Accidental Landlords and Ways Property Managers Can Help!

Nothing is more important to a landlord than the peace of mind that the individuals living in their home are treating it as good as, if not better, than you would. Choosing a “bad” tenant can cost you thousands of dollars so it is imperative you choose wisely.

Holidays are over, ornaments and décor are boxed back up and stored away. Everything has been cleaned and I’m sure the home feels slightly empty as you look around. Will this be the year you decide to move? If so, where should you focus your time and money in preparation for a Spring sale? To help you prioritize, here is a list of 10 things the Hatch team advises their sellers.  1. Call the Hatch Team to schedule a walk through for a free professional assessment of current market conditions based on how your house is now, and what you could potentially get for the sale of your home with specific recommendations. 2. Start with the basics of decluttering and depersonalizing. Examples of this are: clear the outside of the fridge, removing all photos, magnets, etc., clear off the counters in the kitchen and baths putting everything out of sight, take down personalized photos from the walls, minimize the décor on shelves and walls, clear off what you have out on your kitchen counters, etc. 3. Pack up all the things you don’t use on a regular basis. This is a great time to go through your kids’ toy boxes and donate/throw away/pack everything they no longer use, organize your office space and dispose of old files and clutter. 4. Once the walls are clear, determine if the walls need to be painted. Is the current color outdated or are the walls scuffed from years of wear and tear? Let us help guide you to choosing a color that works well with your floors. Also, give your walls a pop by painting all the trim work a bright white - door frames, window frames, floor boards, crown molding, etc. Also, how do the doors look? Would a coat of paint give it a fresh look? 5. Be consistent with your light switches, outlets and cover plates. Keep it all consistent. White is the most basic, and also a less expensive route to go that gives the entire home a new look. 6. Floors - what condition are your floors in? Are there stains on the carpet? Scratches on the wood? Broken floor tiles? It may be a quick fix with a professional cleaning of the carpets, sanding the wood floors and adding a new stain, replacing only the broken tiles and adding in fresh grout. 7. Bathrooms - sometimes just a replacement of the vanity and lighting fixture will help give it a new appealing look. Peel off all the caulking around the tub and replace it with a fresh new coat. 8. Kitchen - first determine if it is a total gut job or if a few minor changes would do the trick. Some kitchens just need a coat of paint on old cabinets, new hardware for the handles, updated stainless steel appliances and a new sink to give it the appealing look of a modern kitchen. Whereas others are a lost cause and it’s time to call in a contractor. The Hatch team is skilled in working with contractors to keep them on schedule and making sure the work being done is at a high standard. 9. Exterior Curb Appeal is a must. A few suggestions are to paint the front door to match the siding/brick/shingles/shutters/etc, better. Another option is to add in new mulch just before you go live on the market in the spring, plant some flowers that are a good compliment to the house color. Trim back the bushes and trees and edge the sidewalk and driveway. Click here for more ideas! 10. Do a walk around the property to see if there are any eye sores. Is the fence falling over? Are there miscellaneous items sitting around the shed or yard area that should be put away? Are there patches of grass that aren’t growing? Any pet debris that needs cleaned? Kids toys that can be placed in a shed or garage? Does the garage need to be cleared out to show a potential buyer how much room there is for a car or two to get parked inside? Hatch Property Management and Sales is here to help you every step of the way! Give us a call today to schedule a free consultation. 703.966.2232.

