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Tips On Owning Rental Property in Cedar City

Rental Property in Cedar City

Consider the Tax Advantages of a Rental Property in Cedar City

Owning a rental property whose rentals truly cover out of pocket costs still affords you a potential profit from tax breaks and any appreciation. The tax advantages of owning a rental property may include:*

  • Maintenance and repairs
  • Depreciation
  • Other expenses
  • Losses (within specified limits)

* For illustration purposes only; consult your tax advisor for specific tax advantages.

Shop for Financing

Financing a rental property is typically more costly than for your primary residence, so it pays to shop around. Lenders typically require down payments ranging from 20% to as much as 40%, and rates may range from one to two points higher than for an owner-occupied home. Lenders usually consider a percentage of the total current rental income when calculating how much they’re willing to lend; if you’re buying a vacant property, you must qualify for financing without factoring in rental income.

Some alternatives to traditional lenders include lenders who specialize in financing rental properties and owner financing from the seller of the property. If you plan to purchase a multi-unit dwelling and plan to occupy one of the units, you may qualify for more favorable terms on your financing.

Regardless of the financing you choose, be sure to retain sufficient cash reserves or available line of credit to cover contingencies such as repairs and vacancies.

Shop for Tenants

This is serious advice; choose your tenants every bit as carefully as you chose your rental property. Delayed payments, non-payment and eviction proceedings will take a toll on your return, your peace of mind and on your good tenants.

When considering prospective tenants, ask questions, verify all references, and run a credit check and a search for previous evictions and other evidence of legal troubles. Follow up with the current and previous landlords, but do not take glowing recommendations from a current landlord (particularly within the immediate area) at face value.

As an additional check, put the Internet to work for you and ensure that all phone numbers listed by prospective tenants match the directory listings.

To succeed as a landlord, you must also educate yourself when it comes to applicable landlord-tenant laws and regulations. Seek the advice of a professional when it comes to drawing up rental agreements and at the first sign of a dispute with a tenant; it’s excellent insurance for avoiding a lengthy and much more expensive headache in the future.

In Summary: The Keys to Rental Success

Do your homework, seek sound advice from a real estate professional, select the right rental property at the right price, choose tenants carefully, plan to be in it for the long term, and you’re likely to find that all your hard work will produce a very satisfying result. Who knows, it may even set you off on a whole new career!

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Purchasing Rental or Income Properties in Cedar City

Owning rental properties can be a great forced savings for your future. Obviously, buying the right property at the right time as well as other factors apply to see a cash flow situation. Currently there are great opportunities to buy homes, duplexes or other investment style properties at reduced prices.

Lending and your mortgage are a different scenario in the investment field. Great credit history, a minimum of 10% down and count on 1 point above prime in interest rate, so today that would be 6.78% still a fabulous rate. With 10% down also count on PMI or Principal Mortgage Insurance added to your monthly amount. This is a fee lender’s typically charge to insure a low down payment loan. It can be removed in most cases after the loan has diminished a certain amount.

If you are fortunate to have 20% or more as a down payment, then you avoid the added PMI, and have a greater cash flow. 1031 exchanges are also a great way to move monies you may have in other properties by selling those, and “identifying” and purchasing other properties that may produce a better return for you in the future. 1031 there for have great benefits tax wise also, visit with your tax professional for further details.

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Types of Cedar City Homes

Cedar City Homes

Cedar City Utah has many different types of homes from old homes to new homes. Cedar City Utah has all 4 seasons and so there are a lot of homes that have all types of architecture and roofs. Some of the homes are on the sides of mountains and cliffs.

There are some Cedar City homes that are over a 100 years old and still have people living in them. They have been refurnished and rehabbed over and over again. Perhaps the best part of all of the homes in Cedar City is that they are surrounded by the majestic mountains with all of the many colors.

There are still a lot of farm land in the Cedar City Utah area and that means there are still homes that have the corals and pastures right to the side of them. So having horse property in Cedar City is a great luxury. There are many individuals who come to Cedar because they can have horse property or have horses that are close to where they live.

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Meeting the Needs of Mature Homebuyers/Sellers

Local Real Estate Professional Equipped to Meet

The Unique Needs of Mature Homebuyers and Sellers

Each day more and more Americans are joining the ranks of the 50+ market. To meet the housing needs of this growing segment, local real estate professionals Rich and Gin Bontadelli with ERA Realty Center, provide a balance of expertise, products and services tailored for mature homebuyers and sellers.

As ERA® professionals, The Bontadelli’s have access to education and training that addresses concerns specific to mature homebuyer’s and sellers such as tax implications, estate planning and medical care. ERA Real Estate was one of the first national real estate franchises to offer the Senior Real Estate Specialist (SRES®) certification program online to help its associates better understand the needs of mature adults.

Retirement Real Estate Cedar City

“The mature homebuyer and seller have a number of additional factors to consider when entering into a real estate transaction,” said Rich. “Through my work experience and education, I have learned proven methods to help my clients fulfill their housing needs while still taking into account these special issues and concerns.”

