AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2013 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Underwater Borrowers Becoming Accidental Landlordshttp://realestate.aol.com/blog/2013/05/24/accidental-landlords/http://realestate.aol.com/blog/2013/05/24/accidental-landlords/http://realestate.aol.com/blog/2013/05/24/accidental-landlords/#commentsFiled under: ,

By Diana Olick

Maria Wells said she never intended to be a landlord. She sells real estate; she doesn't invest in it. Now the Florida resident owns two properties. One was her son's, but he had to move to take a new job. The other was hers, but she got married and moved in with her husband. She can't sell either because she is underwater on both mortgages, so she rents them. Maria is one of a growing cadre of what the Realtors have dubbed "accidental landlords."

"When I get enough equity, I will definitely sell," said Wells, who has been able to manage the properties because the rental market is so good that the income covers the mortgage payments and taxes. She does not use a property manager, as she wants to make sure the homes are well-maintained and keep their value. She's had some good tenants, but also some nightmares.

"One of the tenants certainly surprised me. They decided to change a water filter and go out of town, and then I got the call that 500 gallons of water had gone into my home. Fifty thousand dollars later...," she recalled.

Despite rising home prices, 13 million borrowers, or 25.4 percent of all homeowners with a mortgage, still owe more on their mortgages than their homes are worth, according to a new report from Zillow. So-called "underwater" borrowers would have to pay money into their loans to get out of their homes. Another 9 million borrowers, while not entirely underwater, likely do not have enough equity in their homes to afford to move.

"When the market dropped, many people emerged with a life event prompting their need to move," said Todd Allen, a Realtor in Northern Virginia who has worked with several of these homebuyers. "Fortunately for many in the D.C. metro area, with higher incomes and lending guidelines softening a little, individuals and families were able to qualify for the purchase of a second home, but their new landlord status did not necessarily generate positive income. Often they incur a loss. Furthermore, many of my own clients have learned many other downfalls in being a landlord."

Arati Patel built a house in Greenville, S.C., in 2007, but when she was forced to move to Washington, D.C., for a new job, she knew she couldn't sell it for enough, so she put it up for rent. In the past several years, she had all kinds of trouble with tenants and even had to have one evicted.

"It was a bit of a nightmare because I don't live in Greenville. ... I have no desire to go back to Greenville because my life is in D.C.," says Patel. "It was a lot of coordination, and I am still trying to collect over $2,000 from my tenants." Patel finally ended up selling the home recently at a large loss. She didn't want to do a short sale because the process is long and risky, and she didn't want to damage her credit.

While there are no real estimates of how many "accidental landlords" now inhabit the housing market, Realtors say they are one more cause of today's low inventory issue. Usually a buyer is also a seller, making the transaction a wash in terms of inventory, but if the buyer is not a seller, and instead becomes a landlord, inventory takes a negative hit.

Home prices have been rising steadily, up more than 10 percent from a year ago, according to the latest reading from CoreLogic. Prices are still well below where they were during the housing boom, when so many people bought into the market. As millions come above water, others are far below. Forty-eight percent of borrowers in Atlanta are underwater, 37 percent in Miami, 54 percent in Las Vegas and 37 percent in Sacramento. It will take many years of price gains for these homeowners to see the light of equity.

See more on CNBC:
CNBC Explains: Housing Starts
What's an Underwater Mortgage?
CNBC Explains: Jumbo Mortgages

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What Does It Take to Be a Landlord

 

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]]>accidental landlordslandlordsrenters+rulesrentingunderwaterunderwater homeownersCNBC2013-05-24T14:30:00+00:00Defuse the Situation Before Landlord-Tenant Disputes Get Uglyhttp://realestate.aol.com/blog/on/how-to-avoid-landlord-tenant-disputes/http://realestate.aol.com/blog/on/how-to-avoid-landlord-tenant-disputes/http://realestate.aol.com/blog/on/how-to-avoid-landlord-tenant-disputes/#commentsFiled under: ,

police cars at scene of landlord-tenant dispute in hialeah florida

Landlord-tenant disputes happen with some regularity, but they can usually be tamed quickly and amicably. A little communication goes a long way, just like in any kind of relationship. The last thing you want to do is let a disagreement spin out of control. If you don't try to diffuse the situation early on, things can get ugly.

That's what happened between one landlord and his tenant on Thursday in Hialeah, Fla. The landlord fatally shot his tenant in the chest during a heated argument, WSVN-TV in Fort Lauderdale quoted authorities as saying. The tenant, a man in his 20s, reportedly was wielding a baseball bat when he confronted the landlord at a home the tenant had been renting. Police have not disclosed the cause of the argument, but NBC Miami reported that the tenant had been evicted from the home the day before. The landlord, who has not been identified, is not being charged with a crime, and the incident is being considered self-defense, police said.

Now this is an extreme example, but landlord-tenant disputes never have to go this far. With some simple precautions, there are ways in which landlords and tenants can avoid disputes. But in the case a dispute still arises, there are ways to stop it from escalating.

Avoid Disputes Altogether by Knowing Where You Stand

According to the Rentalutions blog, the primary cause of disputes between landlords and tenants is a misunderstanding regarding the lease agreement. To avoid this, before entering into a contract, landlords and tenants should thoroughly read through the entire rental agreement together and ask questions to ensure that each party has an understanding of their relationship and responsibilities. According to Rentalutions, if there is mutual understanding before the lease is signed, then the chance of a dispute arising later is significantly diminished.

If There Are Problems, Take Pictures and Keep Documentation

The less ambiguity, the better. According to legal site Nolo.com, landlords and tenants should keep copies of any correspondence and make notes of conversations about any problems. In the case of repairs, for example, tenants should write a letter requesting repairs and keep copies of that letter. The landlord should also keep a copy of the request letter, and keep documentation, receipts and pictures of when the issue was repaired.

The more hard "evidence" there is between parties when it comes to real estate matters, the less chance there is for blaming and "he-said, she-said" arguments. Anything less than hard-copied communication, according to Inman News, opens up a chance for miscommunication.

If an Altercation Arises, Communicate -- or Get Help

Keeping the communication lines open is key, but if talking it out just won't work, then get the issue resolved by using a local landlord-tenant dispute resolution service. Many cities offer landlord and tenant dispute services in order to prevent the situation heading to court, eviction -- or worse.

See more on landlord-tenant disputes:
Tenants of Complex Irate Over Mid-Lease Rent Hikes
When You Can Force Your Landlord To Listen To You
Tenants' Rights in Eviction: When Do Landlords Go Too Far?

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Find out how to calculate mortgage payments.
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]]>hialeah floridalandlord shoots tenantlandlord-tenant disputesrenters+rulesrentingAOL Real Estate Editors2013-05-23T16:12:00+00:00Your Perfect Apartment Might Not Be in Your Favorite Neighborhoodhttp://realestate.aol.com/blog/on/how-to-find-perfect-apartment/http://realestate.aol.com/blog/on/how-to-find-perfect-apartment/http://realestate.aol.com/blog/on/how-to-find-perfect-apartment/#commentsFiled under: , ,

Anyone who has been apartment hunting lately knows that just as the prices have changed, so have the rules. And in the country's most competitive markets, the process can be a blood sport. No matter where you want to hang your hat, experts advise being realistic about expectations and budget. There's nothing worse than falling in love with a neighborhood you can't afford.

When budget is an issue, experts suggest looking for an area with the same attributes as your dream 'hood, but at a lower cost. If you've fallen in love with the leafy but pricey streets of brownstone Brooklyn, for instance, you may find your money stretching farther in Jersey City, a lower-profile neighborhood with a similar vibe -- and, depending on where you land, killer views of Manhattan.

"I recommend people be open to areas other than Manhattan and to other parts of Brooklyn that are commuter-friendly," says Eric Benaim, founder of Modern Spaces, a Long Island City-based real estate firm.

Louise JordanFor Louise Jordan (pictured at left), 35, an account director with a public relations firm, that meant looking outside New York City. She had lived in the city for 11 years before moving to Sweden with her now-fiance for 16 months. When they returned to New York, they settled in the Brooklyn neighborhood of Greenpoint but soon found themselves wanting to replicate their quieter, greener situation in Gothenburg.