Considering becoming a real estate property investor but need a little guidance on where to start? Here are 6 helpful tips to help you in choosing the best property for your situation.  1) Fixer Upper vs Move-In Ready Purchasing a property that requires renovations can be a daunting task to take on. Things to consider are the cost it will take to get it move-in ready, any mortgage payments to be made during the renovations, and the amount of rent you will be able to get once the project is finished. If the return doesn’t outweigh the cost, then purchasing a move-in-ready home is the better option. We recommend consulting with a Property Manager that specializes in Project Management for remodels and one that is an expert in the area to guide you through the process and would know best the amount of rent you can charge. 2) Condo vs Single-Family Home vs Townhouse There are 3 different styles of home to choose from, a condo, townhouse, or single-family home. A condo would be a smaller space to maintain, with no outdoor maintenance, and many times the utilities are included in the condo fees. A townhome would be minimal maintenance as usually, the yards are quite small. A townhome can be found in the city or the suburbs and is great for a renter looking for an outdoor space for young kids and/or pets but without the daunting task of maintaining a large yard. A single-family home would be a larger purchase in regards to price and maintenance. Many maintenance costs, like landscaping and utilities, are often passed to the renter. 3) ROI (Return on Investment) When factoring in the option to purchase an investment property, the length of time you plan to own the property will come into play. The longer you own it, the more likely it is to make a higher profit when you are ready to sell it. Also, all the monthly mortgage and maintenance should be less than the amount of rent you collect. You will want to maintain a nice cushion for any major issues that could arise long-term, like the need for a new roof, new appliances, or possible water damage. In any situation, we recommend purchasing a home warranty to cover the larger issues that could arise and also having approximately 2 months' equivalent of rent in a savings account specifically for rental property repairs. 4) Costs to consider Depending on the type of property, Condo and HOA fees are a cost you cannot avoid. Condo fees typically are significantly higher than HOA fees. The advantage of a condo is that the condo association will take care of all of the maintenance items for the exterior of the unit, amenity fees for your renter to enjoy, as well as insurance amongst other costs. Property taxes are a yearly cost that will need to be paid. There is the option to add it to the monthly mortgage payments to spread it out over the year. We recommend consulting with your financial or tax advisor. Another fee is the mortgage payment and other fees during any vacancy periods. There is no way to predict this cost, but it is recommended to set aside funds for this situation as well as utilities and landscaping maintenance. 5) City vs Suburbs The closer to a city you get, oftentimes the smaller the square footage of the property available to purchase compared to the same price point in the suburbs. Most often, a condo or townhouse is an ideal option for those wanting to live close to the city. The suburbs will be primarily single-family homes with townhouses and some condo options as well. 6) Rental Demand The area you decide to purchase in will determine the market rent. Consulting with a property manager that is an expert in the area will help make sure you purchase in a rental demanded area. Typically property managers are also real estate agents and can help negotiate a great purchase price for you. If you are looking for investment property experts in the Northern Virginia, Maryland, and DC rental markets, give us a call at 703.966.2232 for a professional consultation to discuss your real estate investing needs.

It’s that time of year again to start preparing your home for the cold winter months. We’ve highlighted 5 essential home maintenance projects to address this fall which could save you thousands of dollars later. 1) Chimney Cleaning Before firing up the chimney for the first time, be sure to hire a licensed professional chimney cleaning company to come out and clean and inspect your chimney for any defects. Lack of maintenance over time can lead to costly repairs, or worse, life threatening fire hazards. Check out our preferred vendors here for top quality professional companies: Hatch Recommended Vendors 2) Roof Inspection Before the weight of heavy snow lays on your roof this winter, take some time to visually inspect the shingles, roof line, chimney wrapping, etc. to look for any cracks, missing sections, broken shingles, or any unnecessary debris. If you notice any of these things, call a professional roofing company to come out and make those necessary repairs to avoid long term more costly issues down the road. 3) Gutter Cleaning/Inspection With all the summer storms that have come through this year, it is imperative to get your gutters and downspouts cleaned out and inspected for any damage. Also, as we are entering fall, remember to keep up with clearing away leaves and debris on a regular basis. 4) Clearing Outside Drains Just like with gutters, leaves can be quite damaging to areas around outside drains. Owner Sarah Hatch gave some great pointers here in our YouTube video on how to keep outside drains free and clear of debris this winter. Watch Here! 5) Dryer Duct Cleaning Did you know that there are two different areas of a dryer that need to be cleaned out regularly? The first is the lint catcher which should be cleaned between every load of laundry. The second is accessed behind the dryer itself. In order to do this, first unplug the dryer. Then move the dryer so you can access the back of it. Carefully remove the dryer vent. Using a brush or vacuum, remove any lint or debris. Then reconnect the vent, place your dryer back in place and plug it back into the wall. Cleaning the dryer vent should be completed at least once a year to avoid any major fire hazard.

