These regular and seasonal maintenance jobs are key to keeping your rental property profitable and in good shape all year.

The Annual Maintenance Checklist for Rental Homes in Washington State

With a diverse cultural scene, spectacular national parks, and a strong job market fuelled by big Seattle-based employers, life in Washington state is an enviable one. The Pacific Northwest is an attractive and liveable location and with Seattle’s renter population growing at twice the rate of the owner population, it’s a great place to own a rental property. 

But a home in disrepair isn’t going to attract good residents or the right price for the market. Regular maintenance on your Washington rental is key to keeping the home profitable and in good shape. 

This annual maintenance calendar will give you a general idea of the kind of repair and maintenance items you should cross off your list every year for a rental home in Seattle or the Greater Washington State. Staying on top of the condition of your home can save time and money in the long run, helping to identify any issues and necessary repairs before they become costly headaches. 

Some of these items you can ask your residents to look after for you, but some you will need to check for yourself in annual or quarterly inspections. Or, if your home is looked after by Belong, we can handle the lot — from speaking with the residents about issues to making repairs with our in-house contractors. 

Read More: Find Out Who Outshines the 7 Top-Rated Property Managers in Washington

Spring Maintenance Checklist for Seattle Rental Homes

When spring cleaning time hits, it’s also time to get on top of home maintenance jobs — which includes any rental homes you own. When spring blooms, gardens can get overgrown and pests might make themselves at home for breeding season. The best prevention for rodents is a clean yard with no trash near entry points, so now is a great time to trim trees and hedges, clear away any debris or rubbish and have a rental inspection to make sure your home is in good condition inside and out. 

While Washington state doesn’t get a huge amount of snowfall, these conditions have been on the rise in recent years, so it’s a good idea to check that any ice and heavy falls haven't caused issues for the home over winter. When snow starts to melt, water can seep into cracks and leak into your home, so check for any damage and seal any issues before they worsen. 

Mow the laws and remove any weeds as they start to appear

Mulch lawns as needed to improve water retention and minimize hose watering

Check the HVAC or air conditioning unit and clean filters before summer hits

Inspect and test any fire safety systems such as fire extinguishers, CO detectors and sprinklers 

Check the exterior of the house for any signs of damage or dirt buildup over winter — it might be a good time to give sidings a clean 

Check the roof and guttering for cracks and leaks

Hose down any decks — if they need maintenance, now is a good time to reseal and treat for rot 

Ask residents to make sure food containers are sealed and trash cans are not too close to entrances in the home

Summer Maintenance for Seattle Rental Homes

Summer may not always clear the cloud in Seattle, but the city’s rainy reputation is put on hold with milder, dry conditions. If spring has been too wet, make summer the time you check your home for any cracks or leaks to repair before wet conditions make a comeback. 

Summer also brings out pests after the spring breeding season. Unfortunately, rats and mice love the Puget-Sound region, so if your home is prone to infestation, or your residents have concerns, now is the time to inspect for rodents and/or insects. 

If your property has a chimney, it will also need a regular checkup. Chimneys remove dangerous gasses from the fireplace or furnace to keep the air breathable, so it needs to be inspected before the weather cools and it gets used by residents. 

Inspect and control any pest infestations such as insects and rodents

Check any supplied appliances such as refrigerators and washing machines

Operate automated sprinkler systems if your home has one

Check roof and gutters for cracks and leaks

Check for leaks in the ceiling or any signs of water damage to repair before fall and winter rains set in and problems deepen 

Check any chimneys and ensure they are clear and functioning

Fall Maintenance for Seattle Rental Homes

The rain is coming! While Seattle may not be the wettest city in the US, its reputation as ‘Rain City’ isn’t undeserved and November brings the heaviest falls. Combined with the falling leaves, this makes gutters your biggest priority for home maintenance in fall. If gutters get clogged and water can’t flow, it could saturate the roof and lead to deterioration or leaks. 

Worse still, if left unchecked for winter, water that pools along your roof and in gutters can freeze, creating ‘ice dams’. This can cause expensive dramas — think damaged gutters, torn roof shingles and leaks into your home. 

