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Award-winning Florida real estate Broker PROUDLY SELLING IN PINELLAS, HILLSBOROUGH, PASCO, MANATEE & SARASOTA COUNTIES since 2004.

Staycation Ideas in Tampa Bay

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Did you miss out on a summer vacation or are just looking to make the most of a three day weekend? As a Tampa Bay resident you’re in luck. The area was voted one of the best staycation towns (Tampa #3 and St. Petersburg #9) in the country by AAA in 2016. A staycation is the perfect mix of economy and immediate enjoyment since there is little travel involved and a hotel stay is optional in most cases. There’s something for everyone in the area including spas, amusement parks, golfing, and museums. We’ve rounded up our favorites for you.

Spa Staycation

Innisbrook Resort and Golf Club is located in Palm Harbor, a short drive north from Tampa and St. Petersburg. It features not only a world class golf course but it’s also famous for it’s Salamander Spa. The spa offers an array of services including a variety of massages, skin treatments, and hair and makeup. Their staff also encourage visitors to practice mindfulness before and after each treatment.

Family Staycation

Busch Gardens amusement park is no hidden secret in the area but why not make it a full weekend instead of a quick day trip? There are numerous hotels of varying price points around the park. The park changes throughout the year including Fright Fest for Halloween and Christmas Town in December. You can get a discount on tickets through the City PASS program and military visitors can receive free one day tickets. The park also offers special vacation packages that include dining and hotel options.

Staycation Ideas in Tampa Bay

Jeremy Thompson via Flickr

Waterpark Staycation

You live in a beach town so it’s safe to assume you enjoy some part of the water. Whether you like the beach or a swimming pool, Tradewinds Resort has you covered. Located in St. Petersburg, it’s waterpark is unique in that it includes several attractions on the beach. In addition to the pools, slides, and other water activities, it also has ten restaurants, a kids club, and planned entertainment events throughout the day. Florida residents receive discounts on their stay and the resort features several different vacation packages.

Tourist Staycation

Sometimes it’s fun to put on your tourist hat and enjoy the kitschy and the traps. The Tarpon Springs Sponge Dock is a throwback to the vacation destinations of the 60’s and 70’s. The Spongeorama museum holds on to it’s retro feel but it also provides information on the natural sponge industry that built up this area. The area is also famous of it’s Greek influences including delicious restaurants and culture. There are also cruises, fishing excursions, and wildlife trips running from the dock daily.

It’s not difficult to see why Tampa Bay was found as one of the best staycation spots in the country. There are plenty of things to do in our backyard. Disconnect from the world for a weekend and take full advantage!

 

How to Appeal a Property’s Assessed Value

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Every August, each county tax assessor in Florida mails out a TRIM notice to property owners. An increase in property taxes is usually an unwelcome surprised for most homeowners. Property tax assessments are calculated based on the County Appraiser’s determined fair market value of the house less any assessment differentials and exemptions. The amount is called the “taxable value” and is then multiplied by the millage rate to calculate the next year’s taxes. A homeowner that hasn’t made improvements to their property or seen a drastic increase in property value may want to appeal a property’s assessed value. There are two ways to appeal a property’s assessed value and in turn the amount of taxes due.

How to Appeal a Property's Assessed Value

A VAB Filing

The most common way to appeal a tax assessment is to file a VAB (Value Adjustment Board) notice with the county tax assessor. Property owners have twenty-five days from the date of mailing of the TRIM notice to give notice of appeal.  A qualified member of the assessor’s staff will meet with the homeowner to review the county’s appraisal. The owner will have the opportunity to raise his or her disputes at this time. It’s possible that the disagreement can be settled during this meeting.

If a resolution is not reached during a meeting, the owner can petition the VAB for a hearing. Fifteen days prior to the hearing date, the owner must provide a list and documentation of any evidence he or she intends to use during the hearing. The owner can request, in writing, for the same information from the property tax assessor. A final determination is made after the hearing, within twenty days. The owner will receive written notice of the decisions, any changes made, and the basis for the decision.

A Circuit Court Lawsuit

Any Florida property owner can file suit to contest a property assessment with the Circuit Court within the county the property is located. The owner does not need to have previously petitioned the VAB. A Court filing must be filed within sixty days of receiving a TRIM notice or within sixty days of a decision by a VAB. Lawsuits disputing assessments must list the County Property Appraiser, Tax Collector, and Director of the Department of Revenue as defendants in the suit. The burden of proof that an adjustment is necessary is on the owner and the owner has the opportunity to present witnesses during the trial. All taxes must be paid current and if a dispute is found in favor of the owner, a refund will be issued.