"Once I got back to New York, I was overwhelmed by how crowded and dirty it was [compared to Sweden]," she said. "I wanted to continue working in Manhattan but have my outdoor space." After looking around, they settled on the town of Irvington, just north of the city. There, they spread out in two bedrooms and two bathrooms, in a complex surrounded by nature and bike trails -- a luxury they couldn't afford in their former, hip Brooklyn neighborhood.

Considering an alternate neighborhood may also ease some of the stress of competition. Jordan recalled feeling pressured to take an apartment in Manhattan's East Village because her broker assured her that the place would be gone within minutes. In super-hot neighborhoods, it's not uncommon to come to a showing with a checkbook in hand, a credit report and references.

"If you come unprepared, they're not interested in you," Jordan said. "You have to prove yourself, because [landlords] can pick anyone." Benaim suggested that smaller landlords in lesser markets may be more lenient.

That was the case for Tina Awad, 52, who, after living in downtown Manhattan for 13 years, moved nearly 100 blocks north. A massage therapist who has her own business, Awad was in search of a rental where she could devote one room to patient care. Priced out of downtown, where most of her clientele lived, she sought an alternate neighborhood with good transportation. Her other challenge: Because she runs her own business, she lacked many of the employment documents that most landlords required for a background check.

But by seeking an independent landlord, she found one who reviewed her tax returns, found her income adequate and rented her a two-bedroom apartment on West 104th Street. "I think an owner-operated kind of building is more flexible, as opposed to the kind that has a doorman and all the brouhaha," she said.

See more about renting:
Rental Perks You Might Get -- If You Ask
When You Can Force Your Landlord To Listen To You
Most Renters Have Pet

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How to Negotiate an Apartment Lease

 

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]]>apartment hunting tipshow to find a perfect apartmentrenters+rulesrentingLana Bortolot2013-05-22T13:40:00+00:00Vacation Home Sales Sizzle, Rentals Booking Fasthttp://realestate.aol.com/blog/2013/05/21/vacation-home-sales-rentals/http://realestate.aol.com/blog/2013/05/21/vacation-home-sales-rentals/http://realestate.aol.com/blog/2013/05/21/vacation-home-sales-rentals/#commentsFiled under: , ,

By Diana Olick

In the kitschy community of St. Michaels on the Maryland shore, businesses are gearing up for the official start of the season, Memorial Day weekend. Trucks carrying dozens of bicycles are unloading into waterside racks and shopkeepers are moving their bright-colored wares out onto the sidewalks. For real estate rental agents, however, the hard work is largely done. The biggest houses already are booked.

"Those houses do tend to book up in January," said Deborah Lipscomb, owner of Eastern Shore Vacation Rentals. "Because of the Jersey Shore and the things going on there, we are seeing more of a demand for this area."

The recession hit homebuying in this area, which actually increased competition in the rental market, but that may be about to change. Low mortgage rates, returning consumer and investor confidence, and the new migration from New Jersey are all combining to turn this Maryland market around. "We're getting the calls again from people looking to really buy -- buy into the market and start renting again," said Lipscomb.

The impact of Hurricane Sandy is less apparent farther south on Hilton Head Island in South Carolina. "It's a great time to buy, it's a bad time to sell, is what I tell people," said James Wedgeworth, who has been selling real estate on the island for over a decade. "There is a light at the end of the tunnel. "The rental market on Hilton Head, which largely caters to the golfing set, has remained strong throughout the recession, likely because so few people wanted to buy. Confidence is slowly returning here, but prices are not.

"It hasn't really started going up, but at least it's not going down. We had seven straight years of prices going down. That's no fun," added Wedgeworth.

Vacation home sales rose 10 percent nationally in 2012, according to the National Association of Realtors, but as with all things real estate, location is key. Prices are just stabilizing in South Carolina, but in the tiny towns of eastern Long Island, N.Y., better known as the Hamptons, home prices are roaring back and rentals are fully booked for the season.

"We've seen bidding wars in the four-to-five-million-dollar range as well as in the overall market," said Laura Nigro, a real estate broker in Bridgehampton. "It's so much better than when the 2008, 2009 economy shrank and people were very much afraid to invest in anything." Nigro pointed to the potential of rising mortgage rates as the key driver. She said the Hamptons are not seeing too many migrants from the Jersey Shore. The newest clients are coming from much farther away: China.

"In the Hamptons, there is a new influx of Chinese buyers. In the past, they haven't been prevalent in this Hampton marketplace, but this season, for whatever reason there is, they are out looking for properties," she said. Neither the Chinese nor the locals seem particularly concerned about more storms coming to the coast. Potential buyers are, however, looking more closely at FEMA flood requirements and coastal erosion zones, according to agents, but they are still ready to buy.

On Hilton Head, James Wedgeworth said clients are asking more questions about storms, but he has the perfect answer: "If you look at a NOAA map of all named hurricanes since 1950, the safest place, believe it or not, is Jacksonville, Fla., to Hilton Head. For whatever reason, they always hit up north."

See more on CNBC:
Fannie Mae in the Black: Now What?
America On the Move
Apartment Growth to Boom

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How to Decide If You Should Purchase a Vacation Home


 

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]]>buying a homebuying a vacation homehome+buyingvacation homesvacation rentalsCNBC2013-05-21T15:00:00+00:00Airbnb Ruled Illegal in New York Cityhttp://realestate.aol.com/blog/on/airbnb-ruled-illegal-in-new-york-city/http://realestate.aol.com/blog/on/airbnb-ruled-illegal-in-new-york-city/http://realestate.aol.com/blog/on/airbnb-ruled-illegal-in-new-york-city/#commentsFiled under: ,

Airbnb home page

New York City has effectively deemed the vacation rental website Airbnb illegal with a finding that a man there broke the law by renting out his apartment through the service. A judge arbitrating the case for the city's Environmental Control Board declared that using Airbnb violated New York's illegal hotel law, reported The Verge news site. That law prevents citizens from renting out their properties for less than 29 days -- a law established to stop landlords from turning residences into hotels.

According to CNET, the administrative law judge's May 10 decision -- fining New Yorker Nigel Warren $2,400 for violation of the hotel law -- doesn't necessarily mean that citizens with active Airbnb listings should close shop: The law is only actionable as a secondary offense. In other words, the city will only enforce the rule if a complaint is filed. Warren had faced a $7,000 fine for violating building and zoning codes in addition to hosting guests in his condo via Airbnb, and CNET added that it's not clear why Warren was investigated, but he did have a housemate at the time of the renter's stay.

Airbnb told CNET in a statement that it was not happy with the city's decision saying that the illegal hotel law shouldn't be applied to "occasional hosts" like Warren, who are not trying to run illegal hotels in their homes but are simply "trying to make ends meet." In fact, Airbnb argued that the online service "supports the city's desire to preserve living accommodations because it allows tenant the ability to bolster their income and pay rent."

Currently, there are over 1,000 listings available in New York City through Airbnb, Business Insider reports. Airbnb said it will continue the fight to ensure that New Yorkers are able to occasionally rent out their homes.

See more about rental rules:
Tenants of Manhattan Complex Irate Over Mid-Lease Rent Hikes
When You Can Force Your Landlord To Listen To You
Tenants' Rights in Eviction: When Do Landlords Go Too Far?

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Facebook's Mike Curtis Joins Airbnb

 

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]]>airbnbAirbnb illegal in New Yorkhome sharingillegal apartment rentalsillegal hotel lawnigel warrenrenters+rulesvacation rentalsAOL Real Estate Editors2013-05-21T14:17:00+00:00Tenants of Manhattan Complex Irate Over Mid-Lease Rent Hikeshttp://realestate.aol.com/blog/on/tenants-manhattan-midlease-rent-hikes/http://realestate.aol.com/blog/on/tenants-manhattan-midlease-rent-hikes/http://realestate.aol.com/blog/on/tenants-manhattan-midlease-rent-hikes/#commentsFiled under: ,

Rent protest Stuyvesant Town-Peter Cooper Village

Tenants of a New York City apartment complex are fuming after its owner raised their rents -- some by more than $1,000 a month -- in the middle of their leases, WABC-TV in New York reported. Residents of the Stuyvesant Town-Peter Cooper Village complex on the east side of Manhattan got the surprise rent hikes when notices were slipped under their doors. Four thousand units are being affected by the increases.

