Home June 15, 2023

Managing Your Investment Property or Second Home

Owning additional property is a great way to boost your investment portfolio. There are different ways to manage your investment property, and you will have to decide how best to use it to your financial advantage. Maybe you’re considering using it as a second home or renting it out. Both options have merits. It really depends on what works best for you to align with your lifestyle and meet your financial goals.

Managing Your Rental Property

Renting your property to long-term tenants or as a vacationers builds wealth. However, even with potential tax advantages, renting takes time and effort. Think about whether you’re ready to be a landlord. This is a role that comes with additional responsibilities. Property managers are knowledgeable about local tenant laws and regulations, know how to manage money associated with rental payments, have time to find the best tenants, and are available to address issues, including home repairs.

If you prefer the stability of renting to a long-term tenant, you’ll have to screen potential renters, draw up a lease, set a security deposit, establish rental expectations, be prepared to field fix-it calls and manage preventive maintenance.

If you are partial to the higher daily rate of renting to vacationers, you’ll have to communicate with and welcome guests, provide frequent cleanings after visitors leave, determine rental rates, expect shifting seasonal demands, and be prepared to handle fix-it calls as well. For both scenarios, becoming familiar with the local market is essential. This knowledge helps set realistic rental rates and ensures you maximize potential income while properly pricing based on market demands. While renting out a second home isn’t necessarily a full-time job, it’s still an intense time commitment.

Windermere Property Management

If the responsibilities associated with managing your investment property are starting to feel like too much, Windermere Property Management is available to help. Our colleagues there manage rental properties throughout Kitsap County, including Bainbridge Island. With more than 31 years of collective experience, our full-service property management company takes care of handling all your rental management needs. This includes marketing your property, effectively setting rental rates, screening potential residents, collecting payments, and resolving maintenance issues.

Windermere Property Management’s goal is to set your mind at ease by providing the best management possible. They have helped many satisfied clients with personalized, dedicated, and responsive service. Christopher L., a satisfied client, recently described his experience saying,  “Very professional and hard-working team. I feel very supported having them prepare and manage our rental.” For more detailed information, please visit the Windermere Property Management website.

Managing Your Second Home

If you’re unsure about renting out your property or if you are not ready yet to make that leap, using your investment property as a second home is still a great option. A second home can serve as a family escape, a holiday gathering place, or a potential retirement home. In the short term, your home away from home is a vacation getaway. In the long term, you’re building equity, and it’s increasing in value over time. Typically, property values steadily increase over time and generally aren’t tied to the gains and losses of the stock market. That said, a second home still needs to be maintained and cared for.

With a second home, be prepared to handle managing the property. Have a plan in place for paying utilities, receiving mail, maintaining the yard, performing preventative maintenance, and troubleshooting unexpected issues. This can be challenging, especially if you live far away. Also, if time slips by and you’re not able to visit, then small problems go unnoticed. Issues such as plumbing or roof leaks can escalate quickly when not addressed immediately. It’s best to have someone trustworthy checking on your house regularly when you can’t be there.

Bainbridge Ready

To make sure your second home is well cared for, Bainbridge Ready is available to help. A partner of Windermere Real Estate, Bainbridge Ready is a locally owned and operated home management company that provides a full spectrum of home care services. These customized services include regular visits and inspections, severe weather monitoring, coordinating maintenance, and meeting service providers. Our residential concierge, Kim Anderson, takes home care to the next level by preparing for your arrival too. This can include stocking the refrigerator, airing out your home, flushing the pipes, setting up patio furniture, project managing the replacement of appliances if needed, and following a proactive approach to home maintenance.

For a complete list of services, please visit the Bainbridge Ready website. Kim’s extensive expertise, personal touch, and attention to detail helps homeowners feel at ease while away. Sara B., a Bainbridge Ready client, said, “We have been with Bainbridge Ready for about 6 months and couldn’t be happier with their care of our property! We receive instant notification of anything Kim feels needs attention. While we are away, we feel very comfortable that our property is safe and being well cared for by Kim.”

Whichever direction you decide to go, Windermere can assist with managing your investment property. Contact Windermere Property Management or Bainbridge Ready to find out more about how they can help.