Time is of the essence no matter what route a homeowner chooses to raise their dispute. It’s important to review the TRIM notice for accuracy and any changes as soon as it is received. A homeowner is not required to hire an attorney or other third party to appeal a property’s assessed value but may find it of great use and reassurance for complicated cases. We can help you find the most accurate and current information for comparable home values to help in your assessment appeal.

 

Foreclosure Rescue Scams

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Despite recent improvements to the housing market, there are still homeowner’s facing the uncertainty of foreclosure. Whether teetering on the edge of delinquent payments or named as the defendant in a court filing, most of these homeowners are desperate to resolve their financial situations as quickly and as painlessly as possible. While there are legitimate programs available to assist homeowners in their endeavors to keep their home, there are many nefarious people and companies that are looking to take advantage of unsuspecting and eager people. What are some of the most common foreclosure rescue scams and how can you identify them?

“We’ll Do The Leg Work For You”

Each mortgage company has what is called a loss mitigation department. This department is in charge of taking and reviewing applications for programs such a loan modifications, repayment plans, and short sales. It can be a long and time consuming effort to apply and follow up for the status of your application. Many scams will guarantee that you will receive a faster and favorable results if you hire them to do the leg work for you. Once you sign their contract and pay their fees, you’re unlikely to hear from them again or get an excuse as to why the process is taking so long. When you contact the mortgage company to find out the status yourself, they most likely won’t have a record of ever receiving your initial application or any communication from the company who scammed you. There are numerous versions of this scam. Some claim to help you apply for HARP or HAMP both of which you can also apply for by yourself.

“Rent From Us”

The premise behind this scam is the owner in foreclosure deeds the house over to the scammer with the idea that the scammer will be able to qualify for a mortgage that the original homeowner can afford. The original homeowner then rents the house from the scammer with the goal of buying the house back within a set time frame. The scammer drafts an agreement with terms heavily in favor of the scammer and almost impossible for the original homeowner to ever fulfill. If the original homeowner is unable to fulfill their obligations under the agreement they are then evicted from the house and lose any equity they may have had in the home. Other times the scammer will simply default on the new mortgage made to “buy” the house and the original homeowner is evicted after the foreclosure on the second mortgage is completed.

Foreclosure Rescue Scams

Courtesy of Taber Andrew Bain (c) 2009 via Flickr.

“Let’s Find a Loop Hole”

Several years after the initial mortgage crisis, there was a lot of talk about predatory lending practices. There were several counter suits brought by homeowners being sued for foreclosure that argued the mortgage company took advantage of the borrower or lied to them outright. The Courts found in favor of several of these borrowers. With the idea that there were loop holes to be found to get out of foreclosure or even cancel the mortgage altogether, the audit scam was born. In this instance, the scammer asks for a fee to review all of your closing documents to determine if they can find conflicting information, even a missed signature that they will claim can be argued for predatory lending and stop the foreclosure, some even goes so far as to say they can have your mortgage cancelled. While it would seem that easy, it’s not. These types of legitimate claims need to have egregious evidence and take several years to work their way through the court system, which will cost thousands of dollars a homeowner doesn’t have without any guarantee that the Court will find in their favor.

“Just Sign This”

The scariest and arguably the easiest to pull off is what’s considered a “bait and switch” scam. The scammer will present themselves as someone who will help the homeowner resolve their foreclosure with the bank. All the homeowner needs to do is sign a few forms, usually with the intention to make a new mortgage that will pay the old one off. Buried within those forms, however, is a document that titles the property over to the scammer. Not only is the original homeowner still being sued for foreclosure but they also are now out of a home. This type of scam involves a high level of fraud and many complete their scam by making fraudulent mortgages against the property.

When it comes to identifying foreclosure rescue scams the best advice is: Trust your gut.

If it seems to easy, it probably is. Always read every document you are asked to sign and don’t sign it until you understand every item detailed in the document. Never stop paying your mortgage on the advice of anyone and never make your payments to a third party with the guarantee that the payments will be held in escrow or made on your behalf. If someone is promising you guaranteed results or the mortgage company will only speak with “licensed” parties, they’re lying. Most mortgage companies want to keep the borrowers in the house. A foreclosure suit and owning a home after a completed foreclosure is an expensive situation for the mortgage company. Their staff members are trained to guide borrowers through the loss mitigation process and don’t require that you be represented by an attorney or a third party. Finally, any fees charged by legitimate third party companies are collected at the end of the process. If a company is attempting to collect from you upfront, it should be a red flag to cease communication from them.