The rent hikes are part of a longstanding court battle between tenants and building management. In 2009, tenants won a fight against Tishman Speyer, then-owner of the complex, charging that many apartments were illegally deregulated under rent-stabilization laws. The tenants were given a temporary agreement to lower rents. But a permanent settlement was reached in November, allowing the current owner, CW Capital, to raise rents on 4,000 units, according to the Daily News. Now the notices give those residents two weeks' notice that their rents will be raised anywhere from hundreds of dollars to $1,100 a month starting June 1. (The complex has 11,200 units.)

"We signed a two-year lease, we've been here for one year and our rent just went up $700," tenant Heidi Fredrick told WABC-TV. Another tenant, Jennifer Lutz, had a $1,000 hike on her rent. "Oh, there's no way -- it's $1,000," Lutz told WABC-TV. "That's $12,000 a year."

Tenants are reportedly planning to protest the rent increases, and they are even considering a rent strike. "It is simply unfair and disrespectful, and we are tired of people treating this community like an ATM," New York City Councilman and Peter Cooper Village resident Daniel Garodnick told the Daily News. "Make no mistake about it. These increases are eviction notices."

CW Capital said in a statement that in recognition of the hardship the short-notice rent increases causes for some residents, the company is willing to give them a 30-day extension until July 1 to decide whether they will pay the rent hikes or move out.



See more on landlord disputes:
When You Can Force Your Landlord To Listen To You
Gun Owner Sean Blakley Says Landlord Is Evicting Him Over Firearms
Tenants' Rights in Eviction: When Do Landlords Go Too Far?

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Find homes for rent.
Find out how to calculate mortgage payments.
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]]>landlord disputesrent controlrenters+rulesrentingStuyvesant Town-Peter Cooper Villagetenants rightsTishman SpeyerAOL Real Estate Editors2013-05-17T15:00:00+00:007 Instances When Renter's Insurance Can Really Save Youhttp://realestate.aol.com/blog/2013/05/15/when-you-need-renters-insurance/http://realestate.aol.com/blog/2013/05/15/when-you-need-renters-insurance/http://realestate.aol.com/blog/2013/05/15/when-you-need-renters-insurance/#commentsFiled under: ,

By Allison Kade

As many Northeasterners learned from Hurricane Sandy, a natural disaster can strip you of your worldly belongings without warning. Similar lessons have recently resounded all around the country, from wildfires in Colorado to major blizzards in the Midwest. And many renters are unprepared.

Generally speaking, your landlord's insurance will cover repairs to the property, but not your belongings or the cost of living elsewhere if you have to leave during repairs. (Your landlord is only responsible to you if he was aware of unsafe conditions and didn't fix them in a reasonable time frame.) For roughly $300 a year, however, a basic renter's insurance policy will cover about $50,000 in property damage. As with all insurance policies, renter's insurance covers certain things and not others. We spoke to real people who benefited from renter's insurance to learn what they were most grateful for. Here are seven times you need renter's insurance:

1. When There's a Disaster

Renter's insurance will cover property damage caused by fire, smoke, windstorms, lightning, explosions, electrical surges, snowstorms and certain kinds of water damage. It's tempting to think you don't have anything valuable enough to require insuring, but think about all the little things. How much would it cost to replace your dining room table? Your microwave? Your bed? Your work wardrobe? Your winter boots?

In the final year of her MD/PhD program, Christine Tsien Silvers moved to a temporary place and stored 80% of her belongings in her basement. When nobody was home, a washer hose broke, resulting in 12 or more inches of water in the basement. "My renter's insurance covered the replacement cost of all my things that got ruined," Silvers says. To gain a sense of how much all your items are worth, play around with this home inventory tool.


2. When Someone Breaks Into Your House

Standard renter's insurance policies also cover your belongings in case of theft. When Beth Lacey Gill first bought renter's insurance, she says, "I felt like it was wasted money." But then, when someone broke into her house and stole her laptop, TiVo, camera equipment and jewelry, she says, "I was so lucky I had it." Her insurance company covered a portion of the damage immediately and paid the remaining costs after she bought replacement items, including a new laptop with all the software it needed.

To make things easier on yourself down the road, take photos of any expensive items, like a TV or computer, to use later as evidence.

3. When Someone Vandalizes Your Place

Whether a burglar smashes things or an estranged lover breaks into your home and wrecks all your belongings, renter's insurance will typically help you cover the cost of items damaged by vandalism.

4. When Someone Steals Your Stuff ... Even Away From Home

Your belongings aren't only protected in your home, but also if they get stolen outside the house. Krista Van Lewen had two expensive bikes and some stereo equipment stolen from a garage and a storage room in San Francisco. "I was thrilled to only have a $100 deductible in order to replace that [$1,500] bike," she says.

The same thing happened to Carl Hultgren, an avid cyclist. Both of his bikes were stolen from his business, and renter's insurance covered them both. "I went through a pretty simple process and within a month, I got a check for $9,000," he says. "I am very thankful that my wife added the insurance to her auto policy!"

5. When You Have to Stay Elsewhere While Your Home Is Being Fixed

Where are you supposed to go if your place is no longer livable during repairs? Renter's insurance will generally cover your housing costs if your rental unit is damaged and you have to live elsewhere in the meantime.

In 2007, Barbara Adolph was renting a cabin that was struck by a fast-moving forest fire in California. "My place did not burn, but I was evacuated for days and had lots of smoke and soot damage," she says. "Renter's insurance was great and paid for my out-of-pocket expenses and to clean my place."

6. When Someone Hurts Himself at Your House

Renter's insurance can cover your legal liability, as well. If someone gets injured at your home, your policy will likely cover the claimant's medical expenses and costs from any resulting lawsuits. Generally, renter's insurance will cover your legal expenses and any court reward up to $100,000.

Jim Angleton was helping his daughters move into their first post-college apartment in Tallahassee, Fla., and their renter's insurance was already in effect. The apartment didn't have an elevator, so they had to get everything up two flights of stairs. When he helped his daughter move a cabinet, he says, "she lost her grip and the entire piece began to rest upon me." As a result of the weight, Angleton clenched his teeth and heard a pop. His tooth was split in half and he had to have emergency oral surgery. His medical costs were $7,500, but he was 100 percent covered under the accidental medical coverage of his daughters' renter's insurance policy.

7. When You Damage Someone Else's Property

The liability protection doesn't end with what happens in your home. Your policy covers you if you damage other people's property -- like, for example, if you break a neighbor's window while playing baseball in the street.

Now read about seven renter's insurance loopholes you should know about at LearnVest.com.

See more on LearnVest.com:
How One Woman Created a Zero-Waste Home
Should I Stay or Should I Go? Expert Tips on Home Selling
How an Energy Audit Saved Us $2,400 a Year

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Find out how to calculate mortgage payments.
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]]>rental policiesrenters insurancerenters+rulesrentingLearnVest.com2013-05-15T08:00:00+00:00When You Can Force Your Landlord To Listen To Youhttp://realestate.aol.com/blog/2013/05/13/how-make-landlord-enforce-apartment-rules/http://realestate.aol.com/blog/2013/05/13/how-make-landlord-enforce-apartment-rules/http://realestate.aol.com/blog/2013/05/13/how-make-landlord-enforce-apartment-rules/#commentsFiled under: ,

posted rules on laws governing community cleanliness

Most renters find landlords to be a mixed blessing: great when they take care of clogged drains or leaky ceilings, abysmal when they don't. If you live in a multi-unit dwelling, your landlord will have to comply with certain regulations outlined in each state's tenants' rights code. These will include rights such as non-discrimination, as well as obligations to maintain, repair and secure the premises, and, depending on the city and state, provide heat and hot water, locks and abatement for nuisances such as rodents or bugs.

But there may be instances in which a landlord's performance falls short of his obligations, or that quality of life issues such as noise, smoking and pets are routinely ignored. What's a tenant to do? Plenty, it turns out. Serious complaints that continue to be ignored may be filed in housing court, but many issues can be handled through mediation between tenants and landlords.