Mold and mildew is another issue that can creep in during winter and fall months. When residents keep homes locked up tight and crank the heater, the contrast of temperatures mixed with a lack of ventilation = mold and mildew. Remind residents to keep the home well ventilated, such as running exhaust fans in the bathroom during and after a hot shower and opening windows on clear days. You can also recommend that residents use basic moisture absorbers (such as DampRid) in dark areas that attract mold, like closets and laundry rooms. Not only will it save your home, it will save their clothes and shoes.  

Rake leaves/have residents rake leaves and maintain yard

Inspect roof and gutters, clearing out any debris 

Check bathroom caulk and grout for any potential issues and leaks before winter

Check garbage disposals as these get frequently clogged and lead to repair issues

Prune trees and plants of any heat damage from the summer heat 

Shut off any automatic sprinkler systems that have run through the summer

Check insulation and drafts around windows and doors to fix before winter

Seattle rental owners take note: These regular and seasonal maintenance jobs are key to keeping your rental property profitable and in good shape all year.

Legislation has a ripple effect on the real estate markets. So which ballot initiatives passed and how will they impact landlords and real estate investors?

Which 2022 Ballot Initiatives Passed and How Could They Impact Homeowners?

We recently wrote about the 2022 Ballet Initiatives that could impact homeowners and the real estate market. This is because property availability, prices and investment potential are all influenced by local factors such as interest rates, economic cycles and legislation.

In a follow up to that article, here are the latest updates (current as of November 17, 2022) on what passed and what didn’t — and the potential impact on real estate investors.

1. Proposition 30: California’s Wealth Tax

California proposed a Wealth Tax to support clean air programs, generating funds for electric vehicle (EV) incentives and wildfire prevention. While wealth taxes aren’t often billed as for millionaires, they work in a similar way to property taxes, where taxes are based on the value of your assets. This include any residential or commercial property you own. This makes it one to watch for any states where you own — or even inherit — property. 

Status: Defeated, with 58% voting ‘no’ on Proposition 30

With the ballot defeated, this is no longer an immediate concern for homeowners and real estate investors in California. That doesn’t mean that wealth taxes aren’t still on the agenda across the country. In fact, voters in Massachusetts have passed a similar measure, approving a 4% surtax on annual income over $1 million to fund education, road infrastructure, and public transport.

It’s worth keeping an eye on this on a federal level too — France, Portugal and Spain are all countries with a ‘wealth tax’. 

King County in Washington State proposed a property tax levy to fund the acquisition and preservation of urban green spaces, natural areas, wildlife and salmon habitat, trails, river corridors, farmlands and forests. The conservation futures property tax level will be charged at a rate of $0.0625 per $1,000 of assessed value for collection in 2023. 

Status: Approved, with 69% voting yes on Proposition 1

For homeowners in Washington state, your property taxes will be affected by this measure from 2023. In terms of how it will affect the Washington real estate market, the conservation efforts that it funds will contribute to a healthy and prosperous community, keeping cities like Seattle desirable places to live. It will protect residents from issues such as excessive heat, poor air quality, or flooding — all of which can contribute to a loss of income for homeowners through reduced rental pricing or repairs to your investment home. 

3. Florida’s Flood Resistance Improvements

Florida’s Amendment 1, ‘Disregard Flood Resistance Improvements in Property Value Assessments Measure’, sought to incentivize homeowners to take proactive measures to protect their property from flooding, with the value of any improvements excluded from property tax evaluation. 

Status: Defeated, despite 57% voting yes. A supermajority of 60% was required for the approval of Amendment 1. 

Florida experiences the highest amount of property value losses due to flooding, which has an obvious impact on anyone investing in real estate in the area. While there won’t be an incentive on property taxes to take a proactive approach to improving your Florida property, it could pay off to do so anyway by minimizing the loss of value or cost of repairs should your property be in a flood zone. There are also resources available for anyone considering investing in Florida to check property addresses for the risk of flooding before purchasing. 

Additionally, in 2022-23, legislation from the Florida House will dedicate $100 million to mitigate the impacts of flooding on homes and businesses. 

Florida Amendment 3 sought to lessen the financial burden on public service workers looking to buy a home in Florida. The Additional Homestead Property Tax Exemption for Certain Public Service Workers Amendment would provide an additional tax exemption on $50,000 of assessed value on property owned by teachers, law enforcement officers, emergency medical personnel, active duty members of the military and Florida National Guard, and child welfare service employees.

Status: Defeated, despite 58% voting yes. A supermajority of 60% was required for the approval of Amendment 3. 