Home July 18, 2022

5 Outdoor Dining Design and Decor Ideas

Summer is in full swing, which means it’s the perfect time to elevate your outdoor dining experience. Create an inviting space for friends and family to relax on a summer afternoon or evening and enjoy the season. And, if you are considering selling your home in the near future, a stylish and charming outdoor dining area can help increase the overall appeal with potential buyers.

Pergola Peace

Design the ultimate outdoor dining experience by adding a pergola to your backyard. Not only do pergolas provide additional shade, privacy, and protection, they play a key role in creating atmosphere, style, and comfort. A pergola will help your guests feel the escapism of summer vacation while enjoying the intimacy of your home.

There are a variety of pergola designs to choose from to match the look and feel of your home whether attached or free-standing. Typically made of wood, pergolas often feature an open roof of beams or latticework that can be dressed up or down depending on the occasion. Hanging plants, ivy, or curtains are all great decorative options. Add electricity to accommodate decorative lighting as desired.

Dining Furniture

Choosing outdoor dining furniture that’s right for your space is important. For larger spaces, consider how many people you envision hosting, and invest in a set of tables and chairs that reflect that vision. Most outdoor dining sets accommodate six to eight people, but Williams Sonoma Home offers table options for eight to ten people. Additionally, they offer extendable tables to help you shift from a cozier to a more expansive atmosphere as needed.

For smaller spaces, you may want to consider a table and benches instead of chairs. Benches offer great seating flexibility with “the more the merrier” in mind. Plus, benches can easily be stored under the table. This allows for more space and helps keep the cushions protected and clean. Also, as you’re looking at outdoor dining furniture, think about what vibe you prefer. If you prefer a relaxed, beachy vibe, then a wicker or wood set might be right for you. If you prefer a more formal, sophisticated vibe, then a slate, metal set could be the better choice.

Outdoor Decor

Once you’ve chosen your furniture, dress it up with fun outdoor decor. When it comes to throw pillows, you can never have too many. This is especially true when decorating tougher outdoor furniture made to withstand the elements. Add color to your space and create softer, more comfortable seating with a variety of pillows. Mix and match pillow types and sizes to support backs and allow for greater relaxation. Have a few cozy and luxurious throws on hand for good measure in case guests get chilled as dinner winds down and evening cools.

Festive Lighting

Set the mood of your outdoor dining experience with the right lighting. Pottery Barn sells a variety of outdoor lighting to create the ambiance you want. String lights are both elegant and festive and come in a variety of styles, colors, and designs. Paper lanterns bring a celebratory feel to dinner and are great for birthday parties, anniversaries, and other special occasions. Or, you can add a touch of classic sophistication and warmth with candles. There are lovely flameless candles available that are both safe and inviting.

Table Setting

The final touch to every dining experience is the table setting. Your guests will be gathered around the table throughout the afternoon or evening. This Vogue article shares expert advice on creating the dream summer table. Make sure you consider all the elements including a beautiful centerpiece (possibly bright flower arrangements for summer), classy dishware, and colorful placemats and napkins. A festive tablecloth can always dress up and help customize the occasion as well.

If you’d like to do more to turn your home into a retreat, consider these remodel ideas. Whether you’re inside or outside, there’s always a way to create a private oasis.

HomeHome Sellers January 27, 2021

4 Home Renovations that Return the Most at Resale

After months of working from home, you may have noticed some areas of your house that need refreshing. Well, before you spend thousands of dollars remodeling your bathroom, it might be helpful to know some of the renovations that return the most at resale. Below we have listed the West Coast’s average recoup values of four renovations that yield a high return on your investment. 

Manufactured Stone Veneer: 119.5% Cost Recouped

Also known as faux stone, manufactured stone veneer is a human-made material designed to replicate the look of natural stone. This remodeling project tops our list at an average of 119.5% recouped value at resale. Manufactured Stone Veneer is incredibly versatile. If you are looking to give your house a modern look while retaining a rustic vibe, this remodeling project is perfect. Cultured Stone has more information on Manufactured Stone Veneer projects. 