When upstairs neighbors kept a tenant awake all night, the resident appealed to her landlord for relief. The lease for her apartment in the Queens borough of New York City contained a common provision that 75 percent of its floor be covered by carpet. The tenant, who asked to be identified only as "Tina" because of her ongoing landlord issues, gathered some intelligence on her own and confirmed that, indeed, her neighbor was bare-floored -- but not bare-footed.

no smoking sign in apartment building courtyardTina wrote a series of letters to her landlord, convincing him to perform an inspection and enforce the house rules. When the stomping tenant upstairs refused to cooperate, the landlord started the eviction process. The situation was resolved when the tenant decided to move. Tina, whose second-floor apartment faces a landscaped courtyard, also was bothered by smokers hanging out below her windows. She asked her landlord to enforce a non-smoking policy in the courtyard. She was lucky he did. (He put up the "no smoking" sign pictured at left.)

Tenants should know the difference between a law, a provision of a lease and a nuisance before taking action, said real estate attorney Dean M. Roberts of Norris McLaughlin & Marcus, P.A. Not all are enforceable. And, he warned, people often lose out when the law doesn't keep up with social norms. "The biggest dilemma is with nuisance cases," he said. "Most people are happy to complain to the landlord but are not willing to take a day off and testify, because they're concerned about retaliation."

When the landlord won't cooperate, however, some tenants are forced to take matters into their own hands. Yvette Duran, a long-time renter in Manhattan's East Village, organized a tenant's association in her building when, she said, repeated maintenance requests were ignored. A massive construction project made matters worse, Duran said, with unsafe work conditions added on top of the other problems.

construction debris in hallway"The hallways were a mess -- they weren't cleaning properly. The garbage wasn't taken care of. They just didn't care," Duran said. (Her hallway is pictured at right after construction work.) "We just wanted to get an agreement that they would be there 9 to 5, keep it clean and be responsible. Then it turned into something bigger and they pretty much forced our hand to go to court." The tenants spent more than a year in housing court and an estimated $70,000 in legal fees.

Duran said that they won a yearlong agreement from the landlord, but as soon as it expired, the conditions worsened. She and her fellow tenants continue to document conditions in case they have to go back to court for a second round of hearings. "We use that to remind them we are still here and we will go back to court if we have to," she said.

What you can legally enforce: Repairs; maintenance; pest abatement; provisions of certain safety features such as carbon monoxide and smoke detectors, as well as window guards; provision of utilities and trash removal; abatement of mold; rodents and pests; lead paint in certain households.

What you can likely enforce: Smoking policies in communal areas; recycling; house rules on pets and carpet coverage; use of laundry facilities and other common areas; provision of mail services; use of illegal substances by other tenants.

What you cannot (easily) enforce: Noise complaints; substance abuse by other tenants in common areas; overcrowding (more occupants than the apartment is intended); some pet policies.

More about tenants' rights:
Who's Responsible for Mold in Your Apartment? (VIDEO)
Gun Owner Sean Blakley Says Landlord Is Evicting Him Over Firearms
Tenants' Rights in Eviction: When Do Landlords Go Too Far?

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How to Negotiate an Apartment Lease

 

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]]>apartment policieslandlord ruleslandlordsrental agreementsrenters+rulesrentingtenants rightsLana Bortolot2013-05-13T15:54:00+00:00Urban Compass Wants to Steer the Rental Industry in New Directionhttp://realestate.aol.com/blog/on/urban-compass-ori-allon/http://realestate.aol.com/blog/on/urban-compass-ori-allon/http://realestate.aol.com/blog/on/urban-compass-ori-allon/#commentsFiled under: ,

Urban Compass advertisement

An apartment-finding tool may not sound like a novel startup idea -- especially for a developer who's already sold two companies to the likes of Google and Twitter -- but Ori Allon has decided to place a bet.

Launched Wednesday, Urban Compass allows users to search rental listings by price, location and number of bedrooms, Business Insider reported. It charges a broker fee for the apartment-finding service, but it's one that's much lower than the typical fee: the equivalent of one month's rent. Some features that truly set this platform apart from others like Craigslist or Hotpads is it will allow prospective tenants to see who's moving in and out of apartments in real time and find surrounding venues that might interest them.

The apartment-finding tool is Manhattan-centric at the moment but Allon reportedly plans to expand Urban Compass to other cities soon. Also on the company's horizon is a feature that will allow Urban Compass to accept rent from tenants on behalf of landlords.

Urban Compass was able to raise $8 million in seed money and hire 63 employees, some of whom came from Google, Twitter and Microsoft. Among its deep-pocketed investors is Goldman Sachs, which doesn't typically mess with startups. Allon also plans to draw in major real estate companies. He hopes this will generate interest among perspective tenants. He expects Urban Compass to snag 20 to 30 percent of the real estate market in the area.

See more on apartment hunting:
10 Tips for Finding Your First Apartment
Do-It-Yourself Ideas for Small Apartments
Apartment Guru: Make the Apartment Search Less Painful

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Top Tech For Grads Moving Into Their Own Place

 

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]]>apartment finderapartment huntingGoldman Sachsmanhattanmanhattan real estateori allonrenters+rulesstartupurban compassMariya Pylayev2013-05-09T11:29:00+00:00Rental Perks You Might Get -- If You Askhttp://realestate.aol.com/blog/2013/05/01/rental-perks/http://realestate.aol.com/blog/2013/05/01/rental-perks/http://realestate.aol.com/blog/2013/05/01/rental-perks/#commentsFiled under: ,

perks can come with a rental lease agreementBy Doug Mack for MyFirstApartment.com

Most apartments will never come with the same perks as hotels. No room service. No wake-up calls. No daily housekeeping. No fancy soap in the bathroom or mint on your pillow. But while your typical apartment lacks these instant-gratification niceties, many come with at least one or two alluring perks of their own. A yard, rooftop deck or other outdoor space for hanging out. A pool or fitness room. On-site laundry (or even that elusive, magnificent find: free on-site laundry). Most of these amenities are well-advertised as part of the landlord's sales pitch. Other perks, for various reasons, aren't offered, and you have to ask for them. There's no guarantee your landlord will say yes to any of these extras, but it's worth making the inquiry.

Parking and storage: In all buildings, particularly in big cities, space is at a premium. Income-generating use (that is, rentable space) typically gets priority over everything else -- hence the tiny studio apartment wedged into the basement corner, just past the mechanical room. Even in these buildings, though, there may well be a parking spot or two in back, or a storage room down a dank hallway. If they exist, however, there's probably not enough space for everyone in the building. So how can you grab one of the spots? It may be as simple as just asking. You may have to settle for putting your name on a waiting list, or you may have to pay a nominal additional monthly fee, but at least you'll end up with more options than you had otherwise.

Permission to have pets: You've found your dream apartment, and the price is perfect, too. But the fine print of your lease bars your four-legged companion from living there. Bummer. Don't walk away quite yet. As with all the lease terms, it's worth asking the landlord directly if there's any flexibility. Sometimes, especially if you're dealing with a landlord who owns just one or two properties, the lease may be all boilerplate that even the landlord doesn't wholly understand (and didn't draft). Explain that your pet is well-behaved and you're a good neighbor. (Now would be a good time to provide references from previous places you've lived). And know that even if your landlord gives the OK, you may be charged slightly higher rent or an additional damage deposit. If you're renewing an existing lease and decide to get a pet, you have an even better bargaining chip: You've already established yourself as a responsible renter. The landlord knows you, trusts you and most likely doesn't want to lose you.

Incentives for referring a friend: Your friend needs a new apartment. There's one available in your building. Sweet! Your pal gets a place to live, and you get a cool new neighbor. Don't forget one more perk: Some landlords and management companies offer referral incentives (say, $50 or $100) if you find them a new renter. Ask the landlord upfront, before your friend signs the lease, just so it's clear that you really did recruit this new tenant. And, of course, if your landlord does give you something, it's only fair to offer your pal a cut; at the very least, buy him or her a cup of coffee as you show off the new neighborhood.

New appliances/fixtures: That rusty refrigerator or broken sink in an otherwise awesome apartment doesn't need to be a deal-breaker -- if the landlord is willing to replace it. Explain your concern and make the case: The sink seems like it's going to fall and cause a flood, or the refrigerator's obvious problems are going to result in your calling the landlord to fix it on a weekly basis. Obviously, you can't go overboard: No landlord is going to redo the bathroom just because you asked.

