Get  your rental property financially fit with 8 actions landlords can take over winter to improve their rental finances, cash flow and tax return in 2024.

8 Actions Rental Landlords Can Take For Better Financial Returns In 2024

If your New Year's Resolution is to get a better tax return or give your rental cash flow boost, you’ve come to the right place. Tax season is right around the corner, so winter is the perfect time to do some warmup activities to be financially fit in the new year. 

Let’s dive into 8 ways to get your rental home finances and books in top shape for 2024. 

How to prepare your rental home finances for 2024

Owning a rental home is a 24/7 job. Whether you manage your own home and finances or get help from professionals, there’s a continuous cash flow of money in and out of your property that needs to be accounted for. 

There’s a lot to get your head around as a landlord when it comes to finances and tax season, but those who are prepared and stay on top of their game will find it a lot easier — and save money in the process.  

1. Get your accounting and documentation in order

Hopefully your shoebox full of receipts disappearing in the last decade or two, but if your rental books still look like a dog’s breakfast, set some time aside to get everything in order to start 2024 on the right foot. 

If you haven't already, it’s also time to finalize your year-end financial statements including income and expenses. Make sure all of your documentation is in order and accurate. This will set you up for success in tax season when spring rolls around. 

Read More: Having These 9 Home-Rental Documents at Hand Will Make You A Much Better Landlord

Are your residents paid up to date? Has everything been properly documented for tax purposes? Many homeowners are nervous about rent collection during the holiday season, but it’s also worth keeping an eye on rental payments to make sure they’re not falling into arrears. If there’s an amount outstanding, let them know so you can arrange a plan to get your residents back on track before too much time passes.  

Pro Tip: If your home is loved by Belong PRO, we’ll guarantee your rent so you can cross this item off your list indefinitely! 

3. Update your home’s depreciation schedule

Depreciation is an essential tax deduction for rental home owners, so make sure yours is up to date to maximize your claim. If you have made any upgrades or modifications to your home over the year (not including essential repairs), this will need to be depreciated rather than claimed as a deduction from your income. 

Pro Tip: Don’t forget to include the total amount that a home improvement costs, including any amount borrowed, labor and material costs, as well as consulting expenses such as architect fees or surveying. 

Read More: Tax Strategies for Rental Investors: 5 Ways To Make A Home Less Taxing

4. Determine your activity level as a landlord

The way you manage your rental home and how many hours you participate in management decisions and activities affects the way you are taxed as a landlord. But you need to prove it. As the year ends, it can be a good time to assess what activities you’ve done and how you qualify. 

For example, if you are self-managing your rental home, you may qualify as having ‘materially participated’ as a real estate professional. Those who qualify can use any losses to offset other types of income, and you won't be subject to the 3.8% tax that applies to net investment income. But you need to show that you have spent 500 hours or more managing your property (or properties) for this to apply. 

If you can’t show this or don’t qualify, owning a rental home is considered a ‘passive activity’ by the IRS. You won’t miss out on tax deductions, but any losses will carry forward until you generate passive income or sell the home.

There is a middle ground known as “active participation” which allows deductions of up to $25,000 of passive losses, even if a company like Belong handles all the heavy lifting day-to-day. The IRS takes into account major decisions about your investment home, such as approving new residents and even appointing a property management company. There are income thresholds and caps on deductions here so you will need to speak to an accountant to determine if you qualify for this. 

Read More: Do You Need a Property Accountant? Here's How to Tell

Is your rental home covered by landlords insurance or homeowners insurance? What’s the difference? Well, the difference is that one covers your home for damages and loss and the other doesn’t! While homeowners insurance can be cheaper, it’s only available to owner-occupiers so you could find yourself unable to make a claim if anything happens. Put ‘review rental home insurance’ on your to-do list to make sure you have the right coverage for 2024. 

Pro Tip: Belong PRO offers coverage to our homeowners which can be deducted from your rental income each month, making it one less thing to worry about! This is also a tax-deductible expense so don’t forget to keep records, like the handy ones you can find in the Belong app. 

