Wake Up Call

By: Rob Sampson, Connecticut State Senator

Spring is upon us, and the Connecticut legislature is about halfway through its session. All the bills have been introduced. Most public hearings have already occurred, and many of the committees are debating and voting on bills.

If you have never participated in a public hearing at the legislature or never watched a legislative debate at the Capitol, I strongly urge you to give it a try.

I say that because plenty of people that you probably don’t agree with certainly are participating. They are active and engaged, and their progressive agenda is being realized more and more every day.

Sadly, that also means that traditional American principles of freedom, hard work as the mechanism for success, and an allegiance to representative government where the will of the people is respected are not.

So, what is advancing? One bill that recently passed out of committee would raise the age for free healthcare to undocumented immigrants to 26. There is even a bill to give illegal aliens and prison inmates the right to vote! Another bill would lower the voting age to 16. Another proposal would require everyone to vote or face a fine if you don’t. Meanwhile, my attempts to pass a photo ID requirement, require a voter identification system for absentee voting, as well as audits on Election Day registration, and restrictions on ballot harvesting, repeatedly fail on party lines.

There are bills moving forward that undermine our property rights. You may have heard about proposals for rent controls, but there are also bills to prevent landlords from doing background checks and preventing evictions for several months out of the year. What will happen when housing providers can no longer operate in our state? Concerned about your home’s value?

Did you know there are proposals to require the construction of deed-restricted apartment buildings in residential neighborhoods of small towns – regardless of local zoning? Imagine the impact of that.

There are bills to ban gas stoves, create a task force to study reparations, hire more enforcement agents to audit your taxes, and even bills to pay unemployment to workers who are on strike!

There are bills that would eliminate the ability for employers and employees to determine benefits themselves, instead transferring that decision to the state government. There are bills that would prevent restaurants from paying the tip wage –effectively eliminating tipping for servers and wait staff – and very likely reducing their overall pay dramatically. There is a bill that would make a homeowner responsible if a contractor that they hire to do work on their home fails to pay their employees!

There are bills that purposely exclude parents from having a say in their children’s education. There is a bill to require state forms to include a third option for gender or lack thereof. There are bills to grow government in countless ways and to spend your money on things you would never agree to voluntarily.

These measures are just a small sample of the bad ideas that are closer to becoming law every day at our state Capitol.

It seems like the majority is more emboldened than ever to advance a truly dramatic agenda of big government intervention. Of course, there are the typical bills that restrict lawful gun ownership, advance woke ideology, and spend more taxpayer dollars to create a more and more dependent population in our state.

And there are countless others that are often hard to describe based on how complicated they can be but have the result of limiting our freedom of choice in so many areas, from what healthcare we can choose, to what foods are available to us, or how our employment situation is determined.

Freedom and choice are shrinking.

Since my first experience as a newly elected lawmaker, one thing has always troubled me, and that is the lack of participation in the legislative process from people who share my worldview. That situation is only getting worse.

Tune in to a public hearing on any given day to watch bills regarding public health, or labor, or housing – and you will see witness after witness advocating for more communism, more government control, more wealth redistribution, more recognition of woke, nonsensical policy that undermines our nation’s history and values – and common sense. You will see very few courageous people testifying in defense of free markets, individual liberty, private contracts, punishing criminals, defending civil liberties, or even standing up for reality.

That must change if we are going to preserve our nation and our way of life. It’s time to get involved. Follow me at www.senatorsampson.com and learn how you can.

This is the Best Time to Sell Your Home in 2023

By: Lauren Phillips, with nhg.com

Spring has long been known as the busiest time of year for the housing market: Many people choose to move during springtime, and the housing market historically picks up after a slower winter as people list their current homes and start searching for their next one. But for those wanting to make a great sale getting as much money for their home as possible in the least amount of time knowing that spring is a good time to list isn’t enough.