Getting first in line for another unit: You like your landlord and your neighborhood, but not your current living arrangement. Your unit is too small, too big or too expensive. Something's not quite right. Ask your landlord to notify you of any openings in the building -- or any others under the same ownership -- and put you first in line for other units that better meet your needs. You may be able to upgrade without the hassle of application fees or a new rental deposit.

Lower rent if you sign a longer lease: A standard rental lease is 12 months; often, when you renew, the landlord will give you the option to sign on for another year or switch to month-to-month, which costs more but gives you more flexibility if you're thinking about moving. But what if you're quite happy staying put and have no desire to live anywhere else for the foreseeable future? Ask your landlord about longer leases -- not just one year but two or more. You might catch him or her by surprise (such leases aren't terribly common), but if the answer is yes, you could end up saving a nice chunk of change.

With all of these perks, the key is to ask nicely. Don't be too pushy. Not all landlords can or will offer all or any of the things listed above. And do your research to know what's reasonable; get advice and guidance from friends in similar circumstances or other tenants in the same building. You're asking for something extra, so you need to have the confidence and knowledge to make your case.

See more on Zillow:
5 Steps for Decorating Your First Apartment
How to Know an Apartment Is Right for You
Tips for Long-Distance Apartment Searches

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Home Renting: The New American Dream?

 

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]]>lease agreementnegotiating rental termsrental perksrental savingsrenters+rulesrentingZillow2013-05-01T14:00:00+00:00In Seattle, a Backlash Against Tiny Apartment Crazehttp://realestate.aol.com/blog/2013/05/01/seattle-tiny-apartments/http://realestate.aol.com/blog/2013/05/01/seattle-tiny-apartments/http://realestate.aol.com/blog/2013/05/01/seattle-tiny-apartments/#commentsFiled under: ,

Kris King's tiny apartment, seattle

By Phuong Le

Developers in Seattle have been leading the U.S. in building hundreds of tiny apartments -- some about the size of a generous parking spot -- to cater to solo young workers, retirees who prefer city living, students and others looking to downsize.

Now, some residents are complaining that micro-apartments crowd too many people together, aren't compatible with some neighborhoods, don't encourage people to put down roots, and circumvent a design review process meant to get public input. They're pushing for a building moratorium and more regulation of such projects.

"They're maxing out what they can do under the land use code," said Patrick Tompkins, who lives in the Capitol Hill neighborhood where some projects have replaced single-family homes, sometimes without much warning. The city code allowing such tiny units has been around for at least three decades, but micro-apartments have taken off in the last three years, said Bryan Stevens with Seattle's planning department. "It's really coincided with the recession. Apparently there's pent-up demand," he said.

Since 2006, the city has permitted 48 micro-housing projects. If all are built, they would yield living quarters for about 2,300 people. The micro-apartments range from 150 to 200 square feet for single occupants, with rents running about $500 to $700 a month and often include utilities, furnishings and Internet. Seattle code allows up to eight unrelated people to live in one dwelling unit, as long as they have their own individual living quarters and a shared kitchen. Projects meeting this threshold aren't required to undergo design review, which upsets opponents like Carl Winter.

Kris King's tiny apartment, seattle

Winter, who supports a moratorium, isn't opposed to the projects but believes they can be built with more neighbor input. The city is providing an incentive for builders by not enforcing the normal regulations, he said. Supporters, including Mayor Mike McGinn, however, say the micro-apartments provide transit-friendly, affordable options for people who don't need a lot of space and want access to urban amenities.

The mayor doesn't support a moratorium, said McGinn spokesman Aaron Pickus, but "we are taking a close look at the process for approval." City councilmembers are also weighing possible changes. A public forum is planned in coming weeks.

In Seattle, about 41 percent of residents live alone, according to 2011 census figures. That makes such units appealing for some tenants, like Kris King. Though King (pictured above at home) was initially shocked by the size of the tiny apartment he rented in Seattle's First Hill neighborhood, it had everything he needed: It was walking distance to work, fit his budget and put him close to downtown for less. Other apartments in the area could easily top $1,000 a month.

"I don't make a ton of money. This was appealing because it was affordable and it gave me access to a downtown market," said King, 36, who works as a counselor at a downtown Seattle homeless service center and pays $750 for his unit, roughly 120 square feet, which includes utilities and Internet. There's a demand for micro-housing because more people are living in single households, said John Infranca, research fellow at the Furman Center for Real Estate and Urban Policy at New York University Law School. He is co-writing a report on smaller housing units in cities across the country, including Seattle.

"People are getting married later, divorcing at a higher rate, delaying marriage for several reasons, or are older individuals outliving spouses," he said, adding that "on a square-foot basis, it's not affordable, but it's more affordable than other studio and one-bedroom apartments."

Copyright 2013 The Associated Press. The information contained in the AP news report may not be published, broadcast, rewritten or otherwise distributed without the prior written authority of The Associated Press. Active hyperlinks have been inserted by AOL.

See more:
Yep, It Can Get Smaller: A 130-Square-Foot Apartment in Paris
Tiny House Movement Spawns Whole Communities of Mini Homes
Tiny House for Sale in Arkansas Has Everything But Room

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Top Tiny Apartments You Won't Believe

 

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]]>First Hill apartmentsmicro-apartmentsSeattleSeattle tiny apartmentstiny homesThe Associated Press2013-05-01T11:30:00+00:00Survey: Most Renters Have Pets, Despite the Restrictionshttp://realestate.aol.com/blog/on/survey-most-renters-have-pets/http://realestate.aol.com/blog/on/survey-most-renters-have-pets/http://realestate.aol.com/blog/on/survey-most-renters-have-pets/#commentsFiled under: ,

Cat, most renters have pets

Despite the fact that the overwhelming majority of renters have pets, the hassle of trying to find a pet-friendly building doesn't have tenants purring. According to a new Apartments.com survey, 75 percent of renters said they own pets (mainly cats and dogs), which is a significant spike from only 43 percent who said so a year ago. But despite that large percentage, most are still finding it difficult to find buildings with pet-friendly options, the survey shows.

The majority of the 1,100 renters surveyed by Apartments.com have encountered strict restrictions as to the types of pets that they're allowed to have in their apartments -- if they're even allowed them at all. More than 60 percent of respondents revealed that they struggled to find pet-friendly accommodations. Of those who did, 63 percent said that they had to pay a one-time "pet deposit" or expensive monthly fees in order to keep their furry friends.

"Clearly, pets are a deal-breaker for many, and apartment buildings with more flexible pet policies will be the ones to attract this growing group of pet-owning renters -- and possibly keep them for a longer period of time," said Tammy Kotula, a spokesperson for Apartments.com. "Nearly all pet owners surveyed said pet policies play a major role in their decision of where to live."

But, according to Kotula, many landlords and animal-free neighbors are increasingly recognizing that pet owners are, for the most part, "responsible and respectful neighbors." Our take is that owning a pet while renting shouldn't be too much of a problem, as long you're willing to cough up the fees -- and refrain from turning your apartment into a pet's wonderland.

See more about pets in apartments:
California Law Bans Landlords From Requiring Declawed, 'Devoiced' Pets
Condo Owner in Dog Fight to Keep 'Prescription Pet'
Snakes, Alligators and Other Exotic Animals Found Inside Brooklyn Apartment

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Apartment Home Living Pet Tip - Keep Pets Leashed

 

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]]>landlordsliving with petspet-friendly buildingspet-friendly rentalspetsrenters petsrenters+rulesrentingAOL Real Estate Editors2013-04-29T18:15:00+00:00Who's Responsible for Mold in Your Apartment? (VIDEO)http://realestate.aol.com/blog/on/mold-apartments/http://realestate.aol.com/blog/on/mold-apartments/http://realestate.aol.com/blog/on/mold-apartments/#commentsFiled under: ,

video platformvideo managementvideo solutionsvideo player

Imagine your own home making you sick. When mold -- and we mean more than that stuff growing on your month-old sandwich in the fridge -- starts taking over your apartment, it can cause serious health problems, such as nausea, fatigue, rashes, hemorrhaging and asthma. So if you've got a mold problem in your apartment, what do you do?

mold in apartment of Paul BloomClick2Houston.com recently fielded several questions from viewers complaining about mold in their apartments and asking what to do about it. One such viewer was Paul Bloom, who says that he was getting sick from all the mold inside the walls of his apartment. He had black mold growing up the apartment's walls and on the floor. "I've had the fatigue, joint pain," Bloom told Click2Houston.com of the effects of the mold.