Home values and property taxes are increasing rapidly in Florida and the amendment sought to provide a financial break to essential workers who are supporting the community. While defeated by a single no vote from State Senator Bobby Powell, it was not because he didn’t support financial initiatives for essential workers. “I don't think that us putting another homestead exemption on the ballot alleviates or helps with the situation that we're currently facing. I am of the belief that the priority at this point should be to figure out how we can get police and firefighters and teachers into a home, whether it be first-time homebuyers, whatever it be, we need to figure out how to get them into homes,” said Powell.

For essential workers, this means new initiatives could be proposed in future to support home buying. For real estate investors, it could mean a shift such as a reduction of stock suitable for the rental market if more first home buyers enter the market. 

Other noteworthy ballot measures to watch

1. San Francisco’s Proposition M, the “Empty Homes Tax” 

San Francisco is warning real estate investors that they could face additional taxes for keeping vacant properties, with Proposition M, Create Tax on Certain Vacant Residential Units Initiative.

From 2024, property owners with at least three units that have been vacant for more than six months will be taxed $2,500 - $5,000 per empty unit, with penalties set to increase yearly to up to $20,000. Money collected will be invested in subsidizing affordable housing in the city, including for people over the age of 60. 

Status: Too close to call, projected to pass

Larger and professional real estate investors who hold multiple units will be directly impacted by the measure. To avoid financial penalties they will need to put empty units up for rent or sale. This would increase the available inventory of both rentals and units for sale in San Francisco — having a direct impact on pricing for the city. 

Individual investors, like those that Belong supports, are less likely to be financially impacted by the measures at this stage, with single-family homes and duplexes exempt. That said, it’s a timely reminder that many counties are actively taking steps to reduce empty homes while the homelessness crisis continues to bite and more families are priced out of home ownership. 

It’s not uncommon for homeowners to sit on a vacant home for a variety of reasons. Some have inherited a family home and aren’t sure if they’re cut out for property management. Others move for work and plan to return to the home and feel unsure about renting the home out. If this is the case, Belong has a solution. We find people that will love and respect your home as much as you do, while also doing all the work to ensure it’s looked after and maintained. We can even help you move out if you’re relocating. Learn more about Belong’s unique residential network and homeowner services here. 

2. Pasadena’s Measure H, Rent Control Initiative 

Rent control measures in California are back up for debate, with Pasadena going to vote for Measure H, Charter Amendment For Rent Control Initiative. The initiative would establish an independent board that will limit rent increases to 75% of the CPI increase and provide enhanced eviction protections, requiring homeowners to have just-cause. 

The rent-increase caps do not apply to multifamily rental units built after February 1, 1995, and most single-family homes and condominiums; however, the eviction protections do apply.

This is billed as a win for renters, who have been getting priced out of the rental market or evicted only to have the home listed for a higher price. 

California rental owners take note: These regular and seasonal maintenance jobs are key to keeping your rental property profitable and in good shape all year.

The Annual Maintenance Checklist for Rental Homes in California

Blessed with opportunity and gorgeous weather year-round, California enjoys a strong demand for rentals from around the world, making it an ideal place to own a rental property. But a home in disrepair isn’t going to attract good residents or the right price for the market. Regular maintenance on a rental is key to keeping the home profitable and in good shape. 

While the weather varies across the state (yes, we’re looking at you San Francisco), this annual maintenance calendar will give you a general idea of the kind of repair and maintenance items you should cross off your list every year for a rental home in Cali. Staying on top of the condition of your home can save time and money in the long run, helping to identify any issues and necessary repairs before they become costly headaches. 

Winter Maintenance Checklist for California Rental Homes

While winters in California are mild, you still have a responsibility to your residents to provide heat, especially hot water. Don’t neglect the water heater in your rental home — a yearly flush can prevent pipes from bursting and let you identify problems or leaks before they get worse. 

Unless your home is in the mountain ranges, there’s a good chance you won’t have to worry about snow removal or planning for frozen pipes. What your residents might do though is keep their homes locked up tight and crank the heat. The contrast of temperatures mixed with a lack of ventilation = mold and mildew. Remind residents to keep the home well ventilated, such as running exhaust fans in the bathroom after a hot shower and opening windows on sunny days.

