your rights and how long you can remain in the home.

Ask if you can buy the property if you are interested. This might be a good opportunity to be a homeowner yourself, especially if you love the house and have lived there for some time. Talk to the lender and an attorney about the possibility of buying the property yourself.

“Finally, you should find out what your state law provides in these circumstances. In some jurisdictions, if a lender forecloses on a property, the owner must vacate the property. However, tenants have (or may have) stronger rights, and will be permitted to stay in the property for a period of time. Additionally, in most states in the United States, a tenant just cannot be thrown out on the street without a Court Order. This means that the new landlord — the successful purchaser at the foreclosure sale — will have to go to Court to seek an eviction Order. This will give you some more time before you have to move.” [Source]

It may also be a good idea to start looking for another rental property, especially if you don’t plan on buying the home. It’s also recommended not to pay your rent to your landlord since obviously they have been collected your rent but not paying their mortgage with it.

If you have more questions or need to find a rental place soon in Savannah Georgia, give me a call. I’d love to help you find the right home and rental for your needs or answer any questions you may have on rentals and property management.

QUIZ: How to tell it’s time to move

Pros and Cons to Renting a Condo or House

May 24, 2016 by Helen Miltiades

You need a place to live and you’ve chosen to rent. Maybe it’s easier, maybe it’s less stress, maybe it’s more affordable, maybe it’s for a short term. Whatever the reason, renting at this time seems like the best option. You prefer the ease of coming and going, light responsibility and having someone else care for the big issues that would otherwise be your problem if you had purchased a property rather than rented.

There is a freeing feeling to renting. Of course we all need to be responsible, especially with another person’s property, but you have the peace of mind to know that if the stove breaks, the furnace goes out or the roof leaks, you don’t have to be the one to fix it or pay for it.

Renting also gives you the freedom to up and leave if you have to. Perhaps your job takes you from place to place every so often and you need to pack up and move. Renting provides that ease of living in that you don’t need to list the house, wait for an offer and sell before moving.

Yes, renting in many ways is a great option for people but when it comes down to what type of home you need, does a condo/apartment or house make more sense? Let’s break it down.

Pros to an Apartment or Condominium.

A condominium or apartment is usually part of a larger complex. This complex is likely to have certain amenities that a single-family house would not. You’re likely to have a community swimming pool, clubhouse, fitness center or tennis courts.

Utilities may also be less expensive than a condominium, since you are sharing several walls with your neighbors. This keeps utility costs down and heating and cooling fees to a minimum. With a single-family house a lot of your air conditioning or heating costs can leak through the walls increasing utility costs.

Apartments and condominiums are typically located close to public transportation, local attractions and area businesses. It might be easier to catch the bus or travel to and from work faster and easier on a daily basis.

Cons to a Apartment or Condominium

When you choose a condominium your privacy may be compromised. You will be sharing at least one wall with the neighbor and this means that your noise level will need to be kept to a minimum and/or you’ll need to deal with the noise level of your closest neighbor.

You’ll have to deal with an association. If you live in a condominium complex were each unit is individually owned and then rented out, chances are you’ll have to contend with the rules and regulations of the complex. Similarly, an apartment complex may also have particular rules that you’ll need to abide by is a resident of the complex.

Pros to a single-family house

You’ll have more space, especially on the exterior of the home. You’re likely to have a backyard, possibly fenced, and more room for gardening, trees, grass and flowers. In an apartment or condominium you’re likely to settle for potted plants.

You’ll likely have better privacy in a single-family house. Homes are generally set away from modern commerce and on lots at least 7000 to 10,000 ft.², giving you several feet if not more between each home. This means that there are not as many rules or noise restrictions as in a condominium or apartment.

You could choose a home in a homeowners association and in many cases the homeowner actually pays for the association dues, not the renter. However, this could give you access to a community swimming pool, clubhouse or other perks.

Cons to a single-family house

The benefit of having that exterior space or backyard may be a disadvantage for those that prefer low maintenance or simply have an aversion to gardening, mowing the lawn and landscape upkeep.

Utilities could be higher than in a condominium. You’ll be paying for more space and exterior walls which have a tendency to leak cold and hot air increasing utilities.

The home you choose may not be in a particular association and you may not have certain amenities such as a swimming pool, tennis courts or playgrounds.

Clearly there are pros and cons to both living in a single-family home and an apartment or condominium. As a Savannah area real estate agent and property manager I can help guide you to the right neighborhood, home and style that fits your needs and your budget. Because I work in both the real estate market and the rental market, my experience is second to none helping renters connect with homeowners in setting a win-win for all.

Contact me today to learn more about my current listings, rental properties for sale property management opportunities in Savannah and surrounding cities.

When to Hire a Property Manager?

February 15, 2016 by Helen Miltiades

If you’re considering buying an investment property you’re also probably wondering whether or not you should be the landlord or hire a property manager. A property manager typically manages multiple properties and can help find the proper tenant, collect rents and schedule any repairs.