In addition to Rich and Gin’s expertise and training, they can offer clients marketing tools and programs, developed with the mature consumer in mind. The ERA Sellers Security® Plan offers sellers a guaranteed sale price and closing date to help ease the stress and anxiety of selling a home.

Mature homebuyer’s can benefit from loan options offered through ERA Mortgage that are designed to meet the specific financial needs of mature adults or from the ERA Home Protection Plan which can help them avoid the cost of unexpected maintenance or repair. Finally, mature adults considering the purchase or sale of a vacation home can utilize resort.ERA.com, the ERA Web site dedicated to the resort and second home market.

“My first priority is working with my client to identify their housing concerns and needs. I can then utilize a variety of ERA products and programs to create a customized plan based on their individual situation,” added Rich.

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First-Time Homebuyers

First-Time Homebuyers

The real estate market is going in many different directions for different people. For some they are hating it, some are loving costs going down, and some investors are drooling at possibilities.

The government is trying to save the financial situation in what is happening in the real estate industry as there is some people who are struggling to either save their home or buy a home for the first time.

The government has passed a bill that will temporarily help first time home buyers in qualifying to be able to purchase a home. This bill is called the “Housing and Economic Recovery Act of 2008″.

This bill has several highlights and lays out the qualifications that people must have in order to qualify for the first-time home buyers assistance. It lays out the tax credits that are available to first-time home buyers.

Here is a pdf that can be used in first-time home buyers seminars. There are further resources that are listed that can be of great assistance to first-time home buyers. Here are some great Cedar City homes for first-time home buyers.

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Ask This Old House

Old Homes in Cedar City – Fix Them Up!

Great for our listing Clients and sellers! Even more exposure.

A National Sponsorship with Local Impact

As of October 1, 2008, ERA Real Estate is the proud sponsor of “do-it-yourself,” home-improvement-television staple, Ask This Old House (ATOH). This yearlong sponsorship offers tremendous exposure for the ERA brand at a national level and a chance for you, our brokers and affiliates, to create an impact in your local market.

The most exciting part of this sponsorship is the opportunity it creates for a full-scale grassroots public relations campaign that will allow you to take full advantage of the sponsorship in your market. The campaign will leverage our partnership with ATOH in order to raise local awareness for our ERA affiliates as the go-to real estate experts and drive consumers to ERA.com.

This Web site will be your resource for all sponsorship and campaign information for the entire sponsorship period. Remember to check back often!

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Cedar City is in Iron County

Iron County Real Estate

Cedar City is in Iron County which got its name after iron deposits were found throughout that part of the region. The Mormon leader Brigham Young sent volunteers to colonize the Iron Mission area.Cedar City also has a lot of what people call Cedar Trees ( which are actually Juniper Trees). After the iron factory was set up it was the first iron factory west of Missouri. Due to some problems that the small blast furnace had at the iron factory along with hostility between some of the settlers and Indians the factory was shut down 7 years later.

Mining continued after the factory had shut down and continued to play a role in the economy through WWII. A neighboring community had some of the biggest mines in the country and was called Minersville. While there is not much mining that takes place in Cedar City anymore, people will always look to Cedar City Utah as the first place out west to mine and process iron.

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Today’s renters are tomorrow buyers

Did you according to survays by realtor.com, one-in-three visitors to the site is a serious buyer that is actively searching for a property. Renters are also tomorrow’s buyers and a high-potential market segment; 74 percent of renters who are actively searching the site are in the market and looking to buy a home.

Call us today we are ready to assist you with your home buying experience, start to finish!

The Bontadellis 435-559-ERA2 or ERA3

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Mature market

Spotlighting Tips for Senior Homebuyers

 

“The mature market is one of the fastest-growing segments of the public,” noted Rich Bontadelli Associate Broker. “According to the U.S. Census Bureau, by the year 2025 the senior population is expected to jump nearly 80 percent. As more Americans are living longer, quality of life in the home they choose for their retirement is of the utmost importance, and the professionals at ERA Realty Center can help senior homebuyers make the best choice.”

 

I will help you with all concerns you may have including topics as accessible homes with not too many stairs, high cabinets, etc.; availability of public transportation and senior services; comfort-level of climate and terrain; and other concerns of seniors considering options for their retirement home.

I look forward to visiting with you!

Rich

435-559-3722

 

Getting started with home buying

Focused on First-Time Home buying Tips “With the advice of a real estate sales professional, first-time homebuyers can minimize the concerns of one of the most important purchases they’ll make in their life,” said Rich Bontadelli Associate Broker. “This is ERA Realty Center way of reaching out to our community and letting customers know we’re here to help.” Finding the right financing Determining if a given community has what relocating homebuyers are looking for (in everything from school system to public transportation) Knowing how to evaluate the condition of a house (from its aesthetic value to its structural soundness)