Energy Efficiency Tips For Your Home

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Your house is not a stagnant thing. It is constantly changing, even if you’re not directly aware of it. Over time this constant change can have a direct impact on how efficient your home is when it comes to energy. Energy efficient may not be at the top of your list when it comes to home improvements but you may be surprised to find out that it does go hand-in-hand with things like new appliances, systems, and structural details. We have some ways you can improve your home’s energy efficiency and the benefits of each.

Energy Efficiency Tips

  • Get an energy audit. You can hire a professional to evaluate how energy efficient your home is. A RSENET certified auditor will inspect your home’s HVAC systems, structure, and sometimes evaluate your utility bills to determine where improvements can be made. They’ll also ask you to identify any areas in the home where you notice hot or cold drafts or excessive or unexpected moisture. With this information, they will be able to make recommendations to remedy the issues that will not only keep you comfortable but protect your home, and save you some money.
  • Bump up your insulation. Many people assume insulation should only be a concern for cold weather climates. While Florida does have a few cold days every winter, substantial insulation can also help keep your house cool and comfort during hot weather as well. Insulation degrades over time and materials used decades ago are not as effective as newer materials due to age and technology. Replacing or adding extra insulation to an attic, crawl spaces, or unfinished space can be a simple project. For older homes that need insulation replaced, a professional can drill small holes in your walls and fill the gaps between the frame with insulating materials.
  • Stop leaks. Leaks in any of your home’s systems or structures are major sources of inefficiency. For heating and cooling systems, duct leaks can be stopped using duct sealant. Caulk can be used to stop leaks around windows, vents, and cable access points. These repairs will allow your heating and cooling systems to run only when needed and help extend the life of such systems. Repair or replace leaking faucets and repair any pipes that have leaks to not only prevent water waste but also water damage to the rest of your home.
  • Replace inefficient appliances and structures. In 1992, the EPA began the Energy Star program that helps consumers identify products that are energy efficient. Replacing appliances with models that bare the Energy Star designation can help make your house more efficient by reducing the energy needed to run each appliance you replace. Replacing windows that have broken seals and/or don’t meet Energy Star guidelines can also help maintain a comfortable ambient temperature.
  • Work together with nature. Trees and bushes can be planted in strategic spots to help shade your home during the sunniest time of day and in the winter let the sun help warm the house. You can also set up rain collection barrels and use that water to irrigate your lawn and flower beds.

All of these suggestions are not only energy savers but also money savers. An energy efficient home will obviously cost the home owner less in utility bills in the long run and can also secure some tax credits for you at the end of the year. If you intend to the sell your house in the near future, making improvements related to your home’s energy efficiency can also increase the appeal for Buyers and ultimately the price tag.

Flood Insurance 101

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Floods are the number one natural disaster in the United States. According to the National Flood Insurance Program, the average flood insurance claim over the late five years is $46,000.00 and the average policy premium is $700.00. Homeonwer’s insurance policies usually do not cover losses due to floods and many homeowners in flood prone areas are left unprotected.

 

Hurricane season is ramping up and Florida is no stranger to falling victim to the storms. Flooding can damage your home’s structure as well as your personal property. Now is the time to talk with your insurance agent to make sure you have the coverage you need.

Flood Insurance

10 Facts About Flood Insurance

  1. Flood Insurance rates are determined by the NFIP, National Flood Insurance Program, and are administered by FEMA, the Federal Emergency Management Agency.
  2. All companies offering National Flood Insurance do so at the same price, which is determined by the property’s flood risk zone area.
  3. A community’s flood risk zone is determined by FEMA. Find out which zone your home is in at FEMA’s Map Service Center.
  4. Homeowners in areas designated as high risk for flooding are required to purchase flood insurance. In certain areas, flood insurance is required by the Federal Government to secure FHA and VA loans.
  5. Most lenders require properties located in high risk for flooding areas to have flood insurance sufficient to cover the balance of the mortgage. If coverage is not secured or lapses, lenders have the right to assign insurance for the homeowner.
  6. Coverage includes Building (structure, above ground appliances and property considered part of the building – to a maximum
    of $250,000), Contents (clothing, furniture, some appliances, carpets – to a maximum of $100,000) and Replacement Cost (applies to single-family dwellings and residential condominiums).
  7. Preferred Risk Flood Policies are available to owners of one-to-four family dwellings in low to moderate flood hazard areas to protect their home (to a maximum of $250,000) and contents (to a maximum of $100,000) in the event of a flood. Replacement cost coverage is also available for single-family homes and contents-only coverage is available to renters.
  8. Anyone can buy flood insurance if their community participates in the NFIP. If eligible, policies must be purchased through an insurance company participating in the NFIP.
  9. Flood insurance only covers physical damage caused by flooding up to the cost of actual damages or to the policy amount limit.
  10. An existing flood insurance policy may be transferred to a new owner without a lapse in coverage.