Unfortunately, there are no federal guidelines outlining acceptable levels of mold in apartments. And only a few states have rules on the books pertaining to such a problem. California, for example, allows tenants to pay outside professionals to remove mold from their apartments and deduct the cost of services from their rent. However, in most cases, landlords protect themselves by providing tenants with information on how to remove mold with soap, water and a little bit of scrubbing, Click2Houston reported.

Here's what landlords are responsible for: maintaining habitable conditions for tenants. If the mold in an apartment has occurred because of a landlord's failure to fix leaks, for example, then you may be able to hold the landlord liable for the mold problem, according to legal site NOLO.com. But if the mold grew because of something you, as the tenant, did, then you could be held liable for the costs of damage. See what else you can do to battle mold in your apartment in the video above.

See more about mold:
More Than 100 Tenants Evicted Due to Mold
Mold: Where It Can Hide in Your House
Dealing With Mold in a Rental Apartment

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]]>how to remove moldmoldmold in apartmentsrenters rightsrenters rights moldrentingAOL Real Estate Editors2013-04-29T16:30:00+00:00Renting vs. Owning: How Do You Know Which Is Right for You?http://realestate.aol.com/blog/2013/04/25/renting-vs-owning-which-is-right-for-you/http://realestate.aol.com/blog/2013/04/25/renting-vs-owning-which-is-right-for-you/http://realestate.aol.com/blog/2013/04/25/renting-vs-owning-which-is-right-for-you/#commentsFiled under: , , ,

By Benjamin Feldman

At this time, when housing prices are starting to rebound and interest rates are still very low, a lot of people are saying that you should buy a house in 2013. But is homeownership the right choice for your finances? The answer, of course, is "it depends." However, for many of us there is a clear answer based on where we live, how much money we have saved up, and what our future plans are.

The "Rent vs. Own" debate has been raging for decades, and will no doubt continue for many decades to come. Here are some important factors you should consider to help determine whether renting or owning a home is the right decision for you.

Basic Market Trends

Have you ever heard the saying that the three most important criteria in setting the value of a home are "location, location, location"? Well, that remains true today, but they might want to add: "timing, timing, timing."

Anyone who watched the gut-wrenching rise and fall of the housing market during the past 10 years can readily attest to the fact that timing has a lot to do with whether a house purchase becomes a good investment or metaphorical anchor tied to your finances.

Just looking at a graph of the Case-Shiller index shows how rapidly home values can increase and decline. The line on the graph looks like a roller coaster -- it goes up and up and up and then drops back down, all in the span of a few years. You want to avoid buying a house at the peak of a housing bubble, obviously!

But how to avoid it? To help you navigate these market variations, I'd recommend using something called the "price-to-rent" ratio. This is a formula that takes into account the price of renting versus the cost of buying in your area (with many factors included) and gives you a sense of whether the market dynamics favor buying or renting. If are trying to evaluate this, look online for some handy calculators/charts/graphs that show you the price-to-rent ratio for your city. Also remember that interest rates for mortgages fluctuate over time and it's always better to lock in a low interest rate if you can.

Your Financial Picture

One of the main considerations you have to make is this: does your current financial picture put you in a strong position for home ownership? If not, then buying a house will not be a good idea no matter what the market trends indicate.

To evaluate your finances and see if you're prepared for homeownership, you'll need to sit down and look at all your financial accounts as well as your income and expectation of future earnings (not to mention job security).

First, look at any debt you have and calculate how long it would take you to pay it off. If you have a lot of consumer debt and especially if you're struggling to make your monthly payments, then this may not be a good time for you to buy. After all, homeownership is a big commitment, and if things go wrong you can end up on the hook for a big loan. You also won't be able to secure a good interest rate if your debt to income ratio is high.

With student loan debt -- something Americans of all ages are dealing with right now -- you can certainly buy a house as long as the monthly payments will not overwhelm you.

Your job security is also a very important factor because, as many people found out during the recession, losing a job while paying a mortgage can be extremely stressful and unpleasant. You can wind up being tied to a location that doesn't have good job prospects, burning through your savings, and possibly losing your house (and equity). So think carefully about any potential threats to your job and career before making the leap into homeownership.

How Much Do You Have Saved Up?

Assuming that you're not worried about debt paydown or losing your job, then the most important factor to consider is how much savings you have. Many home purchases require 10 percent or 20 percent as a down payment on a mortgage, and while there are programs for first-time homebuyers and other ways to lower your down payment to 5 percent (or even 3 percent in some cases), that will increase your monthly payment because it will mean your total loan amount will be larger.

The right down payment amount and home loan amount for you will depend on the factors mentioned above, but in general it's better to have a lot saved up before you apply for a mortgage If you have enough for a 20 percent down payment, you can feel more confident because (A) you're more likely to be approved for a loan and (B) your monthly mortgage payments will be lower. That can make all the difference in your foray into buying a home.

What Are Your Future Plans?

One of the things you always hear people talk about is that it doesn't make sense to buy a house if you plan to move in the next five years -- and this is absolutely true. Why? Because buying a house requires lots of fees and "transaction costs" -- these costs are unavoidable and can total up to 5 percent of the cost of the house or more.

That means if you buy a house and then quickly sell it again you'll have to pay both the costs of buying and the costs of selling (usually a 6 percent commission for the real estate agent who sells your property) in a short time period. And you won't live in the house long enough to enjoy the financial benefits of homeownership, such as appreciation in your home's value.

It still depends on the individual situation, of course, but the general rule is to avoid buying if you expect you'll need or want to move anytime soon. Ultimately, if you consider all the factors and determine how homeownership can affect your credit score, you will make a good choice.

See more on Credit.com:
Can You Really Get Your Credit Score for Free?
The First Thing You Must Do Before Buying a Home
The Ultimate Credit Report Cheat Sheet

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Should You Rent or Buy a Home?

 

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]]>buying a homemarket timingRent vs buyrent vs ownrentingCredit.com2013-04-25T10:15:00+00:00Landlord Dennis Alan Van Dusen's Smoke Detectors Hid Spy Camerashttp://realestate.aol.com/blog/on/dennis-alan-van-dusen-spies-tenants/http://realestate.aol.com/blog/on/dennis-alan-van-dusen-spies-tenants/http://realestate.aol.com/blog/on/dennis-alan-van-dusen-spies-tenants/#commentsFiled under: ,

Dennis Alan Van Dusen's smoke detector conceals camera

A landlord in Chevy Chase, Md., has pleaded guilty to spying on female tenants living in his suburban home and watching them have sex. Dennis Alan Van Dusen, 64, stuck hidden cameras inside smoke detectors in the home to record his tenants' intimate moments with their boyfriends and also filmed them through windows, NBC Washington reported. Van Dusen, a Harvard-educated lawyer, was convicted of a misdemeanor and faces sentencing in July.

Dennis Alan Van Dusen spy camera video"He's a modern-day Peeping Tom," Montgomery County state's attorney spokesman Ramon Korionoff told NBC Washington. "He stole not only these women's privacy, he stole their peace of mind." One of the victims expressed disbelief that Van Dusen's crime was classified as a misdemeanor. "The criminal justice system needs to keep up with technology," the victim, who asked not to be identified, told WUSA-TV in Washington, D.C.

According to prosecutors statements to local media, Van Dusen's spying was discovered by one of the victims when she noticed that the smoke detector in her room was not flashing and beeping like the other detectors in the home during power outages. The victim had read an article in Cosmopolitan magazine about other landlords using fake smoke detectors to spy on tenants and that's when she checked out the smoke detector in her room and found the cameras.

The Washington Post reported that Van Dusen was accused of charging below-market rents of $600 or less to entice female tenants to live in the home, though Van Dusen denied this. His home is reportedly worth $1.1 million. Police searched Van Dusen's house and found sexual images on his computer, the Post said. Prosecutors have said they are seeking an 18-month jail sentence for Van Dusen. According to the ABA Journal, two of Van Dusen's tenants are pursuing lawsuits against him.