Read More: What Type of Insurance Should I Get For My Rental Property?

The cost of living is going up for everyone. In particular, home maintenance costs and materials have surged in recent years, so you may need to revise your budget. Plan for any major expenses or upgrades you hope to do in the year and don’t forget some contingencies for the unexpected. 

Pro Tip: Belong PRO homeowners are covered when unexpected repair costs arise. We let homeowners split the cost of maintenance and repair services over the term of their lease, helping you to spread payments and stay cash-flow positive. Learn more about Belong PRO here. 

On the subject of budgeting for maintenance and repairs — when was the last time your rental home got a tune up? Preventive maintenance is far better than the ‘cure’ of a massive repair bill when something breaks. 

Pro Tip: Belong PRO offers regular service subscriptions, so you can set recurring maintenance needs such as gardening, right within the Belong app. 

8. Set your financial goals or targets for 2024

With your rental home finances in review, early in the year is a great time to evaluate your financial goals and what you hope to achieve with your property. If you’re unsure or need help maximizing the opportunities within your rental property, speak to us at Belong. We know what it takes to maximize your cash flow and have the team to help you do it. 

Read More: How To Do An Accurate Rental Property Cash Flow Analysis

Belong is simplifying the rental experience and helping more homeowners reach their financial goals through real estate. Tell us about your rental home now to get started.

You can also visit our homeowner's page to learn more about how our modern, tech-enabled services are helping people to achieve financial freedom and ditch outdated Property Management in San Francisco, San Diego, Los Angeles, Tampa, Jacksonville, Concord, Berkeley, Orlando and more.

Disclaimer: It’s important to consult with a professional and consider your personal circumstances before making any decision on finances or tax. This article should not be considered financial advice. 

Get Predictable Returns in 2024 with Guaranteed Rent

Belong is building a residential network that connects people who own homes with people who want a place to belong. Here's what we achieved together in 2024.

2023 In Review: Giving More People A Place To Belong

Belong is building a network; connecting people who own much-loved homes with people who want a place to belong. Working together, we can put people first and change what it means to rent a home — creating lasting, positive impact on innumerable lives for decades to come. 

Redefining an entire industry is not a journey that can be made alone. It ‘takes a village’ of homeowners, residents, investors and team members. It takes innovative new services, industry recognition and support to spread the word. 

So before we take on 2024, we want to say thank you to our supporters. To our staff, to our community of homeowners and residents, to our financial backers, and to people who have talked or written about us so that we can grow. We invite you to join us in reflecting on four milestones and achievements of 2023 — we couldn’t have done it without you. 

1. We welcomed new neighbors in 15 cities

2023 was an incredible year for expanding our world-first residential network, with Belong PRO services launching in 15 new regions across the country. We’ve expanded our capacity in Florida and Washington and added Texas, Utah and North Carolina — with many more to come! 

We’ve received such a warm welcome and want to say a huge thank you to everyone who believes in our vision. You’re helping us to create authentic belonging experiences and change what it means to rent a home in: 

Our homeowners and residents love having 24/7 access to help and support. So much so that we decided to give our customer support services an upgrade, adding new teams of dedicated specialists in November 2023.  

Now when you contact us, in addition to support from a dedicated account manager, you’ll get direct and fast access to the team with the best knowledge and skills to answer your questions. We have dedicated teams with expertise in everything from Resident Placement and Leasing, Maintenance and Home Repairs to Taxes and HOA Management. 

Read More: Easier, Better, Faster, Stronger: Our Customer Support Service is Growing!

3. We now offer insurance to protect rented homes

Did you know that homeowners insurance is only available to owner-occupied homes and becomes void when you rent out the home? When you own a rental, be that long-term rental or a short-term vacation rental — you need a specific insurance policy to protect your asset. If you don't, you could have a claim denied and be liable for expensive repairs and legal fees.