Spring is several months long, after all, and in a market where a house can linger on the market just as easily as it sparks a bidding war, savvy sellers will want to do everything possible to give themselves (and their home) an advantage.

A new report from Realtor.com has pinpointed the best time to sell your house even more precisely. According to Realtor.com’s research, listing your home the week of April 16 through April 22, 2023, is the best timing for a successful sale. Realtor.com even predicts that listing your home between April 16 and April 22 could get you $48,000 more for your home than you’d get if you listed it at the start of the year.

Why April 16 through April 22 Is the Best Time to Sell Your Home

So what makes April 16 through April 22 the best time to list your home for sale? That week is the perfect window in which many different market conditions that affect the selling process overlap in ways that benefit sellers. A combination of higher home prices, lower competition, quicker-moving sales, and high buyer demand make this week a sweet spot, if you can time it right.

“Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch,” said Danielle Hale, chief economist at Realtor.com, in a statement accompanying the report. “For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price.”

Homes listed the week of April 16 have historically had prices 2.1% higher than average, Realtor.com’s data shows. If this year follows seasonal trends, the national median listing price could be $8,400 higher than average weeks, and $48,000 higher than prices at the start of the year.

There’s also less competition from other homes: Typically, there have been 9.3% fewer sellers on the market during this week compared to other weeks, Realtor.com’s data shows. Inventory has been higher as the market has cooled from 2020 and 2021, but it’s still much lower than it was pre-2020, meaning there’s still plenty of opportunity for sellers.

Homes are also expected to sell more quickly between April 16 and April 22. The 2023 housing market may have slowed down, particularly in comparison to the lightning-quick markets of 2020 and 2021, but homes actively for sale the week of April 16 have historically sold 18% faster than homes for sale in other weeks.

In terms of buyer demand, historical trends show that there are as much as 16.4% more views per listing the week of April 16 than the typical week. Because more views can mean more interested buyers (and more offers), taking advantage of these views can be key to a quick sale.

With buyer demand dropping and uncertain financing because of current market conditions, hopeful sellers will want to make the most of any advantage they have to make a quick, profitable sale. Listing during the best time to sell this year, April 16 through April 22, 2023, might just give you the edge you need to get the most amount of money for your home in the least amount of time the ultimate goal of any smart home seller.

What is Rental Property Insurance?

By: Bob Haegele, with forbes.com

Rental property insurance, also known as landlord insurance, covers risks associated with renting your property (home, apartment, condo, etc.) to others. It can provide financial protection in the event your property is damaged, or someone is injured on your property.

Depending on the policy you purchase, rental property insurance may also protect your rental property income if the property becomes uninhabitable due to a problem listed in your policy.

If you’re considering renting your property, it’s important to check to see what, if any, coverage is available from your existing homeowners insurance.

What Does Rental Property Insurance Cover?

Rental property insurance often includes the following coverage.

Dwelling coverage

This covers physical damage to the building caused by problems listed in your policy, like wind, fire and hail.

Liability coverage

Liability coverage protects you financially if you’re found legally liable for someone else’s medical bills or property damage related to the rental property. It will also cover your legal defense if you’re sued, up to the limits of your liability coverage.

Personal property

If you own items at the property for tenants to use, such as appliances or lawnmowers, they can be covered by a rental property insurance policy. Some insurance companies offer this as optional coverage.

Loss of rental income

If you are unable to rent your property for a period of time because of a loss caused by a problem problem listed in your policy, such as a fire, the lost rental income may be covered. This is also offered as optional coverage by some insurance companies.

What Does Rental Property Insurance Not Cover?

Certain expenses will not be covered by rental property insurance.

Tenant’s personal property

If your tenant’s personal property is damaged, it is not covered by rental property insurance. Tenants need their own renters insurance for coverage for their personal belongings.

Maintenance or equipment failure

Things sometimes break. But if the hot water heater in one of your rentals dies, you will likely have to pay out of pocket for repairs or for a replacement.