Unfortunately, stories of electronic spying landlords aren't uncommon. In a prominent case from October 2012, a landlord in tony East Hampton, N.Y., was accused of using hidden cameras to spy on a family "in the nude" and capture their "bedroom activities." The family was suing for $4.6 million. And a second lawsuit reportedly was filed against the landlord, Donald Torr, in January by a different family -- seeking $14.1 million.

View more videos at: http://nbcwashington.com.

See also:
Tenants: Keep Your Landlord in Check
Gun Owner Says Landlord Is Evicting Him Over Firearms
Tenants at Brooklyn's Greenpoint Hotel Battle Squalor and Landlord

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]]>chevy chase marylandDennis Alan Van Dusenlandlord hidden cameraslandlord spying on renterslandlordsPeeping TomGraham Wood2013-04-18T14:45:00+00:00Learn From Their Mistakes: What Homeowners, Renters Regrethttp://realestate.aol.com/blog/2013/04/18/homeowners-renters-regret/http://realestate.aol.com/blog/2013/04/18/homeowners-renters-regret/http://realestate.aol.com/blog/2013/04/18/homeowners-renters-regret/#commentsFiled under: , ,

homeowner regrets: woman with head in handsJed Kolko is the chief economist for online listings site Trulia. This article originally appeared on the Trulia Trends blog.

Spring house-hunting season is upon us. Home searches peak in March and April, and this year the search is especially frantic as inventory is near a 12-year low. Many homes don't stay on the market for long, so buyers will have to move fast -- especially in markets with bidding wars and competing investor activity. But when it comes to searching for a home, as with everything else, moving too fast leads to mistakes and regrets. To find out which regrets are most common -- and who is most prone to making decisions they'll later regret -- we asked more than 2,000 consumers what, if anything, they regret about their current home and most recent home-search process.

Trulia real estate regrets survey

Buyers in a Rush; Sellers, Not So Much

The biggest challenge for homebuyers this season is the lack of inventory, which is down 20 percent to 25 percent year-over-year and near its lowest level since before the housing bubble. Our consumer survey shows that people think now is the time to buy, not sell: 75 percent of respondents agreed with the statement, "It would be better to buy a home now than one year from now." But only 32 percent of respondents (and just 29 percent of current homeowners) felt the same way about selling now rather than one year from now.

Eager buyers, patient sellers: People want to buy before prices rise further, but no one wants to sell at the bottom -- especially if they're still underwater. These attitudes point to a 2013 housing season with bidding wars and stiff competition among buyers who want to get ahead of further price increases.

On the rental side, too, inventory remains tight: Census data show rental vacancy rates also near a 12-year low. So whether they're looking to buy or rent, house hunters in 2013 will feel like they don't have the luxury of taking their time and holding out for the perfect home. Many will need to act fast -- and some will make decisions that they could regret later. With that in mind, we asked current homeowners and renters about their housing regrets; their answers are lessons for today's house-hunters.

Trulia real estate regrets survey

What Homeowners Regret About their Homes

Just over half of people -- 52 percent -- have at least one regret about their current home or the process of choosing it. (In this analysis, we exclude the 11 percent of respondents who said they were not involved in the process of choosing their current home.) Renters are more likely to have regrets than homeowners -- 56 percent of renters versus 50 percent of homeowners -- and their regrets are somewhat different, so we look at homeowners and renters separately.

Among homeowners, the top regret is wishing they had chosen a larger home: 34 percent of homeowners with regrets -- that's 17 percent of all homeowners -- mentioned this. The second most common regret -- 27 percent of homeowners with regrets -- is wishing they had done more remodeling when they bought the home. Third was wishing they had more information about the home before choosing it.

Find out what renters regret at the Trulia Trends blog.

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What Are the Top Housing Regrets?

 

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]]>buying a homehomeowner regretsrenter regretsrentingJed Kolko, Trulia Chief Economist2013-04-18T11:30:00+00:00Nightmare Roommate Stories: 'Our Table Was Her Wasteland'http://realestate.aol.com/blog/on/nightmare-roommate-stories-our-table-was-her-wasteland/http://realestate.aol.com/blog/on/nightmare-roommate-stories-our-table-was-her-wasteland/http://realestate.aol.com/blog/on/nightmare-roommate-stories-our-table-was-her-wasteland/#commentsFiled under: , ,

Nightmare roommate: leaving a mess

Devon Fleming said that she thought she had found the perfect roommate. The woman seemed smart, was easy to spend time with, and the two shared many mutual friends. It was an almost serendipitous situation: The roommate had just broken up with her boyfriend and Fleming had an extra room in her apartment in Manhattan's Upper East Side neighborhood. It was the perfect arrangement.

Devon FlemingThat was until one day, Fleming said, that she received a call from a nearby Ann Taylor store. A representative there was calling to inform Fleming that her store account was overdue for a payment. Fleming was shocked: She'd never shopped at nor opened an account at Ann Taylor. Someone apparently had impersonated her, using her name, credit card details and all of her contact information to open a store account.

Fleming said that she called the first person she could turn to: her roommate. "I told her, 'Oh my god, I'm being impersonated!' Then strangely, she told me she had to go and hung up quickly," Fleming told AOL Real Estate. "Shortly after that, I got a call back from Ann Taylor saying they found out who it was -- and it was my roommate! She'd also listed her real cell phone, and they figured it out."

Fleming said that she immediately went to her roommate's office to confront her -- and found her dressed head-to-toe in Fleming's clothing. "I was freaked out and asked her, 'Why?' She said that 'You have so much, I want to be just like you. But I don't make as much money, so I just pretended I was you.' It was so creepy. I asked her to find another place to live, and she moved out."

Vanessa WadeVannessa Wade also said that she thought she'd found the perfect roommate to share her Houston apartment. They'd gone to the same college, the woman seemed friendly and funny, and they'd spoken extensively on the phone. She moved into Wade's apartment, and everything seemed to be going well. But that was until Wade began to notice the mess -- and not just a stray sock here and there. The apartment began to seriously resemble a garbage dump.

"When I walked though the door, I was greeted by cups, plates and candy wrappers. The table would be outlined with whatever meals she had for breakfast or lunch -- our table was her wasteland. The trash would overflow, things overflowed in the sink," Wade told AOL Real Estate. "I felt slighted and upset. Looking back, I would have dug deeper and asked questions like, 'What type of living space do you like? How often do you clean?' That would have saved me the frustration."

How to Find a Good Roommate

Though Fleming and Wade's cases are extreme, many of us have experienced a bad roommate -- whether simply because of bad judgment or Craigslist gone wrong. But there's a lot we can do to ensure that doesn't happen.

According to rental expert Rory Bolger of New York realty firm Citi Habitats, a lot of roommate-related heartache and frustration can be prevented in the vetting process. It's nice if friends can vouch for a potential roommate, but as in Fleming's case, this isn't always successful. It's important to seriously do your homework -- you'll be living under the same roof, after all, so it's important that they're not just "cool" and "nice" but also compatible with you.

"Take a look at what they are currently doing with their life. What do they do for a living, and what are their interests and hobbies? Look at their Facebook and LinkedIn pages, it can be a huge help in getting to know more about this potential roommate," Bolger advised. "The more info about a person you can ascertain, the better."

His thoughts are echoed by Gary Malin, president of Citi Habitats and a longtime Realtor, who says it's important to ask all the "awkward" questions upfront -- and not just to your future roommate, either.

"Ask yourself: Are you a neat-freak, or do you take a more laissez-faire approach to cleaning? Your roommate should likely have a similar attitude to avoid conflict," said Malin. "Also, how do you feel about houseguests? The more the merrier, or do you prefer a quiet home? Nothing can be more annoying than to walk into a wild party when you've had a rough day at work."

Both Bolger and Malin also added a word of caution about Craigslist. While it's a convenient way to find roommates, especially on short notice, added caution must be taken when committing to share an apartment with complete strangers. Bolger also advised renters to have numerous in-person meetings before agreeing to move in together -- and to "listen to your gut."