Belong has addressed this by offering dedicated rental home insurance with the option to make flexible payments and spread the cost over your lease agreement. 

Read more: What Type of Insurance Should I Get For My Rental Property?

4. We outranked all property managers in San Francisco 

Belong is here to make waves and our new approach to renting is getting noticed. In 2023, SFist.com ranked Belong #1 of 11 Best Featured Property Managers in San Francisco. 

And when it comes to research, Expertise.com doesn’t muck around. They vet more than 60,000 businesses every month to find the best of the best. Belong sits on their 2023 list of Best Property Management Companies in San Francisco, giving Belong a glowing 5 stars for professionalism. 

Read More: The Best Property Manager in San Francisco According to SFist and Expertise.com

2024 is going to be even bigger and brighter with plenty of more people-led, industry-disrupting services coming to Belong homeowners and residents. Thank you to everyone who is joining us on this incredible journey to changing the world of home management and renting forever. 

For anyone not yet on our network, you can find out if your home is eligible for Belong here, or become a Belong resident by searching for available homes.

Landlords have legal responsibilities to their tenants but can also be held liable for not taking measures to limit criminal activity, nuisance and even noise!

Can Landlords Be Held Responsible For Criminal Activities On Their Properties?

Landlords have a duty to provide a safe and habitable home for their tenants — which includes minimizing the risk of crime taking place on their property. Even if a criminal act is committed by a stranger, there are ways that you can be responsible as a landlord when it takes place in the home you own. 

Before you panic, this isn't to say that a landlord will be held responsible for any and all criminal activity that takes place in their rented home. But if you fail to take reasonable safety measures to prevent criminal acts, you could be liable. 

To understand what homeowners can do to reduce their risk, Belong provides answers to four commonly asked questions on criminal activity in rental homes.  

What are a landlord's duties to prevent crime?

Landlords in the U.S. have a legal duty to provide a safe and habitable living environment for their tenants. While preventing crime is not your sole responsibility as the homeowner, you are obligated to take reasonable preventative measures to keep your home secure and limit opportunistic criminal activity where possible. 

Specific laws vary by state and city, as well as the type of housing (i.e. single-family home vs apartment block). Here are some examples of what you may need to do as a landlord to secure your rental home for tenants:

Ensure that all locks, including deadbolts and security gates, are installed and functioning to reduce the risk of break-ins.

Repair any broken windows, doors, or other entry points that could provide unauthorized access to the property.

Provide a lockable mailbox to protect against mail fraud and identity theft. 

Provide good lighting in and around the property, especially in common areas such as hallways, staircases, and parking lots.

Conduct background checks on potential tenants to assess if anyone may pose a threat to your home or others.

Change the locks after evicting a nuisance or violent tenant.

Develop a security plan to respond to threats and install security measures as needed. 

The residents in your home also have a responsibility to maintain their own safety and security, such as using the lockable doors as intended. If a resident raises a safety concern to you, this should be addressed seriously as failure to take action could be seen as negligent — such as not fixing a broken window, resulting in a home robbery.

Depending on what you choose, adding security features to your rental costs an average of $300 - $840 plus any optional subscription fees.

Can a landlord get in trouble for their tenants' behavior?

Yes. Unfortunately there are liabilities that a homeowner can face if their tenants are knowingly creating a nuisance or engaging in criminal activity.  

For example, if you become aware that a tenant is engaging in drug-related activity in your rental home and you don't take any action to stop it (such as warning and/or eviction), you may face liability for any harm that results from that activity. 

If you fail to run background checks when screening tenants and rent your home to someone with a history of criminal and violent behavior, you could be held liable if that person harms another on the property. 

These are more extreme examples of tenant behavior. It could even be that you have received a complaint from a neighboring home of damage that is occurring. Not all neighbor complaints will be severe or give you a reason to evict. In these scenarios, it's important that you (or your property manager or representative) investigate the complaint to determine what happened. It could be a simple misunderstanding or accident. But if lease violations have occurred, you will need to provide written notice and you may need to take steps to evict the tenant to prevent being liable for any further damage to neighboring homes. 