Shared property

Home sharing, such as renting out a spare bedroom or a floor in your house, is generally not covered under a rental property insurance policy. Rental property insurance is intended for properties that are not occupied by the owner.

Flood or earthquake damage

These disasters require their own, separate insurance policies.

If you live in an area prone to such natural disasters and are renting out your primary residence, you might already have a separate earthquake insurance or flood insurance policy for your home.

Rental Property Insurance Optional Coverage

Certain situations are not usually covered by rental property insurance, but you might be able to add them to your landlord insurance policy, such as:

Vandalism

If your property is intentionally damaged or vandalized, damages typically aren’t covered by a standard property insurance policy. Some insurers offer vandalism coverage as an add-on feature for purchase.

Burglary

Rental property insurance might cover the damage your property sustains in the event of a break-in, but it typically will not cover any stolen items. You might be able to add coverage for items used to maintain the property such as a lawn mower or appliances—at an additional cost.

Property under construction

If your property is under construction, you may be able to purchase special coverage for the structure until it is ready for tenants.

Building codes

If you have to make repairs to a property, you might be required to make certain updates to comply with new building codes. You can sometimes purchase coverage to reimburse you for those situations.

Personal injury

This coverage can help if you are sued for wrongful eviction.

Do I Need Insurance on My Rental Property?

Insurance for short-term rentals

If you only rent your primary residence occasionally, you may not need rental property insurance.

For instance, perhaps you go on a few weekend vacations per year and rent your primary residence out during those times. In this case, your homeowners insurance policy might cover you in the event your home is damaged while you are away. That is because homeowners insurance sometimes covers short-term rentals.

Ask your homeowners insurance company if those rentals are covered, as every policy is different. You may need to add an insurance rider to ensure you have adequate coverage.

If you rent out your primary residence frequently, however, it’s generally considered a business and not covered by homeowners insurance.

In this case, look into home-sharing insurance.

Insurance for long-term rentals

If you rent your property for long periods of time, such as for several months or even years, you will probably need rental property insurance to protect yourself from potential financial losses.

How Much Does Rental Property Insurance Cost?

The Insurance Information Institute says that rental property insurance is about 25% more expensive than a standard homeowners insurance policy.

A recent Forbes Advisor analysis found that the average cost of homeowners insurance is $1,854 per year for $300,000 of dwelling coverage and $100,000 of liability coverage. This would make rental property insurance about $2,318 per year.

As is the case with any insurance product, the best way to find the cheapest rental property insurance is to shop around. Compare homeowners insurance quotes from multiple insurers before making your decision.

Mold - A Growing Concern For Housing Providers

Article provided by: CTPOA

As a landlord or property investor, mold is one of the last things you want to hear about in your investment property. Mold can pose a serious health risk to tenants, it can lead to structural damage, and it can even cause legal issues. Mold can be a common problem in investment properties, especially those in humid or wet climates. In this blog, we will discuss what mold is, why it is a problem, and how you can prevent it in your investment property.

What is Mold?

Mold is a type of fungus that grows in damp and humid environments. Mold reproduces by releasing spores into the air, and these spores can cause health problems when inhaled. Mold can grow on any surface, but it particularly likes areas that are warm, moist, and dark. This makes it a common problem in bathrooms, kitchens, and basements.

Why is Mold a Problem?

Mold can be a serious problem for several reasons. First, it can cause health problems, particularly for people with allergies or respiratory issues. When mold spores are inhaled, they can cause symptoms like coughing, sneezing, and watery eyes. In some cases, mold can even cause asthma attacks.

Second, mold can cause structural damage to your investment property. Mold can weaken wood and other materials, leading to rot and decay. This can compromise the structural integrity of your property and make it unsafe for tenants.

Third, mold can cause legal issues. If a tenant becomes ill because of mold in your property, they may be able to sue you for damages. This can result in costly legal fees, fines, and even the loss of your investment property.