Garage Door Replacement: 117.1% Cost Recouped

We use our garage doors daily, and over the years, they are bound to have some wear and tear. Whether it’s the wood rotting, the track hardware malfunctioning, or just out of date technology, a garage door replacement is a safe investment with an average of 117.1% recouped value at resale. Most homes can benefit from a garage door replacement, but the Spruce can help you decide if you have more questions.

Entry Door Replacement: 87.9% Cost Recouped

Coming in third on our list are steel entry door replacements. Wood doors are beautiful. Unfortunately, they don’t withstand the test of time very well. Installing a new entry door made from steel will guarantee long-lasting beauty for years to come. Along with an 87.9% recoup value at resale, steel doors are a solid investment. Pella is an excellent resource if you are looking into more options on entry door replacements. 

Minor Kitchen Remodel: 77.6% Cost Recouped

Everyone loves a kitchen that looks brand new with sparkling appliances and space to cook. A minor kitchen remodel can go a long way. Simply leave cabinets where they are and replace their fronts with new shaker-style wood panels. Then add new, modern hardware. Go a step further by replacing the oven range and the refrigerator with more energy-efficient models. Replace laminate countertops and upgrade your sink and faucet to really make your kitchen shine. Finish with a fresh coat of paint and you’ll be wishing you would’ve done this years ago.

Hopefully, this list gives you the inspiration to get started. And, these suggestions are just the beginning. If a renovation you want isn’t on this list, but it’s something you’ve always dreamt of, then don’t let us stop you from making it come true. For more information, check out Remodel Magazine’s Cost vs. Value Report. If you’re thinking of selling your home, check out our home seller’s checklist.

Home BuyersHome Sellers December 3, 2020

Everything You Need to Know about Title Insurance

Title insurance is a policy that protects you from potential problems when acquiring real estate. When you buy real estate, you’re also buying all of the assets and liabilities associated with that property. So title insurance protects you from any past title problems. Some of these problems can include forgery, fraud, liens, and prior mistakes in legal documents

Types Of Title Insurance

There are two main types of title insurance: lender’s title insurance and owner’s title insurance. Most lenders require the borrower (homebuyer) to purchase a lender’s title insurance policy, which protects the lender. It is important to note that a lender’s policy will not cover the homebuyer from any problems with the title. To protect yourself, consider purchasing owner’s title insurance.

Owner’s title insurance will protect you, the homebuyer, from any aforementioned issues. A title search examines public records and legal documents to confirm the legal ownership of a property before a transaction takes place. It is usually performed by an attorney or a title company. Although this procedure will often identify any title issues or mistakes, sometimes mishaps occur. These mistakes can be costly down the road, so buyers often purchase title insurance to protect them and their mortgage lender from financial loss if there’s a problem with the title after the sale.  

Common Claims

Some common claims filed against a title are back taxes and liens. Liens are a right to keep possession of property belonging to another person until a person’s debt is cleared. It is rare for title companies to miss a lien, but if that does happen, it can cause quite a legal headache for the homeowner. Title insurance can protect from any issues that arise due to uncleared liens. 

A typical title insurance policy covers the following hazards:

  • Ownership by a party other than the one who sold it to you
  • Incorrect signatures on documents as well as forgery or fraud
  • Mistakes in legal papers and inheritance

This type of policy also ensures that there aren’t any outstanding liens for the property. Unlike traditional insurance policies that protect you from future events, title insurance protects you from past events that may not have come up during the purchase of the property.

Title Insurance in Washington State

In Washington state, the owner’s title insurance policy is usually optional and not required by law. You can choose to buy a policy that will cover the full price that you paid for the property.  The Office of the Insurance Commissioner has more information about the process of purchasing title insurance in Washington state. 

It is important to note that the only time it is possible to secure the owner’s title insurance is at closing. You will not be able to purchase a policy if you discover an ownership issue after you’ve bought the property and ownership has been transferred to you.

Bottom Line

Having title insurance protects both the buyer and seller from potential risks that can lead to a considerable amount of stress down the road. It’s important to talk to your real estate agent about these details. They should be able to guide you through the process and provide additional insight. Our local Windermere agents are also here to answer any questions you may have.