Are landlords responsible for noise complaints?

Yes, annoying as this is, it's true. Landlords can actually find themselves responsible for noise complaints both from and against their tenants if it's affecting your rental property. 

Residents in your home have a right to "quiet enjoyment" of the home, so they can complain to you about noises and you need to take action with neighbors or the police. Failure to do so could result in a lease violation and give them cause to move out without penalty. 

If you are receiving complaints about noisy residents, you will need to get in touch with them to discuss the matter. Keep accurate records of the complaints and frequency and issue a written notice to the tenants if needed. If you have to notify your tenant of noise complaints on three or more separate occasions, you could have grounds for eviction for violating your lease agreement. If you refuse to take action against noisy tenants, you yourself could be penalized. 

Most cities have noise regulations around "quiet time" in residential areas during certain times of the night. For example, in San Diego noise must be limited between the hours of 10 pm and 7 am in residential zones. In Seattle (King County), there's a decibel limit of 10 decibels or less for noise between 10 pm and 7 am on weekdays and 10 pm and 9 am on weekends in rural and residential areas. This could be anything from noisy parties to animals or construction work on a home renovation. 

Landlords who choose to self-manage a rental home will need to deal directly with noise complaints and tenant concerns.

What are ways to minimize criminal activity and protect yourself as a landlord?

Now that we've covered the uncomfortable news of liabilities, what can you do to protect yourself? Here are seven tips that could reduce your risk and liability as a landlord. 

Your homeowner's insurance policy stops covering your home the moment it's rented by someone else. To protect your property and have effective liability coverage for tenant behavior, you need to take out a dedicated landlord's insurance policy. Additionally, it is a good practice to ask residents to have renter's insurance, in order to give everyone peace of mind. 

To avoid getting caught out by "reasonable safety measures", it's wise to do a security review of your home before putting it on the rental market. That means checking that deadbolts are working, windows lock correctly and there are no signs of damage that could be exploited. If the crime rates are high in the local area, you may want to consider other measures to protect your residents such as sensor flood lights or even a simple doorbell camera.

Whether you're taking a DIY approach to screening residents or are outsourcing the job to a property management company, enquire about the screening process and guarantees that are in place to protect your home and interests as a landlord. 

Include a zero-tolerance policy in your lease agreement toward drug use, criminal activity and violence

To limit your liability, have clear clauses in your lease agreement that outline grounds for immediate termination and eviction, such as drug use, criminal activity, and violent behavior. You can't refuse to rent to a tenant with a history of drug use, but you can prohibit drug use from happening on your property in your lease agreement, giving you the option to end the agreement for drug use, manufacturing, or sales. 

Address safety concerns and complaints without delay

The law states that you must take "reasonable measures" to protect your home and tenants. So while you aren't required to hire a team of security guards to patrol your home 24/7 (this would be unreasonable!), you do have to take action if it's deemed reasonable. 

If a resident lets you know that the deadbolt is jammed, send out a locksmith. 

If you remove a violent tenant from your home, change the locks before reletting to someone else. This should also apply if a domestic violence order is taken out against a partner and they move out, to protect the remaining resident. 

Getting noise complaints about your tenants? Notify them to reduce your risk of liability. Most states will give you grounds to evict after three or more written notices for noise violations, giving you the option to take action against anyone using your rental home as a party venue. 

Landlords hire a range of professionals to care for their homes — tradespeople, property managers, gardening contractors. They all have access to your home. Especially in this instance of property managers who hold keys to your rental home and a glut of data on your residents, there is a risk of hiring someone with the potential to harass or harm your tenants. Check the reputation of anyone you hire for your rental home and take any tenant complaints seriously. It's a good idea to check that your insurance also covers you for illegal acts of employees. 

This story was produced by Belong and reviewed and distributed by Stacker Media.

Protect Your Rental Home and Financial Security

New California rental housing laws 2024: The rules are changing, here's 5 laws that Californian landlords need to know when renting out their home in 2024.

California Rental Laws Are Changing in 2024: What Landlords Need To Know

The office of California’s Governor Newsom had a busy 2023! A raft of new housing bills were recently passed in California that will impact owners of rental properties as the laws begin to come into effect during the 2024 calendar year. 

Landlords, especially those who self-manage a rental home, need to stay across legal changes to avoid being on the wrong side of tenant-landlord laws in their local jurisdiction.

From new rules on security deposits and evictions to tenant screening, here are 5 major changes that Californian landlords need to be aware of in 2024. 

5 changes to California tenancy laws that landlords should know about in 2024

1. Changes to no-fault eviction rules will affect owner move-ins and remodels

The California Tenant Protection Act of 2019 has been amended, altering rules around “no fault” evictions or termination of a residential lease agreement. As of April 2024, more details will be required if a homeowner wants to end a tenancy due to moving-in or undergoing a major remodel of the property. 

If you wish to reoccupy the home as an owner-occupier, you must move in within 90 days of your residents moving out. You must also remain in the home for at least 12 months before the home can go back on the rental market. Same goes for the close family of the homeowner (e.g. spouse, parents, children, grandchildren). Their names and your relationship will need to be disclosed in the termination notice and the same rules will apply. If you or family already occupies a rental unit on the property, or if there is a similar unit available on the property, you may not use this as grounds for termination of a lease. 

For remodels, owners of the rental home must provide more details of the planned work, such as providing the existing residents with copies of permits or signed contracts for the planned works. If the work isn’t carried out, you will legally be required to contact the former tenants and give them the opportunity to move back in. Make sure you get a forwarding address if you plan to remodel your rental home! 

Read More: Understanding the California Eviction Process: A Guide for Homeowners

2. Security deposits are now capped at one month’s rent

As of July 2024, security bonds will be capped at an amount equal to one month’s rent. Previous laws allowed up to three months rent to be collected in bond, on top of the standard first month paid before occupancy. With rents skyrocketing across the states, move-in costs were becoming unaffordable for renters, especially for furnished properties. Going forward, if you charge a monthly rent of $2,500 p/m, the move in cost will be capped at $5,000 inclusive of security deposit and first month rent. This cap applies to both furnished and unfurnished homes. 

What happens if you’re already holding a large security deposit of more than one month’s rent? Don’t stress, there’s no need to return the difference. If you (or your property manager) hold a security deposit or collect one more than one month’s rent prior to July 1, 2024, you may hold on to this amount even if it exceeds the new caps. 

Pro Tip: Take the hassle out of collecting rent and security deposits by letting Belong PRO take care of it (and everything else!). With guaranteed rent and the easy option for residents to pay their security bond in installments, find out why homeowners are ditching outdated property management in Los Angeles, San Diego, San Francisco, Sacramento and more to Belong instead. 

3. Homeowners will be better protected from illegal occupancy

Changes come into effect: January 1, 2024

Trespassing and ‘squatting’ can be a real concern to homeowners with vacant properties. From 2024, a homeowner can alert local law enforcement that their property is uninhabited, allowing law enforcement officials to remove any trespasser who attempts to take up residence or claims to be a legal occupant. Previously a trespass notice was only valid for a period of 30 days. The amendment to SB 602 extends trespass letter validity to a full 12 months and it can be submitted electronically (if your local jurisdiction allows). When a valid letter is on file, homeowners won’t need to go to court to evict anyone living illegally on their property. 

Pro Tip: When it comes to vacant homes, prevention is often better than the cure! Read 10 Proven Ways To Reduce Vacancies & Keep Great Rental Tenants Long-Term

4. New screening laws will prevent credit history discrimination

If you manage your own tenant screening, make sure you update your process for 2024. 

If an applicant is receiving a government rental subsidy, you will need to revise how you consider their credit history and application to rent your home. To avoid discrimination, amendments to SB 267 prohibits landlords from using a person’s credit history unless they are given the option to provide alternative evidence of their ability to pay their portion of the rent. This could be benefit statements, pay records or bank statements. You must also give them a reasonable amount of time to provide this information and reasonably consider it instead of their credit history when deciding whether to offer them a lease agreement. 

Read More: Understanding Fair Housing Laws When Renting Your Home

5. San Francisco introduced an “empty home” tax

From 2024, Bay Area 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. Penalties will 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. 

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. Learn more about Belong’s unique residential network and homeowner services here. 

Belong guarantees rent and offers eviction assistance 

Belong PRO homeowners don’t have to worry about constantly changing regulations, as our team of experts do all the work for you and are available 24/7 to answer any questions.  

Belong homeowners earn guaranteed rent, paid to them each month even when residents are late to pay. And, in the unlikely event that residents must be evicted, Belong assists with the process so homeowners are never left stuck in the confusing legal system on their own.

Interested in learning more about Belong PRO services and availability in California? Check out one of our local pages below:

Disclaimer: This article is not intended as legal advice. Your local city is the best place to find information on local ordinances that apply to you and your rental property. In an effort to flip outdated property management on its head, we prefer to use the terms ‘homeowner and resident’ over ‘landlord and tenant’. But as this article discusses legislation, we have stuck to the old monikers. 

Don’t Spend 2024 Worrying About Property Management, Belong Instead!

Is there still a moratorium on evictions in 2024? It varies by city and county. Get a rundown on rent moratorium rules that are having eviction hardship extension or expiring in 2024.

2024 Rent Moratoriums & Extensions: Eviction Laws Landlords Should Be Aware Of

COVID-19 caused financial hardship for a lot of Americans. This put a huge number of renters at risk of losing their shelter during the public health crisis, so laws were introduced to stop it. Known as rent moratoriums or eviction moratoriums, these measures have prevented landlords from evicting tenants for not paying rent if financial hardship is linked to the public health crisis.  

The federal eviction moratorium ended back in 2021. But many states, counties and cities created eviction hardship extensions at a local level and introduced new protections for renters.

In California especially, there are now many overlapping rules at play. This can make it difficult for landlords to know their rights when a tenant stops paying rent. This article will go over how rent moratoriums work, as well as which cities and counties still have measures in place across California, Washington state and Florida. 

Are there still rent or eviction moratoriums in California?

In 2023, eviction hardship extensions were in place in Alameda County, City of Berkeley, LA County, City of Oakland, and San Francisco. This caused great confusion to many landlords, particularly in areas where county measures expired, while local city ordinances remained in place. One such example is San Leandro. Although Alameda Country orders ended, San Leandro’s Eviction Moratorium was initially extended until February 28, 2024. This would have made it one of the longest in the country, but a call was made to end it six-months early, expiring in July 2023. 

Rent Increase Moratoriums in place in California in 2024

A Rent Increase Moratorium remains in place until July 1, 2024. Under Oakland's Rent Increase Moratorium, annual rent increases are capped at the CPI or 3% (whichever is lower), with no pass-throughs (petition approved rent increases, such as for capital improvements) or banking. After June 30, 2024, homeowners will be able to collect on any approved increase as well as banked increases (within the Ordinance and state law restrictions).

For evictions based on nonpayment of rent accrued during March 2020 - July 2023, tenants can’t be evicted if the unpaid rent was due to documented hardship caused by the COVID-19 pandemic. You also can't evict someone for owing less than one month of HUD fair market rent. 


For any lease violations, landlords must show that the breach is based on a reasonable term that the tenant accepted in writing. 

Annual rent increases for rental units subject to the City of Los Angeles Rent Stabilization Ordinance (RSO) are prohibited before January 31, 2024. Between February 1 - June 30, 2024, a 4% rent increase has been approved. An additional 1% for gas and 1% for electric service can be added if the landlord provides the service to the tenant. State law requires landlords to provide an advance 30-day written notice for rent increases of less than 10%. 