Check and/or service heating to the home to ensure it’s operating

Check for leaks in the ceiling or any signs of water damage to repair before winter and spring rains set in and problems deepen 

Check for mold and moisture issues, remind residents about the importance of ventilation 

Check house siding for damage and/or leaks

Spring Maintenance Checklist for California Rental Homes

Most of California is considered to only have two seasons: summer and winter. Alas, spring does exist and brings with it plenty of sun, rain, and opportunities for your yard to grow out of control. If your rental home has a lawn and yard, spring is a good time to give it some love to ensure you maintain curb appeal and function. 

Summer in California can also bring on wildfires, so it’s a good time to inspect smoke alarms, plus any fire extinguishers, CO detectors, and sprinklers to make sure they are working properly. 

For homes with pools, have the water checked and cleaned to prepare for summer

Summer Maintenance for California Rental Homes

Summer brings out the heat — and the pests. If your home is prone to infestation, or your residents have concerns, now is the time to inspect for insects and rodents. 

When the humidity rises, so too does the mold so be sure to make sure there’s no damp spots or moisture damage in the home too. You can recommend that residents use basic moisture absorbers (such as DampRid) in dark areas that attract mold, like closets and laundry rooms. 

If you have hedges or trees that are burning in the summer heat, resist the temptation to trim them until the heat has passed. Pruning stimulates growth, so removing burnt branches will encourage new growth, which may also burn in the heat. 

Fall Maintenance for California Rental Homes

The leaves are starting to fall and where do they land? Straight in the gutters. If gutters get clogged and water can’t flow, it could saturate the roof and lead to deterioration or leaks. The first item on your fall maintenance checklist is to make sure the home’s gutters are clean and clear — and check the roof condition for damage or leaks well  before winter sets in. 

If your property has a chimney, it will also need a regular checkup. Chimneys remove dangerous gasses from the fireplace or furnace to keep the air breathable, so even if it’s not used regularly, it needs to be inspected. 

Belong eliminates the hassle of rental property maintenance

When your home is with Belong, it will always stay well-maintained thanks to our in-house team of Belong Pros. Belong Pros conduct initial and quarterly maintenance inspections throughout your lease term and are available to handle repair requests 24/7 through the app. 

If unexpected repairs or emergency maintenance costs do arrive, Belong has that covered too. All Belong homeowners are pre-approved for our Split It program, which spreads the cost of repairs across the term of your lease. This means you’ll always stay cash flow positive, receiving guaranteed rent every month minus a Split It repayment. And because all repairs are carried out by our full-time, vetted and licensed professionals — you only pay what it really costs, not what a property manager wants to charge. 

To learn more about how Belong is making renting loveable for homeowners with flexible financing, rewarding perks and constant innovation, check out our homeowners page.

10 ways to pay for a home renovation and the pros and cons for each

Is It Better To Finance a Renovation or Home Remodel or Pay in Cash?

When it comes to home renovations — is it better to pay in cash or look at finance? Before you decide how to pay for a renovation or home improvement project, it’s worth considering whether the renovations will increase the value of your property. Whether it’s the resale value or to get a higher rental income price, doing your homework in the local neighborhood and speaking to real estate professionals and contractors (such as Belong), can help to determine your projected return on investment. 

Once you’ve crunched those numbers, you can use them to determine the best way to fund the renovation. For example, if house prices are rising in your neighborhood, you may have received a nice boost in your home equity, which can be used as a source of funds to finance an improvement before selling the home. 

If you own a rental property, it might make sense to use your rental income to help finance your repayments on upgrades that will help increase the value of your home long-term. 

If your home has a livability issue that needs repairing, it could be a good idea to look at finance options that you can access immediately, so that small problems don’t turn into bigger, more costly ones. 

Once you’ve considered your budget and return on investment, here are 9 finance options that can cover the costs of a home renovation. 

Need help calculating rental pricing or ROI on your home renovation? Belong has experts in both real estate and construction — learn more here.

9 ways to pay for home improvements and renovations — and their pros and cons

Using cash makes sense for smaller projects or renovations that sit well below your cash reserves. If you have just enough to cover the budget, this option carries higher risk as you may run out of money to fund unexpected expenses or leave yourself with no safety net for other emergencies unrelated to your renovation.

