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Terms Associated With Real Estate

Real estate terminology is wide-reaching and comprehensive. Having a basic understanding of these terms will help you perform better in the real estate world. Here is a look at some of the popular terms associated with real estate

  • ARM (Adjustable Rate Mortgage): ARMs are mortgages that are tied to indexes, according to which the interest rate of the mortgage changes periodically.
  • Adjustment Date: This term is directly linked to ARMs (Adjustable Rate Mortgages) and refers to the date on which the interest rate of the ARM changes.
  • Appraisal: If you want to buy a home, your lender will require this figure from you. This can be obtained with the help of a licensed appraiser who will determine the appraisal based on the prices of other homes of similar value.
  • Closing costs: These are the costs that are incurred during the process of closing the deal. They include loan origination fee, processing fees, insurance for the title, tax, attorney’s fee etc.
  • Contingencies: These refer to certain conditions that are put forward and must be fulfilled before the sale is finalized.
  • Down payment: Down payment is the initial lump sum that is paid by the buyer as payment. It is excluded from the amount that is financed, and is a determining factor in the length of the loan as well as interest rate.
  • Easement: It is a legal document authorizing someone other than the legal owner to have rights over the property.
  • FHA mortgage: This is a mortgage that is given by the FHA (Federal Housing Administration). It is easy to qualify for such loans and have low down payment requirements.
  • Foreclosure: Foreclosure is the legal term used for a situation in which a borrower defaults on his payments, and is thus deprived over the possession and rights on the property. A forced sale at a public auction is made and proceeds from the sale are used for paying off the mortgage debt. 
  • Lien: This is the right to hold one’s property until the conditions that caused the withholding are fulfilled.
  • Mortgage: This is a legal document that gives the lender security by giving him rights to the property in case the borrower defaults on their payments.

For more information, contact Lone Star Realty & Property Management, Inc. We are located at 1020 W Jasper Drive, Killeen, TX 76542. You can also call us at (254) 699 – 7003.

Staging A Rental Home Before Showing

Staging a rental property helps in creating a great first impression. Potential tenants are more likely to rent a house in which they can imagine themselves living. The whole idea behind staging a property is to make the renters love what they see and yearn for it.

If you are considering to stage your rental property before showing it to potential tenants, here are some helpful tips:

  • Don’t Go Overboard
Never over do the staging. Keep it simple and real. Add an element of freshness and appeal to your bathrooms, kitchen, master bedroom and patio. These are the rooms tenants pay more attention to. Make use of fresh towels, indoor plants, rugs, end tables in the bedroom, planters in the patio etc.

  • Stick To Your Budget
You don’t have to spend more to make your rental property look stunning. Instead you should spend smart. Consider economical options like a smart combination of lamps, mirrors to make the space look larger and brighter, indoor plants, discounted accent pieces and so on.

  • Target Your Audience
Your style of staging the property should be in sync with the type of tenants you want to attract. You will have to do it differently for families, students, professionals etc.

  • Hire A Professional Home Stager
If you are not very sure as to how to go about staging your rental property effectively, get a professional stager to do it for you. At the end, it will definitely be worth the effort. You can then post professional photos and a virtual tour of your perfectly staged property on a listing website.

  • Colors And Decor
Avoid using bold colors and use neutral colors instead. Brighten up the space with pops of color in the form of throws and pillows. As far as the décor is concerned, make sure it is not very personal. The property should look inviting.

  • Get Rid Of Clutter
Clutter is notorious for making spaces look smaller than they actually are. Clearing clutter will instantly open up your rooms. Use furniture and items of décor sparingly and tastefully. Keep countertops clear and shove away all personal items.

  • Enhance Your Rental Property’s Unique Selling Points
Highlight the best parts of your property. These could be points like a fireplace, a unique bookshelf, a special piece of art and so on. Make use of strategic lighting to make such corners and pieces stand out.

  • Nice Smell
Infusing pleasant and refreshing smells on the day of showing your property to tenants is a major part of staging. Get rid of all nasty smells such as those of dampness, cigarettes, food items etc. You can repaint the house to get rid of old smells completely. Alternatively, you can light up scented candles on the show day.

For more information, contact Lone Star Realty & Property Management, Inc. We are located at 1020 West Jasper Drive, Killeen, TX 76542. You can also call us at (254) 699–7003.

Questions To Ask Your Property Manager

Property managers are instrumental in keeping property occupied and well maintained. They also ensure that the tenants are happy with the property and pay rent on time. Here is a list of questions to ask a property manager before actually hiring one.

1. What’s Your Experience As A Property Manager?
Be sure to know for how many years the property managers have been doing their job. Ask questions that will give you a peek into their knowledge about the property management field.

2. How Many Properties Do You Currently Manage?
The reason for asking this question is to ensure that the property manager you are interested in is not overloaded with work. They should be able to manage your property effectively.

3. What Services Do You Offer?
You should look for a property manager who can market, lease, manage and even sell property in addition to providing great maintenance, inspection and screening services.

4. What Do You Do If A Tenant Is In Arrears?
A property manager should be able to clearly provide you with the details of the company’s policies in case a tenant defaults in making payments. Ask them particulars such as when to expect money in your account, the measures that the property manager will employ to extract rent and whether he/she will enforce late fees or not.

5. What Are The Provisions Regarding Urgent Maintenance?
Ask how the agency plans to deal with urgent conditions and whether they will provide emergency maintenance services or not.

6. What Marketing Strategies Will Be Adopted By The Agency To Attract Tenants?
A good property manager should have a clear marketing strategy to fetch you quality tenants. They should have a plan on how to advertize the property, and should be willing to conduct in-house inspections on weekends or after standard business hours.

7. What Is The Process Of Screening Tenants?
Thorough screening procedures are signs of a good property manager. They should have an elaborate database of quality tenants. The screening process would involve assessing the credit worthiness, rental history, employment status etc.

8. What Is The Cost Of Managing The Property?
The property dealer should provide you with information regarding management fee, administration fee etc. along with total cost that would be asked in return of the services they provide.

For more information, contact Lone Star Realty & Property Management, Inc. We are located at 1020 W Jasper Drive, Killeen, TX 76542. You can also call us at (254) 699 – 7003.

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