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Month: <span>November 2022</span>
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Rehabbing Dos and Don’t for Rental Homes

Author: MediaBeast
Categories: Charleston Property Management Companies
33 Calhoun #122

If you’re an investor who is purchasing fixer-uppers to rehab and then rent your home in Charleston, you’re always on the prowl for new projects. However, when you’re just starting out, getting in over your head is easy. Rehabbing homes can be full of surprises that can break the bank on your budget. Overspending on a project means it will take much longer, often years or decades, to recoup the cost and start making a profit. Investors who understand the dos and don’ts of rehabbing homes can avoid the common pitfalls of house flipping. 

Rehabbing Dos for Rental Homes

It is common to rehab a house or make updates before you rent your home in Charleston. There are certain things investors can always count on being successful for rental home renovations. 

  • Focus on structural damage, building, and housing codes first
  • For Aesthetic Appeal, a fresh coat of paint to all the walls and new carpeting goes a long way
  • Update cabinets to an easy-to-clean, modern, durable style
  • Replace old appliances with modern, energy efficient versions
  • Update bathrooms to be modern and sleek
  • Update flooring, especially stained carpets or damaged laminate

If you have a lot of wiggle room in your budget, rehabbing outside space can also increase curb appeal and command a higher price when you rent your home in Charleston. Adding a deck, fresh landscaping, or a patio, new siding or paint, and more can really help increase your profits.

Rehabbing Don’ts for Rental Homes

There are some projects that aren’t the best ideas when rehabbing rental homes. 

  • Skip installing a swimming pool or hot tub unless you want to pay higher insurance premiums
  • Don’t keep painting over the same old cabinets, tubs, and fixtures, just replace them
  • Tenants do a lot of wear and tear on flooring and carpets so don’t install the cheapest option unless you plan to clean and replace the flooring frequently
  • Don’t compromise quality on projects that affect safety
  • Don’t go over budget and hope raising the rent will make up the costs

Working with property managers can help you determine which rehab projects are helping rentals fly off the market, and which you can skip. Let the experts on property rentals help you make the best choices for your business.

 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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Why Renters’ Insurance Must Be Mandatory

Author: MediaBeast
Categories: Charleston Property Management Companies
10 Orrs

One way to start building wealth and having a stream of residual income is to rent your home in Charleston. Housing is an ever present and growing need in Charleston and all over South Carolina. Property owners and investors have a great chance to increase their profits while also providing a vital service for residents. It’s imperative to protect your investment and keep properties in great condition to get the best return. One of the best ways to protect your investment is requiring tenants to have renters’ insurance.

Why Renters’ Insurance is Important | Property Management in Charleston

When you rent your home in Charleston, it can be nerve-racking to put your trust in tenants to keep your property maintained. Your property insurance will cover major disasters, but won’t cover your tenants’ belongings. Tenants often believe that the investor’s insurance will cover their belongings, but this is a myth that often leaves renters and landlords in a terrible predicament. While renters’ insurance isn’t required by law in South Carolina, it can still be added as mandatory in the lease agreement.

If you rent your home in Charleston, your insurance policy will cover structural damages to property, liability if renters make claims against you, rental income losses, and sometimes the investor’s property such as appliances being provided in the home. 

Tenants with renters’ insurance are less likely to have conflict when damages occur due to fire, flooding, break-in, or other circumstances that could result in a loss of property. Renters’ insurance can also cover damages from pets the renter may have in the home. With renters’ insurance, both the tenant and the investor can be protected. 

Before you let the tenant sign the lease, make sure to get a copy of their renters’ insurance policy. You should also ask for a new copy of the renters’ insurance policy during every lease renewal. Partnering with a property manager can help make the leasing process and all the administrative tasks go smoother. 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929

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South Carolina Security Deposit Rules | Property Management Company Charleston

Author: MediaBeast
Categories: Property Management
Property Management Company Charleston

Security deposits are one thing that every property management company in Charleston has in common. A security deposit is money that a tenant must give in advance of renting that is held by the landlord or property manager until move out. When a tenant moves out, any damages to the property or violations can be deducted from the security deposit. However, there are a lot of rules regarding how these deposits can be handled, stored, and dispersed that investors need to know about. 

Security Deposit Rules for Investors 

Investors in South Carolina can require security deposits on their properties to cover damages that go above and beyond normal wear and tear as well as unpaid rent. 

There are no minimums or maximums on the amount a property management company in Charleston can charge for rent; however, most investors and managers choose to equate the deposit to one month of rent. 

Security deposits must be returned within 30 days of the renter vacating the property. A written statement must be included that itemizes any deductions made to the deposit, and any money still owed that was not covered by the deposit.

Best Practices for Security Deposits

Upon move-in, ask tenants to report any damages to their home within 48 hours of taking possession. Move-in inspection sheets are easy to use for these purposes and can be kept in the lease file to compare when the tenant vacates the property. Similarly, conduct a move-out inspection with the tenant when they return the keys. This way, the property manager and tenant are on the same page with the condition the home is being vacated in. All damages listed on move-in or move-out forms should be documented with photos as well. 

Sometimes, there will be disagreements between the property management company in Charleston and the tenants on the amount that should be returned from the security deposit. Keeping diligent records of all damages, lease violations, and communications with the tenant will be key if legal proceedings need to happen. Luckily, investors can rely on professional property managers to handle these things. 

If you need property management services in Charleston, give Scott Properties of Charleston a call at 843-790-4929