Sponsored blog content provided by Rentometer
Homeowners insurance is a savior in cases of unexpected perils that you and your house may encounter in many forms. Most homeowners’ insurance policies cover perils that occur due to fire, abnormal weather and of course certain cases of water damage.
The clause – certain cases of water damage - is what confuses many homeowners. Before understanding what types of water damages are covered under homeowners insurance, let us see the possibilities of types of water damage that could happen to our homes.
In general, the following perils might come under water damage for a home:
Plumbing Coverage in Homeowner’s Insurance
While talking about inclusion of plumbing in the homeowners’ insurance policy, the key aspect that you have to keep in mind is – the break or damage that led to the plumbing work should only be sudden but is not a result of accumulation over a prolonged period of time.
The rental housing industry is faced with a broad political coalition that has been forming throughout the Puget Sound to pursue legislation that seeks to dramatically reform the landlord-tenant relationship. Many voters understand that the price of rent is high compared to wages in urban areas, and while the amount of actual evictions remains very low, many policymakers in the Puget Sound-area adamantly believe reforming the legal process for removing a tenant from a rental property will best address housing displacement for low-income tenants.
While the chief policy goal of the eviction reform bills is to significantly increase the notification period for nonpayment of rent, the bills also contain many other changes to the eviction process and the landlord-tenant relationship. SB 5600 (sponsored by Dem. Senator Patty Kuderer from the 48th district in Kirkland), and HB 1453 (sponsored by Dem. Representative Nicole Macri from the 43rd district in Seattle) both contain policies that would limit the amount of attorney's fees and late fees allowed in an unlawful detainer judgment, create a definition of rent that separates recurring fees and utilities in the rental agreement from other fees and costs, require that landlords apply payments to rent first before other costs and fees, limit a landlord’s ability to bring an eviction for charges other than rent, and create new processes in eviction law for tenant’s to reinstate a tenancy through judicial discretion payment plans for nonpayment of rent.
RHAWA and other industry advocates continue to argue that these increased regulations will create further cost burdens on landlords who have not received rent owed, and those costs will be reflected in increased rents for tenants. And with all the intense focus on the eviction process by the advocates for SB 5600 / HB 1453, there has been little discussion about the deeper issue of rent burden that causes tenants to fall behind in rent.
Sponsored blog content provided by Rentometer
Managing one property, although a bit challenging at first, is not that difficult once you get the hang of it. Managing multiple properties, on the other hand, is a whole different story. You’d have more tenants, things to check, rents to pick up, properties to invest in, and potential headaches to handle. However, with a bit of effort, managing multiple properties can become just as easy as managing only one – and here’s how.
Practice Good Organization
When you have more than one property to manage, being disorganized is not an option. From the inspection checklists to the rent payment confirmations, you will probably have quite a lot of paperwork. Plus, you can’t allow yourself to misplace any important documents, since that could lead to more than just financial consequences. So, come up with your own filing system – you can organize your papers by property, tenant’s name, month, or something else that makes sense to you. Just make sure to stick with the system.
Sponsored blog content provided by Colliers International’s Seattle Multifamily Team
Believe it or not, this isn’t a pitch to convince you to sell your apartment building.
Yes, we’re apartment brokers, and at the end of the day our job is to sell buildings. But our guiding principal is to help clients make the best decisions so they achieve the highest returns on their multifamily investments.
Over the last six years, Seattle has experienced a run of good news and rent growth, but we’re starting to see signs that the market cycle is shifting. If you’re planning to hold your building for the next five years, don’t even give market cycles a second thought — fundamentals remain strong.
But, if you might sell in the next three years, it's time to start thinking about strategy. While the market delivered record sales prices from 2014 - 2018, maximizing value today requires smart planning.
After selling 28 buildings in the last 12 months, we’ve cultivated three key insights that apartment owners can benefit from: