ESTATE


Jersey Shore Expects Busy Rental Season
2009/03/03, 7:57 pm
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Daily Real Estate News  |  March 3, 2009  |   Share

New Jersey real estate professionals are seeing the number of available properties shrink and anticipate a busy summer rental season..

“We were inundated with calls in February, so we’re looking good at this time,” says Jeff Gamble, president of the Ocean County Board of REALTORS®.

David Weinstein, a spokesman for AAA Mid-Atlantic, cautions that fewer members are willing to pay for a whole trip up front.

“This tells us that they’re waiting for good deals and that they’re trying to get as close to the departure date as possible, to alleviate any of the uncertainty that might exist if you book six months to a year out,” he says. “Many travelers just don’t know these days what their job or economic situation could be a half-year from now.”

Source: The Associated Press, Bruce Shipkowski (03/01/2009)

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6 Tips for Homeowners Who Turn Into Landlords
2009/03/02, 5:03 pm
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Home owners who decide to rent out their properties have to stop thinking of themselves as home owners and instead consider themselves as running a small business, experts say.

Thinking like a businessperson means focusing on the monthly cost of maintenance, mortgage and taxes, as well as being aware of landlord-tenant regulations and avoiding liabilities.

Here are key issues to consider:

  • Set a fair rent. Setting the right price will make it more likely that a landlord will be able to keep the place rented.
  • Understand landlord-tenant rules. Running afoul of landlord-tenant regulations and rules regarding security deposits can be costly.
  • Screen applicants. Eliminating potential tenants who can’t pay or who won’t take care of the property is very important.
  • Lay out the rules in a lease. Widely available sample leases can help. If you have questions, ask an attorney.
  • Consider a property manager. Despite the expense, turning the job over to experts can help a landlord come out ahead.
  • Talk to the condo association. If the property is a condominium, be prepared to deal with a host of regulations.

Source: The Washington Post, Renae Merle (02/28/2009)