For tenants who rent a Single Family Dwelling, they may be eligible for relocation assistance if they receive a rent increase of more than 10% within 12 months and are unable to afford the new amount. Details and amounts are outlined here. 

Laws in California are changing: From new rules on security deposits and evictions to tenant screening, find out 5 major changes that Californian landlords need to be aware of in 2024. 

Is there still a moratorium on evictions in Washington state?

The state of Washington no longer has a state-wide eviction moratorium for COVID relief, however Seattle has additional protections in place for renters. This includes limitations on evictions of teachers, school employees and families with children during the school year (September - June). Check the Renting in Seattle site for further information.

Is there still a moratorium on evictions in Florida?

No, there is no local moratorium on evictions in place in Florida. You can stay up to date on housing legislation, programs and rent limits at Florida Housing Finance Corporation.

Can you evict a tenant after the eviction moratorium expires?

Eviction moratoriums only created a pause on evictions for certain causes such as financial hardship. If you have a resident who is still in arrears once the ban has ended, you are within legal rights to evict them. Other valid reasons also still apply, such as violations of lease terms and conducting criminal activity on your property. 

In this instance, you will need to gain legal advice or speak to your property manager to find out what your costs and protections are. Many property management companies offer “eviction protection”, yet if you read the fine print, they often amount to coverage of around $500 in legal fees. Many property managers also charge fees for oversight of any legal proceedings such as documentation, filing and court appearances.

If you place your home on Belong instead of a property management company, you can rest easy knowing that we will place a top-quality resident that we trust to care for your home. In the worst case scenario, if a resident that Belong placed did stop paying their rent or violated their lease agreement, we will support homeowners by covering legal costs up to $15,000. This doesn’t apply to tenants placed by you or a property management company unless we have also qualified the tenants.

How landlords can protect cash-flow with guaranteed rent

The pandemic didn’t just affect renters. Not all landlords are wealthy investors or corporations, with many individual homeowners facing their own financial hardships when rent goes unpaid. 

To protect from the unknown or periods of nonpayment, landlords need to secure their cash flow. Belong has two unique solutions to help homeowners stay cash-flow positive:

Belong homeowners automatically receive guaranteed rent, ensuring all income is received on time — even if residents fall behind. Learn more about guaranteed rent here. 

If household costs from your rental sneak up on you, Belong can take the pressure off finding extra cash in your budget. From maintenance to insurance costs, Belong’s Split It financing option lets you spread the cost over the term of your lease agreement. You still get paid guaranteed rent, minus the cost of the repayment, keeping you on track. Learn more about Belong’s flexible payment solutions here. 

Instead of worrying about changing regulations and nonpayment of rent, let Belong take care of everything. Belong PRO homeowners, earn guaranteed rent, with rent paid every month, even when residents fall behind. And in the unlikely case that a resident that we’ve chosen needs to be evicted, we’ll even offer $15,000 in eviction protection costs.

Disclaimer: We don’t enjoy using words like ‘landlord’ and ‘tenants’. We refer to members in our network as homeowners and residents, since we’re on a mission to upend and redefine the traditional landlord-tenant relationship. That said, this article requires the use of these terms for clarity on legislation and eviction protections, so they will be used interchangeably.  This article provides a guide for homeowners, but should not replace legal advice. Every eviction case is unique, so a lawyer can help remedy your exact situation

Secure Guaranteed Rent, No Matter What

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

How to Finance Home Renovations and Improvements

When deciding how to finance home renovations — is it better to pay in cash or look at finance? Before you choose, 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. 

9 ways to finance home 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

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. If you've locked in a record-low rate this might not be the best option. But if you have a variable loan or a less-than-favorable rate, it could work for your financial situation. 

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

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.

Welcome to The Playroom