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If you’re planning to move somewhere, the first thought that strikes you may be selling your current home. However, selling your home when the market is in a downturn can leave you at a disadvantage. Property owners who want to wait until market conditions improve can decide to rent out their vacated home. A rental property generates a monthly income that can add to your finances until the economy is rising again. When you pressure yourself into selling your unit right away, the bidding price may be lower than your expectation. To avoid this, …

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Water damage can end up causing massive damage to your property, especially to your floors, furniture, and drywall. The damages can go far beyond normal wear and tear. In fact, water damage in the U.S. amounts to billions in repair costs. To prevent high repair expenses, here are the best ways to avoid water damage in your rental home. What are the Possible Causes Behind Water Damage? Common culprits behind water damage are traced to plumbing and weather issues. Time is crucial when it comes to water damage in order to minimize destruction. L…

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That first impression of your home's outside, also known as curb appeal, is crucial when renting your property. Whether you are a short or long-distance landlord, consider the facade of your house from the viewpoint of someone seeing it for the first time to determine how appealing it is to potential tenants. Influenced by several factors, curb appeal includes the exterior color and condition of your home, the landscaping, as well as the general upkeep of the exterior of the building. Here are a few easy ways to ensure that your property stand…

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For landlords who desire to have their rental unit in excellent shape when the renter leaves, starting a tenant walk-through inspection is a good idea. Often, those who choose to do an initial walkthrough with a new tenant will end up with little property damage than those who rush the process or forget to do it at all. A walk-through inspection protects both the landlord and the tenant. Normal wear and tear is, well, normal, but excessive property damage is something you'll want to avoid. Here are seven ways to perform an initial walkthrough …

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As a rental property owner, you’re obliged to declare your rental income on your tax return. Under the IRS definition, rental income is the payment given to property owners for the use of their rental home. This includes: ● Regular rent payment ● Advance rent payment ● Security deposits ● Tenant payment for lease cancellation ● Expenses paid by the tenant ● Property or services received in lieu of money as rental payment Whether you’re a new or experienced property owner, taxes can be daunting. If you make a tax mistake, it might ha…

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