How to Prevent Mold in Your Investment Property

Preventing mold in your investment property is crucial to the health and safety of your tenants, as well as the longevity of your property. Here are some tips for preventing mold in your investment property:

1. Control humidity levels: Mold thrives in humid environments, so it's important to keep humidity levels under control. Make sure your property has good ventilation, and use dehumidifiers in areas that tend to be damp.

2. Fix leaks: Moisture from leaks can create the perfect environment for mold to grow. Regularly inspect your property for leaks and fix any problems promptly.

3. Use mold-resistant materials: When renovating or repairing your property, consider using mold-resistant materials like drywall, paint, and insulation.

4. Clean regularly: Regular cleaning can help prevent mold growth. Clean bathrooms and kitchens regularly, and make sure to dry surfaces thoroughly.

5. Respond quickly to water damage: If your property experiences water damage, respond quickly to dry out the area and prevent mold growth.

In conclusion, mold can be a serious problem for landlords and property investors. It can pose health risks to tenants, cause structural damage, and even result in legal issues. Preventing mold in your investment property is crucial to the health and safety of your tenants, as well as the longevity of your property. On April 18th at 1pm, we have a special guest leading a webinar on Mold. Prepare to be blown away with new, interesting information about mold that can literally save you thousands of dollars. Register HERE at CTPOA.com/events. Free to members.

When Are Taxes Due?

By: Kimberlee Leonard, with usnews.com

Tax Day is typically April 15 each year unless the day falls on a holiday or weekend. The pandemic in 2021 caused the Treasury Department and Internal Revenue Service (IRS) to extend this date to May 17. But that isn’t the case for tax returns filed in 2023. For this year, the deadline to file your income tax is Tuesday, April 18, though you can file an extension for October 17.

Remember that even if you file an extension, if you owe money, you must make income tax payments by April 18, 2023, to avoid interest and penalties. The IRS requires that you estimate your tax liability for the tax year and pay it when filing for the extension or by the deadline.

How To Determine When Taxes Are Due

The income tax return due date is determined by the April 15th Tax Day. When this day falls on a weekend or holiday, it is pushed back to the next business day. Tax Day is extended in

2023 because April 15, 2023 is a Saturday. You can get information on when to file your tax return by checking publications on the IRS website. The IRS puts out Publication 509, which is updated annually and includes the entire tax calendar for the year. Going through IRS documents can sometimes be daunting. However, this information is also available via any one of the tax filing companies’ websites, such as Intuit TurboTax, in an easier-to-digest format.

Do Federal and State Taxes Have the Same Due Date?

Each state is responsible for determining its own tax filing date. For simplicity, most states follow the IRS guidelines and have the state deadline match it. However, you may live in a state that doesn't have state income taxes or that has chosen an extended filing date, so be sure to check with your state’s department of taxation to know what the 2023 filing deadline is for you. No state has a filing deadline before the April 18th federal filing date.

When Are Estimated Taxes Due?

Estimated taxes are quarterly tax payments usually made by small business owners, freelancers, and independent contractors. These are payments made based on the income for that period. The IRS requires that taxpayers pay at least 90% of their taxes throughout the year through withholding or through estimated tax payments. Failure to do so can result in an estimated tax penalty.

The schedule for estimated tax payments are:

• April 18 for period January 1 to March 31

• June 15 for period April 1 to May 31

• September 15 for period June 1 to August 31

• January 18 of the following year for September 1 to December 31

These tax payments must be postmarked by the due date to ensure you will not be assessed a penalty. You can also use the IRS Direct Pay website and pay by 8 p.m. EST with a bank account or by midnight with a debit or credit card to make the deadline.

What Happens if I Miss the Tax Deadline?

It’s best to meet the IRS tax deadline to avoid any issues. You can also get a free extension to October 15. The extension gives you extra time to file, but keep in mind that you still must pay any owed taxes by April 18. There is no penalty if you don’t owe taxes; the IRS just keeps your refund for longer.