Consideration For Flood Insurance Premimums

  • Year your home was constructed
  • Building occupancy
  • Number of floors
  • Location of contents
  • Your property’s Flood Risk Zone
  • Location of the lowest floor in relation to the elevation requirement on the flood map (newer buildings only)
  • The deductible you choose and the amount of building and contents coverage

When compared to the cost of rebuilding your home, replacing your personal effects, and housing yourself during that time, flood insurance should be an easy choice. The process has become more streamlined in the last ten years after the hard lessons of Hurricane Katrina. To help ensure the process goes smoothly should you need to file a claim, we recommend you take a yearly inventory of your home and your personal possessions. A video makes an excellent record and will help in case you have a claim. Be sure to store your inventory in a safe place such as a safe deposit box. Additional flood insurance questions may be answered by visiting FloodSmart.gov.

Editor’s note: This post was originally published April 2011. It has been updated with the most recent information and edited for clarity and cohesiveness. 

Neighbors Can Affect Your Sale and What To Do About It

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In the past, we’ve talked about being a good neighbor and how it can benefit you but what if your neighbors don’t return the consideration? Worse, what if they’re the reason you’re moving? No matter how much you prep and stage your home, your neighbors can affect the sale of your home. Most neighborly offenses are annoying rather than illegal, so you’re left to your own devices for recourse.

Appearances Are Deceiving

You may have a meticulously manicured lawn but your neighbor may have embraced more of “natural” feel. If it’s not an untrimmed lawn, it could be a junked up yard or shabby looking exterior. Whatever the physical issue is, talk to your neighbor about your intentions to sell and offer to help resolve the issue. Maybe the home owner is elderly or impaired and these tasks are just too much for them to carry out. Not only is this tactic good for your karma, it can also help your appraisal values.

Neighbors Can Affect Your Sale and What You Can Do About Ita

The “Colorful” Personality

Every neighborhood is going to have an array of people and their accompanying personalities. However, sometimes that personality can be more “miserable” than “colorful”. A wise Buyer is going to talk with the neighbors, if they can, before they make an offer. As the Seller, you’ll want to avoid them talking with that grumpy neighbor who only focuses on the negatives. The best way around this is to suggest a neighbor who is more reasonable. If you have a nosy neighbor who insists on inserting themselves into every situation, try to schedule showings for when you know they won’t be home.

Zombies

No, not The Walking Dead kind rather foreclosed homes. These are still a huge issue in many communities. Zombie homes are usually houses that the owners have abandoned and the bank has yet to complete the foreclosure. In many municipalities, there are ordinances in place for the bank to maintain and secure the property if they have an open foreclosure action. If your local town doesn’t have similar rules in place, some calls to the mortgage company or their attorney can help get the issues addressed.

Whatever situation you find yourself facing, try to be diplomatic as possible. No one likes being criticized especially when it comes to their home. Being understanding to their situation and providing a few solutions that involve both of you can lead to a resolution faster than a demand to “fix it”.

Allowing Pets in a Rental Property: Yes or No?

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A common concern for landlords is the question of allowing pets in a rental property. Having a no-pet policy can hurt your tenant search by excluding a large number of qualified renters simply because they have a pet they are not willing to part with in for the sake of an apartment or house. But having a pet can open your property up to damage and possible liability if there is an incident. With two conflicting situations, it’s difficult to determine what a landlord’s best course of action is.

Things to Consider

The obvious things to consider when it comes to allowing pets in a rental property are damage to the property and liability issues. Animals are susceptible to anxiety and misbehavior due to changes, such as moving to a new home. Even the best animals could chew on cabinets and wall corners, dig into or soil carpets, and/or scratch walls and windowsills. In addition to what could happen to the property itself, you need to consider the behavior of the animal when it interacts with the neighbors and any visitors to the property, including yourself. Other things to consider at the local laws that may ban specific breeds or species.