As a landlord, doing it yourself means screening tenants, organize showings, collect rents and manage any repairs or replacements yourself. This might be a large job but for property managers, it comes easy because this is their job. They might have the time to invest in getting the right tenant for your property, screening tenants, collecting rents, depositing it in your account and managing all repairs. Property management companies or individual property managers they deal directly with prospects and tenants saving landlords and owners time and stress over marketing the property, handling maintenance and responding to any tenant complaints. They can even pursue evictions and legal issues.

Pro Tip: “You have to run the numbers. If it makes sense to have someone else manage and handle all the stress of a rental, than go for it! Remember, that time is money and your stress level could be worth far more than a couple extra dollars in your pocket.” – Louisville Realtor Joe Hayden

There are many reasons to hire a property manager, not simply to ease the stress of dealing with the property on your own. Perhaps you have a lot of rental properties and their becoming too time-consuming. If you have at least three or four properties that you need to manage, this alone can become at least a part-time job, one in which you may not have the time or energy for. If you have a variety of rental properties, a large rental unit with multiple properties in the building or several houses, it might benefit you to move to a management company or personnel.

Another reason is if you don’t live close to the property. If you live out of state, out of the country or simply a few cities away, it can be difficult to manage properties, collect rents, handle complaints and assess any repairs or maintenance that the property might need. Having a property manager close by to deal with all of these issues is a great way to ease stress and take the burden off of the commute back and forth to and from your property.

Another reason may be that you’re simply not interested in hands-on management. Many landlords and owners love the idea of having a property that they can simply sit back and collect rents from. They can build their portfolio and focus on new rental properties rather than managing existing ones. Of course, the money has to make sense and you want to make sure that there’s more money coming in and going out each month in property management fees and repair costs.

Property managers also assess how much money the property is worth. Because property managers deal with multiple different properties, they can usually tell you what is the fair market value of rents in a particular area. You’re more likely to get a good collection of potential tenants and top dollar for your home. Property managers that have been experience can also suggest repairs, staging tips, ideas and ways to manage the property that would be beneficial to potential prospects and draw more tenants to your property.

Something that a lot of owners may not consider is the use of an affordable housing program. If lenders participate in this affordable housing program, even though it’s beneficial, it can get complicated. These programs allows the landlord to receive financial assistance which may be in the form of a grant, a low-interest loan or tax credits. This is usually in return for agreeing to rent at least part of the property to tenants earning below a certain income level. The landlord must comply with a complicated set of rules but it can be worth it for the right tenant. Because of the situation, it may be more beneficial to hire a property manager that is familiar with these legalities.

If you’re looking to invest in a great property in the Savannah Georgia area or surrounding communities and towns, contact someone that not only is a property manager but also a real estate agent. That agent can help you find the right home in the right neighborhood so that you have a decent rate of return and one that can also manage and handle your rental investments. For more details contact Helen Miltiades Today.

Rent or Buy in Savannah GA?

January 28, 2016 by Helen Miltiades

If you’ve been on the fence between renting a home or buying a home throughout the Savannah Georgia area there are some unique statistics that may change your mind if you’ve been renting. Currently as of the publishing of this post is almost cheaper to buy a home in Savannah that it is to rent. A one bedroom apartment in the city runs about $830 where is a two or three bedroom apartment or single-family home in the city is about $1100. The median sales price of Savannah is currently about $173,000, which would give you a monthly mortgage payment of about $825. This is for the median sales price which typically is for a one or two bedroom home between 800 ft.² and 1200 ft.².

A larger home of maybe two or three bedrooms between 1500 ft.² and 2000 ft.² could run you roughly $250,000 which would still be an under $1200 a month mortgage payment. Of course, this does not take into account taxes and homeowners insurance which can run another $100-$200 per month.

What it really comes down to is if you are prepared to buy and what the differences are between renting, buying and your time frame. If you’re tired of renting and you plan on staying in a particular neighborhood or city for some time buying might be a great way to increase your equity, save some money and start putting money into your own home rather than paying somebody else’s mortgage.

If you’ve built up a little excess money and have some and savings, you can consider putting down a sizable earnest money deposit or down payment, pay for the inspection costs and really not change too much of your outgo on housing, especially if you stay within a similarly -sized property.

However, you might also consider renting because you like the low maintenance aspect of renting versus buying. If something goes out you can always call the landlord for repairs or replacements. When you own your home, you’ll need to repair it or replace it and this could be costly especially if you’re talking about the roof, siding, major appliances, ductwork, plumbing or electrical work.

Again, on the flipside, when you own your home you are free to do just about whatever you want legally on the property. If zoning and coding requirements allow you can add on or remodel the home; you can add in a backyard swimming pool or hot tub; you can paint different colors or change out appliances and cabinetry to suit your lifestyle and taste. Renting very rarely allows you these changes.

There’s always pros and cons to both but right now is an excellent time to consider buying since a mortgage payment and rental payment are about the same for similar properties. If you’re still on the fence and would like to know what you might be able to afford please contact my office today. I work throughout the Savannah Georgia area including Tybee Island, Richmond Hill, Pooler Georgia and surrounding communities and neighborhoods.