Here are is a quick comparison of the pros and cons of paying for a home renovation project in cash: 

The least expensive option, with no interest charged

No applications, fees, or repayment terms to manage

Easy to determine a budget within your means

Depending on your savings, it might not be feasible for large projects

You need to have enough cash reserves to fund contingencies and unexpected budget blow-outs

It ties up a large amount of cash that you may need to access in an emergency

2. Borrowing money from friends or family

The “Bank of Mom and Dad” can always be a tempting option for homeowners with parents who have the capital or cash to lend. As this would involve paying in cash, it’s another ‘cheap’ option in terms of not paying interest —but borrowing money from loved ones can be costly in other ways! 

Here are is a quick comparison of the pros and cons of paying for a home renovation project by borrowing cash: 

Like cash, there is no interest or application fees involved

Your family may want to help you build capital once they have paid off their own home

Borrowing money could place a strain on your relationship if you can’t make regular payments or take too long to pay off the loan

It ties up a large amount of cash that doesn’t belong to you, which may leave the lender in a tough spot in an emergency

If you have owned your home for a while, you will have built up equity in the property that you can borrow against. This could be accessed as either a Home Equity Line of Credit (HELOCs), or taking out a Home Equity Loan. Typically you will need to have paid off at least 15-20% of your home to qualify. This option makes sense if you have built considerable equity in your home and aren’t sure of what the renovation costs are going to be — or want to keep your savings on hand. 

Here are is a quick comparison of the pros and cons of paying for a home renovation project by using the equity in your home: 

For HELOCs there is no need to apply for a separate loan, you can redraw the funds as needed and tap into as little or as much as you need

You may be eligible to claim a tax deduction, particularly if you are funding necessary repairs on a rental home — or making capital improvements than can be depreciated

Interest rates are lower than a personal loan or credit card

A Home Equity Loan will require an application and can have a higher interest rate than HELOC

Interest rates are variable and could impact your budget as they rise

Adds time on your mortgage to draw down in the equity in your home

The amount will affect the debt-to-income ratio on your credit rating, even if you don’t spend the whole amount

Your home needs to be collateral and repayments will be due on top of your mortgage

If recent interest rate rises have been biting, it might be time to shop around for a new lender to get a better deal. A cash-out refinance allows you to refinance your mortgage for a higher amount and use the extra cash to finance your home renovation and remodel projects. 

Here are is a quick comparison of the pros and cons of paying for a home renovation project with cash-out refinance: 

It could be a good time to refinance your mortgage and negotiate a better deal on your repayments

As it makes up part of your mortgage, you only have the one repayment amount to make

You could be resetting the clock on your mortgage time, so think long-term and make sure you’re not still going to be making repayments well into retirement

You need to reapply for a mortgage, which can be complicated and time consuming, especially if your circumstances have changed recently

You will be making interest payments on the amount for the full life of your mortgage, which is considerably longer than standard financing 

When it comes to home renovations is it better to pay in cash or look at finance? Here are 10 ways to pay for a home renovation and the pros and cons for each.

Find out how to assess risk and protect investment property in fire zones

Real Estate Investing in a Fire Risk Zone: What you need to know

Destructive fires are becoming increasingly common, especially in the American West. States like California and Colorado have seen record-setting blazes damage or destroy hundreds of homes in recent years as the effects of climate change seem to worsen. For homeowners and real estate investors, this presents a number of risks and challenges, especially because (unlike with flood zones) there is no national standard for building codes or defining high-risk fire zones. 

Thankfully, there are tools to help home buyers understand their risk and choose appropriate fire insurance.

Fire zone designations and associated building codes vary from state to state. In California, building zones are rated from Low to Very High fire risk, and the state has Realty Disclosure laws that ensure you’ll be informed of the property’s status during the purchase process. For most other states, you’ll need to do research with your realtor to understand the property’s level of risk. 

How to research your property’s fire risk

Local and State Building Codes for that Zip Code

Your first step should be to research the local zoning for the property you are considering purchasing. Because fire risk and regulations vary so much by state and even municipality, going straight to the “horse’s mouth” is the surest way to get the most accurate and up-to-date information regarding the official risk designation for the property. 

After understanding official risk designation, you may want to use a tool like this fire risk calculator from First Street Foundation. First Street is a Brooklyn-based nonprofit that has mapped flood, fire, and heat risk to nearly every property in the United States. They use several reliable data points (from property tax data to satellite imagery) to assign a risk score that factors in zoning, construction types, weather, and more. 