Making the move to DC, Maryland, or Northern Virginia can be daunting, especially if you have never been here before. We would like to tell you some of our client's top considerations when relocating here. Location! Location! Location! Depending on the type of vibe you want for where you live, the DMV (DC/MD/VA) has it all. From suburban family communities with parks and playgrounds to city life in a hi-rise condo with walking distance to everything you need or a quick metro ride. And just about everything in between. We suggest making a priority list based on the lifestyle you want to help narrow down your search. Schools There are areas of the DMV (DC/MD/VA) with some of the highest rating public schools in the country! And if the area you live doesn’t offer the best public school, there are numerous, highly rated private options from daycare age up to High School. We recommend researching the schools, reading parent reviews, talking to the PTA president if possible and driving around the neighborhood of the school’s location. Proximity to Work The average commute time in the DC area is 30-45 minutes, whether you are driving or taking public transportation like the Metro, Buses or Railway, or slugging. Commute time is probably the factor that is most highly considered in the decision process. Rent vs Buy & Budget While talking to clients who will be relocating to the area, we take a lot of time to explore the options especially when it comes to renting vs buying. Factors to consider are 1) length of time in the area 2) budget 3) cash reserves 4) loan approval 5) being a future landlord. With our expertise as Property Managers, we are an excellent resource to know what a long term property investment can look like if the option to purchase is chosen. Commuter Options There are several options here in the DMV including taking the Metro, Metro Buses, City Buses, VRE (Virginia Railway Express), Slugging, EZPass Flex, EZPass and/or walking. Slugging is quite popular which is basically modern day organized hitch-hiking. There are excellent websites for each of these options. Activities, Entertainment and Amenities Dining, Comedy Shows, Live Music, Festivals, Concerts, Night Clubs, Sports Games, Movies, Bowling, Playgrounds, Community Swimming Pools, Tennis Courts, Workout Facilities, the list goes on and on. The DMV has it all. With the help from a member of the Hatch team, we can get the area narrowed down for you based on all of your wants and needs. Just give us a call! We are here to help in any way we can to make the process smooth and enjoyable.

Home inspections are an inexpensive way to stay on top of home maintenance issues. We recommend to all of our owners to have a home inspection completed on their investment properties at least every year to look over all of the main components of a house. Our inspectors take time to look over the HVAC, Heat Pumps, Appliances, Plumbing, Electrical, Windows, Roof, Foundation and anything else that stands out. It is a great means of maintaining the property that you don’t live in so that you can keep this investment for many years to come without any major issues going unnoticed. For example, if there is a leak with the hot water heater that a tenant never reports, this could result in the eventual replacement of the unit, which can cost $1500-$2500. Or, if you pay a home inspector $150 to look over your property one time a year and he finds this issue, then the repair will only be for a fraction of the cost. The inspector provides the owner with a detailed report that includes photos and recommendations that the owner can either have the repairs done right away, or plan for those that are not of an urgent matter. Our owners find so much value from these inspections, especially the owners that live overseas. We work with each owner individually to have a one on one call to review the inspection together and make a plan for any maintenance work that needs completed. We handle all of the coordination with the maintenance companies and the tenants to ensure the items are completed in a reasonable time period.

Here are a few additional items we recommend as well. We can't wait for Summer!!! -Test Outside Hoses for any cracks or holes from the winter storage -Inspect the outside perimeter of the House for Cracks/damage from Winter weather -Put Away Snow Shovels & Car Brushes -Service Snow Blowers prior to putting them away for the winter -Dust off All Ceiling Fans -Pull out Patio Furniture, Dust off/Clean as needed -Pull out and Inspect Grills for proper service -Weed flower beds and apply mulch -Service lawn mower with fresh gasoline and oil -Wash windows and inspect window screens for holes/damage -Test sump pump for proper function before the rainy season starts -Power wash exterior walkways, sidewalks, & steps

Thanksgiving Cooking Safety Tips to keep your family safe this holiday season!