Thinking of Selling…Reduce Your Liability Now

By Dianne Conway

If your family has had the good fortunate of enjoying the hot summer months around a backyard pool, you’ll soon be making plans to winterize it. And if you’re thinking about selling your home in the spring before the pool is opened, this is not the time to make pool closing a do-it-yourself job — even if you’ve closed it successfully over the years. Consider this additional expense as a form of insurance.

By getting a third party to winterize the pool, you can potentially reduce your liability risks. This procedure, if not done correctly, could initiate an unwanted costly repair next spring. And with the proper paperwork on hand, you can alleviate additional costs down the road.

Before hiring a third party to close your pool, ensure they understand that you are planning on selling and get the details in writing when the work is done.

You’ll need:

• A receipt for the winterization service.
• Details of exactly what was done to complete the pool closure.
• Remarks on the condition of the pool at the time of the closure.
• All of the above written on company letterhead.
  

Store these papers in a safe place so you have them available when you’re ready to list your property. This will go a long way in making buyers feel more comfortable about purchasing your property with a swimming pool that they have not seen in operation.

Getting the paperwork complete at the time of the work is paramount. Potential buyers will want to see what was done. Recently, one family went to the expense of having their pool closed but neglected to get the necessary paperwork. When they went back to the pool company later, they were advised they would be charged to come out again, re-open the pool, and then to close it again properly — a costly proposition.

So, if you’re considering a move next year, be prepared. Have your pool closed professionally now — and get it in writing.

Dianne Conway is a Sales Representative with Sutton Group – Preferred Realty Inc., 181 Commissioners Road, West, London, Ontario. Phone: (519) 438-2222 Email: homes@dianneconway.com www.dianneconway.com

24 Things You Need to Know to Be Successful When Managing Your Real Estate Investment

By Ann Smith

So you’ve decided to invest in real estate – and you’re planning on managing the property yourself. There are several things you can do to ensure the building maintains its value and you lease to reliable tenants. This is a business…and it’s up to you to operate it like one.

Protect the building – your investment:

1. Install coin-operated laundry machines, which are cost-comparable to local laundromats.
2. Install energy saving lights in all areas where you pay for hydro.
3. Make sure all bathroom fans area at least 75 CFM.
4. Direct wire smoke detectors wherever possible.
5. Install motion detector/timing on exterior lighting.
6. Replace plastic flex vent with metal flex vent for dryer.
7. Keep fire extinguishers handy in the laundry room and the kitchen.
8. Keep accurate records on smoke detector inspection and changes.
9. Inspect your investment regularly (add it into the lease). Do a weekly drive by to check for garbage, windows, doors locked. Go inside every 6 months to ensure all is in order. It is your investment – use the premise to check smoke detectors, etc.
10. Make all necessary repairs quickly.
11. Be aware of illegal drug use if any by the tenants. Report it.

Know what to say, do, and look for when leasing your investment:

12. When showing your property, take note…did the prospective tenant remove his or her shoes?
13. Never discuss the personal lives of other tenants.
14. Check spellings…if the name is misspelled, the agreement is void.
15. Do not make the lease inclusive (lights will be left on).
16. You cannot legally discriminate against smokers, but you can say non smokers preferred.
17. Do credit checks. Ask if they are working, for how long, and the last place of residence. Get the name and phone number for past landlords.
18. Never give rent discounts for paying on time.
19. Avoid hassles…don’t use a guarantor when renting to students. Instead, get parents to sign the lease.
20. Have tenants initial each section of the lease to ensure they understand the entire agreement.
21. Don’t let tenants paint the home/apartment. Keep a common colour throughout.
22. Make sure tenants have content insurance – ask tenants to initial this clause and request a confirmation letter from the insurance company each year.
23. Keep accurate records of everything tenants have done and all complaints.
24. Consider joining a local property management association (in London, the London Property Management Association)

As a full time real estate professional, Ann Smith has dedicated her life to helping people achieve their real estate goals. Since 1994, Ann has worked her way from sales representative to achieving her Brokers License. Ann’s solid work ethic has been rewarded with several consecutive sales achievement awards, including Sutton Group’s prestigious Platinum Award. Ann can be reached toll free at 1-866-851-1534 or by email: ansmith@sympatico.ca.