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Replace Data to the Assessment Of Condition Of Rental Property

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Aug 6th, 2022

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How to Replace Data to the Assessment Of Condition Of Rental Property

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todays video is about the housing markets were covering home prices and real estate but were also covering the rental market so this video will be applicable to everyone so Im going to show you the data so I do this housing market update once a month and Ill be referencing February data because February data is released in late March so lets get started youre looking at a three-year chart of home prices the median sale price of a home in February was 386 527 this is down 10 percent from its peak nine months ago in May but remember you have to factor in that theres seasonality going on so seasonality is contributing to this decline thats important because when you compare February of this year to February of last year home prices are down just 1.1 percent however home prices are up in February compared to January the median sale price was 383 249 in January so month over month home prices are up now lets take a look at mortgage interest rates this is a one-year chart to the 30

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Got questions?

Below are some common questions from our customers that may provide you with the answer you're looking for. If you can't find an answer to your question, please don't hesitate to reach out to us.

What is the most a landlord can charge for damages?

Usually, there isnt a legal upper limit on damage-related fees, as the cost is largely determined by the kind of repair thats needed to bring the unit back into the same state it was in before the tenant moved into the unit.

What is an example of fair wear and tear?

Some examples of fair wear and tear are worn carpets, faded curtains, minor scuffs and scrapes on walls, worn keys and dirty windows.

What is classed as normal wear and tear in rental property?

Normal or fair wear and tear refers to gradual damage you would expect to see in a property over time. For example, damage to carpets, fixtures, and fittings is extremely difficult, if not impossible, to avoid over a period of months and years.

What is any normal tear and wear?

What is Normal Wear and Tear? Normal wear and tear generally refers to the expected deterioration of a unit caused by a tenants everyday use. This could include things like wobbly doorknobs, worn carpet, or small scratches on walls and flooring.

What is entry condition?

The Entry condition report records the condition of the property, dwelling/site or room, and any inclusions (e.g. furniture), at the start of the tenancy. Filling out this report properly and including photos/videos, will avoid future problems, especially with the bond refund process.

How do you identify wear and tear?

More examples of wear and tear are: Fading in color almost anywhere due to sun exposure. Several small nail holes per wall. Small staining on carpets (not due to pets) that can be cleaned with a steamer. A few small dents or scratches on hard flooring. Dust and dirt buildup on surfaces. Loose doorknobs.

What is the best example of normal wear and tear?

Examples of Normal Wear and Tear Worn or faded carpet. Scuff marks on hardwood and linoleum floors. Warped door frames and windows. Sun-faded blinds and curtains. Dirty or loose grout around floor tiles. Small scuffs on walls from door handles.

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