Executive Director Matthew Eby told CNBC, “We calculate every individual property and structure’s risk across the country, be it a commercial building, or be it an individual’s home. What you’re able to see from that is that one home might have the same probability as another of being in a wildfire, but be much more susceptible to burning down.”

The Fire Maps from the US Forest Service are a bit less user-friendly, but they provide the most up-to-date global data on wildfires. These are an important place to look if you’re seriously concerned about a specific location or property you’d like to purchase.

Protecting your home or investment property from fire risk 

There are things you can do to protect a property that is in a high-fire-risk zone. Cathy Prudhomme, Firewise USA Program Manager for the NFPA’s Wildfire Division, told Homes.com that homeowners should prioritize the following:

Budget for modern, risk-mitigating construction features such as fire-resistant roofs and siding. Your insurance agent can help you decide on the best type of roof for your home. 

Work to implement best practices in the home ignition zones on the property (removing debris, keeping flammable materials at a distance, fire-resistant landscaping, etc). The surrounding property is often even more important than the actual structure, in terms of fire damage prevention. 

Ensure a minimum of two ingress and egress routes from the property — both so that residents can evacuate if needed, and so firefighters can easily defend your property if needed. 

Add a readily available source of water to your property such as a well or pool if possible. 

Choose a home insurance policy with robust fire protection, and carefully consider the recommendations from your insurance agent regarding risk mitigation opportunities. These may also lower your insurance premiums! 

Are homes in high-fire-risk areas a good investment?

It may seem counter-intuitive, but homes in high-fire-risk areas often sell for a higher price. According to Redfin, “the typical home with high fire risk sold for $119,200 (27.6%) more than the typical home with low fire risk.” This is likely partially because homes facing high risk of wildfires are near popular West-Coast metro areas. While homes in burn zones may decrease in value (as much as 23%) in the aftermath of a wildfire, this effect does not seem to be permanent.

Considering these factors, investing in a property that is located in a high-fire-risk zone can be profitable. It really depends on the property itself and the risk-mitigation steps that the owner is willing to take in order to protect the home and its residents. 

Don’t invest in a fire risk zone without expert help 

Only you can determine your level of comfort with the risks involved in a fire risk zone property, but Belong experts can help! Our rental pros bring years of experience and data to the table to help you understand how much you could earn and what property maintenance might look like in the area. Whether you own a property in a risk zone or are looking to purchase one, get in touch and we can help. 

With no national standard for building codes or defining high-risk fire zones, learn more about how to assess risk and protect investment property in fire zones

What to consider and how to assess your risk if you have a rental home or are considering purchasing an investment property in a known flood zone in the US.

Real Estate Investing in a Flood Zone: What you need to know

After Hurricane Ian affected many of our Tampa homeowners, we’ve received dozens of questions about owning a rental property in a flood zone. While Belong homeowners and residents were protected by strong insurance and Belong’s in-house maintenance team, many homeowners were not so lucky. If you’re considering purchasing an investment property in a flood zone, especially if you plan to rent out the property, there are important factors to consider to protect your investment (and your sanity).

A flood zone is any area with an increased chance of flooding. Flood zones are most often in coastal areas, but may also be in landlocked geographies prone to high levels of rain. Flood zones are officially designated and categorized by the Federal Emergency Management Agency (FEMA) so that current and prospective property owners can understand their risk based on historical flood data. 

FEMA has designated several types of flood zones, corresponding with the level of risk for severe flooding in each zone. There are two categories that real estate investors should be especially aware of:

Special Flood Hazard Areas (SFHAs) – these zones have the highest likelihood to flood, estimated by FEMA to be at least a 25% chance of flooding in these areas over a 30-year period.

Non-SFHAs – these zones are still flood zones, but have low to moderate risk of severe flooding. These areas also receive less federal assistance in the event of a flood.

How to tell if a property is in a flood zone

It’s easy to tell if a property you’re considering is located in a flood zone. If you’re working with a real estate agent, they should be able to tell you ahead of viewing the property. If you prefer to research on your own, FEMA has made it easy on their Flood Map Service Center site to search any specific address, zip code, or coordinates and find its flood zone category in seconds.

“One inch of water can cause $25,000 in damage” - What you need to know

FEMA estimated that each inch of flooding on your property can lead to $25,000 in damages, so you can imagine how a disaster like Hurricane Ian, which resulted in 10 inches of rain, could cost homeowners. 