Should You Allow Pets In a Rental Property?

Developing a Pet Policy

As a landlord, you can pretty much set any policy you’d like when it comes to pets but be mindful of what is and isn’t practical; expecting a dog to never bark is outrageous but a “yappy” dog can be considered a nuisance. You may want to hold a pet “interview” before agreeing to allowing a tenant to keep a pet in your property. This would allow you to keep a wider pool of potential tenants open but be able to weed out those tenants with pets who don’t meet your guidelines such as breed, size, or temperament. Once you do allow a tenant to house a pet you should have a written agreement with the rules clearly stated. These rules should list the specifics of each pet, the maximum number of pets allowed, and how the tenant is to expected to care and maintain the property and neighborhood with relation to their pet. You may also want to consider adding rules to the pet policy regarding the tenant’s responsibilities for caring for their pet such as not leaving the pet outside in extreme weather conditions or at night.

Protecting Your Property

If you do allow pets in your rental property, you should protect yourself both against the possibility of property damages and also liability against personal injuries arising from pets. A call to your homeowner’s insurance company will help determine what is and isn’t covered in your policy and if it’s necessary to purchase a pet rider. To help off-set the costs of needing to clean carpets and other areas of the home after the tenant and his pet have moved-out, you should collect a pet fee (per animal)  at the signing of the lease. You should make your tenant fully aware that this fee is non-refundable and additional costs related to pet clean up may be deducted from their security deposit if necessary. You should also reserve the right to have the tenant remove the animal from the property at any time it becomes a nuisance to the property or the neighborhood without breaking the terms of the tenant’s lease.

Ultimately, deciding whether or not to allow a pet in your rental property is an individual business decision.

Do you allow pets in your rental property? Why or why not?

Thrill Seeking Activities in Tampa

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Are the world class beaches, numerous parks and preserves, restaurants, and unique shopping not satisfying your wild side? Don’t worry. We’ve got you covered! The Tampa Bay area isn’t all just rest and relaxation; it actually has a wild side to it. We’ve got a list of some of the most popular thrill seeking activities right in our backyard.

Busch Gardens

The beauty of Busch Gardens is you can make your visit whatever you’d like. If you’re looking for a day of family fun you can and if you’re looking to get your adrenaline pumping you can do that, too. There are roller coasters that race around the track at sixty miles per hour, twist you end over end seven times, and even give you the opportunity to experience weightlessness for three seconds. Roller coasters aren’t the only attractions that will have your pulse pounding. There are several free fall and log flume style rides. When the calendar turns to October, the whole park is transformed into Halloween with haunted houses, themed cast members and shows.

Parasailing

Tampa Bay and the Gulf of Mexico are beautiful to look at from the beach or a boat but nothing beats the view while sailing over it. Not only will you get a unique look at those emerald waters but you’ll also get a bird’s eye view of the coast. When you’re ride is almost complete you’ll get the added bonus of a float back down similar to a skydive. There are numerous parasailing operators in the area but we recommend you work with a licensed boat operator.

Thrill Seeking Activities in Tampa Bay

Skydiving

If the gentle float back to earth after parasailing isn’t thrilling enough for you, there’s always skydiving. There are several local companies offering the opportunities to jump out of an airplane from thousands of feet in the air. Many offer a variety of packages from beginner to expert.

Race Car/Exotic Car Experience

If you have every desire to keep your feet firmly on land but you’re still a thrill seeker, hopping into a NASCAR or exotic car maybe just what you’re looking for. Professional drivers will take you around the race track at speeds around one miles per hour or you can get behind the wheel of a Lamborghini or Ferrari on a closed course and see what zero to sixty in seconds feels like.

Jet Pack Ride

It’s not quite out of this world but a jet pack ride is pretty high tech. The pack is propelled by water and you’re lifted thirty feet into the air and can go as fast as thirty miles per hour.

 

Just like everything else in Tampa Bay, there’s something for everyone including the thrill seeker. Tell us about your most thrilling experience in the area!

The 5 Best Dog Parks In Tampa Bay

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There is so much to do in the Tampa Bay area; it’s one of the main reasons that brings residents and visitors to the area. We have playgrounds, state and national parks, beaches, shopping, restaurants, and concerts. Many of our families aren’t made up of just people though. Four-legged friends are also family members and they deserve a space to call their own as well. There are numerous areas in the Tampa Bay region that cater to dogs or allow owners to bring their dogs to public areas. We’ve rounded up a list of the best dog parks in Tampa Bay to help you plan a day outside with your favorite canine.