Wade adds that it's important to speak openly and clearly with your potential roommate about expectations, particularly when it comes to cleanliness and house conduct. Be honest about what you'd like them to do before moving in together. "I talked extensively to my messy roommate, but now I know it was not to the extent we should have. I told her I like a clean space," Wade told AOL Real Estate. "Now, I know to go into greater detail, because 'clean' is in the eye of the beholder!"

See more about roommates:
Roommate Agreements, and Breaking Up When Things Go Badly
How to Interview Potential Roommates

More on AOL Real Estate:
Find rental housing in your area.
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

How to Deal With a Bad Roommate

 

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]]>finding a roommatenightmare roommatesrentingroommatesAOL Real Estate Editors2013-04-17T16:45:00+00:009 Cities Where Renting Makes No Sensehttp://realestate.aol.com/blog/2013/04/04/worst-cities-rent/http://realestate.aol.com/blog/2013/04/04/worst-cities-rent/http://realestate.aol.com/blog/2013/04/04/worst-cities-rent/#commentsFiled under: , ,



With home prices soaring and all the news that the housing market is on a definitive recovery track, it begs the question: Is it still cheaper to buy? Home values nosedived around the country after the housing crash, and it became so much more economically efficient to buy at the lows than rent. And even though home prices are rebounding, it still makes more sense to buy than rent in many U.S. metros.

But there's nowhere else in the country where it makes less sense to rent than buy than in these nine cities. 24/7 Wall St. analyzed data from Trulia to determine the areas where buying is cheapest compared to renting. Most of the towns are in the Rust Belt where economic instability has persisted, which has kept home prices low. Factors considered in coming up with the list include cost of moving, rent appreciation, inflation and mortgage costs of 20% down payment on a 30-year fixed mortgage at a rate equal to the national average of 3.5%. 24/7 also looked at unemployment figures and home price changes in the areas.

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See more on 24/7 Wall St.:
10 Cities That Beat the Recession
America's Most Content and Miserable Cities
The Seven States Running Out of Water

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Find out how to calculate mortgage payments.
Find foreclosures in your area.
See more celebrity real estate.
Find homes for rent in your area.

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]]>best cities to buy a homebuy vs rentbuying a homerentingworst cities to rent24/7 Wall St.2013-04-04T12:00:00+00:00Gun Owner Sean Blakley Says Landlord Is Evicting Him Over Firearmshttp://realestate.aol.com/blog/on/tenant-sean-blakley-gun-eviction/http://realestate.aol.com/blog/on/tenant-sean-blakley-gun-eviction/http://realestate.aol.com/blog/on/tenant-sean-blakley-gun-eviction/#commentsFiled under: , ,

Sean Blakely with gun

A renter in St. Louis Park, Minn., claims that his landlord is giving him the boot over his lawful right to bear arms. Sean Blakley legally owns and stores several firearms in the room that he rents at a house with other tenants, but he keeps one of them loaded "for my protection," he told KMSP-TV in Minneapolis. That's what his landlord takes issue with, saying that he doesn't want loaded weapons on the property.

Now the landlord is evicting him, Blakley said. The landlord, who was not identified and declined to speak on camera, also legally owns guns. Both men are hunters. "I have a legal right to own these guns," Blakley told KMSP. "I don't have any criminal record. They are legally mine. I keep them all in my room. They are in cases -- locked, unloaded -- except for one which is for my protection."

Sean Blakely's gunBlakley recorded a conversation between himself and his landlord on his cell phone and posted it to YouTube. In the video, Blakley tells the landlord that another tenant also owns guns on the premises and asks why that's allowed. The landlord responds that the reason is "a personal thing."

The laws surrounding this type of situation are murky. The landlord told KMSP that he's not evicting Blakley, he's just opting not to renew Blakley's lease. And according to real estate attorneys, landlords don't need to cite specific reasons for denying a lease renewal. But if a landlord is trying to force a tenant to get rid of their legally owned and safely stored guns, that could be an issue.

"In order to enforce that ban, the owner of the premises has to post on the premises," said real estate attorney Mike Kallas. "We've all seen the signs that say, 'So-and-so bans guns on these premises.'" Minnesota has a law on the books limiting guns on some private property, but it states: "Landlords may not restrict the lawful carry of firearms by tenants or their guests."

"If we had the right for landlords to say, 'You can't have arms in your home or residence,' that would defeat the right to bear arms," Kallas added. The landlord said that he worries that Blakley is putting other tenants in the house at risk by keeping a loaded weapon on the property. He's asking that all weapons remain unloaded. But for now, Blakley said he isn't going anywhere. "I firmly believe in my rights," Blakley said.

There's also one little matter that complicates this whole issue between Blakley and his landlord, and may lend credence to the landlord's decision not to renew Blakley's lease: Blakley is behind on rent.

Well, here's a reason gun owners should at the very least be cautious about storing firearms at home. After New York newspaper The Journal News published an online map pin-pointing the addresses of all gun permit owners in Westchester County, one of those homes was targeted for a burglary. What was the burglar after? The homeowner's firearms, police say. And if you want to learn more about gun safety at home, we have some tips on how to properly store firearms.

KMSP-TV

 

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]]>gun controlgun evictionguns at homelandlord tenant disputesMinnesotaMinnesota gun lawsSean BlakleyGraham Wood2013-03-14T12:44:00+00:00SXSW 2013 Rental Prices: They're as Much as Obama's Inaugurationhttp://realestate.aol.com/blog/2013/03/13/sxsw-2013-rental-prices/http://realestate.aol.com/blog/2013/03/13/sxsw-2013-rental-prices/http://realestate.aol.com/blog/2013/03/13/sxsw-2013-rental-prices/#commentsFiled under: ,

SXSW apartment rental, Austin, Texas

It's a festival, not the presidential inauguration! But homeowners in Austin, Texas, don't seem to see the difference: They're trying to rent out their places to tourists for the week of SXSW at prices that rival the astronomical asks in Washington, D.C., during President Barack Obama's inauguration. You might recall that some D.C. natives were renting out their homes for as much as $10,000 for the four-day inauguration festivities in January. Now check out that cute apartment pictured above: It's a two-bedroom luxury pad in downtown Austin -- and it's going for $1,074 per night -- plus a $100 security deposit and $65 cleaning fee -- on Airbnb.com during the 10-day South by Southwest festival. Other apartments renting on Airbnb.com during SXSW are asking between $650 and $1,000 a night. (There is at least one free place to stay for SXSW, but you'll be required to room with this guy.)

So how does that compare to an average Austin rental any other time of the year? According to Austinist, the average rent in the city is $917 per month. The inflated price of the $1,074-a-night Austin apartment will come down after SXSW. If you book it in April, it only costs $538 a night. SXSW rental prices are undeniably pricey, but attendees at the festival (which has grown to include not only music but film and emerging technology) often have no other choice. Rooms at hotels affiliated with the festival sell out months in advance. Currently, all rooms set aside for the festival by hotels in and around Austin are booked -- and in any case, such hotel rooms also sport inflated nightly rates of up to 500 percent.

Related: Find Cheaper Rentals in Your Area

Local Realtors say that it's "savvy" for homeowners to take advantage of the swell in short-term rental demand around SXSW, and many are making a killing -- but only for that short window of time. "We definitely see people renting their homes out for extremely high prices during SXSW," said Theresa Bastian, co-owner of KeepAustinWeirdHomes.com. "That may work once in a while, but I would say $700 a night for a one-bedroom condo is generally not the norm."

For cheaper rental alternatives, Realtors suggest booking with vacation rental sites like HomeAway.com, which lets users search rentals by price. Also, try your hand at some good, old-fashioned haggling (most homeowners will surprisingly be open to negotiation). If you're traveling to SXSW in a large group, consider renting an entire home a little farther outside of Austin and using a rental car to travel to the event. And, of course, if you're traveling alone (or just don't want to pay for lodging) there's also Couchsurfing.com.

See more:
Visiting Austin for SXSW? You May Want to Move There
SXSW Craigslist Ad: Rent-Free Room With a Musician Who Has '6% Body Fat'

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Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.

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How to Find Cheap Places to Crash on Vacations

 

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]]>Austin real estateAustin rentalsSXSW rental pricesvacation rentalsAOL Real Estate Editors2013-03-13T10:00:00+00:00