The average flood claim payout from the National Flood Insurance Program in 2019 was $52,000, which is adequate for low to moderate flooding, but leaves homeowners facing severe flooding in a potential bind. 

What to think about when considering a property in a flood zone

Flood zones are often (not always) located near coastal areas, which are also real estate hot spots. In some cases, even if a homeowner experiences flood damage and has to make significant repairs, they can still come out ahead. Working with a rental pricing expert through Belong can help you understand demand in the area and evaluate the potential of the investment you’re considering. 

Meanwhile, robust flood insurance may cost less than you think. While pricing will vary depending on the flood zone and property value, coverage typically includes your home’s structure, and additional coverage can include your belongings as well. The average cost of flood insurance from the National Flood Insurance Program is $771 per year, a small price to pay to protect your investment.

Don’t invest in a flood zone without expert help 

Only you can determine your level of comfort with the risks involved in a flood zone property, but Belong experts can help! Our rental pros bring years of experience and data to the table to help you understand how much you could earn and what property maintenance might look like in the area. Whether you own a property in a flood zone or are looking to purchase one, get in touch and we can help. 

With high demand for long-term rentals, learn more about investing in and pricing LA property for rent.

The Local Investors' Guide to Los Angeles Real Estate

Whether it’s for fame, fortune, or just a good old dose of sunshine, Los Angeles has an allure that attracts people from across the country and the world. 

This means the rental market stays incredibly tight, with properties always in demand. This is excellent news for homeowners who have — or are considering putting — a property on the rental market. 

Most homeowners weigh up their options between using their home as a long-term rental under a lease agreement or using the property for short-term vacation rentals on a platform such as Airbnb. In LA, this decision is fairly straightforward due to the city cracking down on short-term rentals to make more investment properties available for LA residents. 

Whether you’re now considering the long-term rental market or are considering purchasing an investment property in Los Angeles, this guide brings together some handy resources to help you get the most out of your home. 

Is it better to have a long-term rental or short-term vacation home in Los Angeles? 

In 2019, Los Angeles introduced the Home-Sharing Ordinance that eliminated the use of investment properties as short-term vacation rentals. In order to apply for a short-term rental ordinance, you must provide evidence that you reside in the home for at least six months of the year. If you don’t, and you want to use the home exclusively for rental income — long-term rental is the way to go. Homes found to be operating as a short-term rental without a permit or in breach of the eligibility criteria risk daily fines.  

The good news is that if you rent your home on a lease agreement, you can benefit from a steady income for 12 months and are eligible for generous tax benefits that don’t apply to short-term rentals or homes used part-time by friends and family. You’ll also have significantly less turnover and reduce the cost of wear and tear on your property from having the same residents in place for a year or more. 

Own a condo or single-family home in Los Angeles? Belong offers a unique home management service and residential experience to all LA neighborhoods!

How much property tax will I pay on a home in Los Angeles?

The average property tax rate for California is 0.76% (accurate as of August 2022), though as a large state this can vary between counties. For LA County, you can learn more about property taxes and run address searches through their online property tax portal here.

How much rent should I charge for a home in LA?

Los Angeles rents are often reported to be among the highest in the nation. But does that mean you can go big and ask for sky-high rents? Or is it a better strategy to be more reasonable and attract a resident at a price they can afford for the long-term? 

When looking at median rents and stats available online, it’s worth remembering that these are asking-rents for available properties only and aren't reflective of what is actually being paid in the market. These medians often incorporate high-end luxury properties that aren't indicative of all rents, especially with LA’s rent control laws in effect.

When helping homeowners price Los Angeles rental properties, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. 

Once your home is on Belong, we get a true measure of the market by looking at impressions, clicks, tour sign-ups and how many people have started applications. With all that data at our fingertips — plus local-market benchmarks — we can work with homeowners to react quickly and maximize rental value, while minimizing vacancy. 

As a result, we trump the property management industry with 66% less vacancy. And our residents want to stay, with 71% renewing their 1-year lease (and unlike property management companies, this is done at no cost to homeowners). 

Read More: How to Price Your LA Rental Property To Attract Long-Term Residents

Is Los Angeles a good place to invest in real estate? With high demand for long-term rentals, learn more about investing in and pricing LA property for rent.

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