The 5 Best Dog Parks in Tampa Bay

  1. Logan Gate Dog Park. 7374 Monterrey Blvd., Tampa. This park is five acres with six-foot high chain link fences featuring double-gated entry. To help ensure a safe time for all, there are two separate areas: one for large dogs and one for small dog. The park also features water fountains for dogs and their owners, picnic areas, shelters, and dog washes.
  2. Davis Island Park and Beach. 1002 Stern Ave., Tampa. In designated areas, dogs are allowed off-leash to run in the sand and water. There is also a grassy area. The park features water fountains for drinking and rinsing and benches.
  3. Fort De Soto Park. 3500 Pinellas Bayway S., Tierra Verde. Within the park is an area called the Paw Playground specifically for dogs. Dogs are allowed to run unleashed in this area and in the 3 acre fenced in area. Water fountains for both dogs and owners, doggie showers, and plastic waste bags are available to owners. The park is opened from 7:00 a.m. until sunset.
  4. Honeymoon Island Pet Beach. 1 Causeway Blvd. Dunedin. At the southern tip of the island is a beach set aside specifically for pets to romp in the sand and water. In addition to the beach, pets are welcomed along the nature trails. Pets must be leashed at all times. Park is open from 8:00 a.m. until sunset and fees are $8/car (2-8 occupants) or $4 for single entry.
  5. Al Lopez Dog Park. 4810 North Himes Ave., Tampa. Located in the heart of Tampa, this park is an urban oasis for both dogs and owners alike. Owners are encouraged to explore the massive park with their dog on-leash and let their dogs enjoy some unleashed time in one of the shaded fenced-in dog runs. There are separate areas for small and large dogs.

While you’re out enjoying what the Tampa Bay has to offer you and your pet, remember to keep your pet leashed unless in an area that allows for dogs to run free. Also, be mindful of the weather and your dog’s needs. Bring along a bottle of water for both you and your pet and protect your dog’s feet from hot surfaces lot asphalt and concrete.

Before Renewing Your Tenant’s Lease Consider These Three Things

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If you own a rental property, there will eventually come a time when you need to decide if you want to offer your tenant the opportunity to renew their lease and what the terms of that lease will be. You may be thinking that’s it’s a given to offer an existing tenant the opportunity to renew the lease at or close to the original terms. However, before renewing your tenant’s lease consider these three things.

Three Things to Consider Before Renewing Your Tenant's Lease

  1. Your Tenant. Consider your tenant’s history of paying rent on time, the way they have treated your property, and your overall relationship with them. Have they paid the rent on time every month or has it always come just under the wire of the grace period? Worse, has it been late on more than one occasion? More than likely you have seen at least the outside of your property during your tenant’s stay. Has the outside of the property been well kept? Have your neighbors made legitimate complaints about noise or other disruptions? Has there been any police involvement during your tenant’s stay? Lastly, consider your relationship with the tenant. Have you and the tenant had a respectful relationship? Has the tenant demanded that you fix non-urgent issues immediately? Have they observed the terms of the lease and not ignored things like no-pet or no-smoking clauses?
  2. Your Long-Term Goals. You should have evaluated your long-term goals before entering into a lease with a tenant but before renewing your tenant’s lease is a good time to refresh those goals. If you intend to sell the property, renewing with a tenant may not be in your best interests. Attempting to show a property to potential buyers with tenants still in place can make a buyer shy away from presenting an offer; even if your tenants intend to leave before closing. If you are looking for a long term tenant and your current tenant has expressed interest in only a month-to-month arrangement you should be hesitant to jump at the chance to keep your income stream positive. Having a month-to-month tenant can leave you looking to rent the property during an off-time of year or make you lose a long term tenant because your move-in availability doesn’t align with their needs.
  3. The Market. As we all know, markets ebb and flow and the rental market is no different. What may have been a competitive rental price last year may be below market this year. Research current rental rates for properties similar to yours. Be sure to take into consideration the amenities your property offers and any cost increases you can foresee for the coming year. Also, weigh the possibility of turnover v. the cost of not raising the rent.

As you can see, it’s not always easy to decide to renew your tenant’s lease. We always recommend you do your research and adhere to the terms of renewal as listed in your current lease agreement and local & state rental laws.