The IRS doesn’t penalize you for not filing a return, but it will penalize you for not paying your owed taxes. Interest and penalties apply if you don’t pay your expected tax amount on time. Late payment penalties start at 0.5% per month with a maximum of 25% of the amount due. If you failed to file for an extension, the penalty goes up to 5% per month with the same 25% maximum penalty.

Interest will also be owed on the outstanding balance. The IRS determines the interest rate using the federal short-term rate plus 3%. This year, the rate will be 7%.

Do I Need a Tax Filing Extension?

To file for an extension, you’ll complete IRS Form 4868. This is for an automatic six-month extension on your taxes for those filing a Form 1040, 1040NR, or 1040NR-EZ. Many people make the mistake of filing for an extension because they can’t make the tax payment. As we’ve discussed, this strategy can lead to penalties and interest payments. However, if you owe and can’t pay all the taxes upfront, the IRS offers various payment plans to help you reduce penalties and interest on your taxes.

You should file a tax extension if you:

• Are owed a refund but can’t get your taxes done on time

• Can pay the estimated amount owed but need more time to file

• Are dealing with a life event such as a family death or divorce, and you need more time to gather documents for your return

• Run out of time to file because you were busy during tax season

Where Can I Get Help With My Taxes?

Tax returns can be filed through e-file services or by mailing a paper copy of the return to the IRS. The IRS has free fillable forms for those with an income of $72,000 or less and who are comfortable completing their own tax returns. There is also an IRS Volunteer Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs that are free to eligible participants.

Most people want some type of help with their tax returns. This is where either using commercial tax software or going to a professional tax preparation provider is helpful. Some in-person tax filing firms such as H&R Block and Jackson Hewitt now have software that will help you fill out your tax forms.

When you go to an in-person location, you get the expertise of a tax professional who will do the taxes for you, asking you pertinent questions that arise. When you use tax software, you are still doing the taxes on your own but often have the backup of audit protection. Some may even allow you to talk to a professional who can answer specific questions.

Make Your Home More Energy Efficient

Article From: portal.ct.gov

Start saving more money by improving the energy efficiency of your home and/or business. You will use less energy to achieve the same output. Doing so will help you cut your bills and also reduce pollution.

Cost Reducing Solutions by EnergizeCT

An initiative known as EnergizeCT offers different ways to help lower your energy costs. Their solutions include:

• rebates

• clean energy improvements

• financing

• energy efficiency services

• bill assistance programs

• electric rate comparisons

By providing advice, information and financial incentives, EnergizeCT empowers Connecticut to make smarter energy choices.

For Your Home

EnergizeCT’s offerings for residential homes include:

• energy assessments

• energy savings plans

• new construction programs

• home energy solutions

• solar investment programs

• recommendations for Energy Star retail products.

If financing new initiatives is a concern, EnergizeCT also offers various loan options.

For Your Business

Your business is yet another area that uses a lot of energy. EnergizeCT can offer smart energy efficient recommendations by first assessing your facility. Based on your usage, they create:

• energy management strategies customized energy savings plans

EnergizeCT provides building solutions for:

• small businesses

• commercial buildings

• education

• industrial centers

• multifamily facilties

• towns and municipalities

Commercial financing options are available for business owners.

Make Smarter Energy Moves

Smarter choices can go a long way towards helping Connecticut residents save money on high energy costs and enjoy more of their lives. By providing better knowledge, strategies, guidance and solutions. EnergizeCT hopes to make a real difference for everyone in the state.

How to Get Started

Consider an energy audit for your home or business.

You will understand your current energy usage and where things can be improved.

EnergizeCT will come to your home or work to make these assessments and recommend brand new cost-saving solutions to help you streamline your energy usage.

Visit

Weatherization Assistance Program

The Weatherization Assistance Program is funded by the US Department of Energy, and assists low-income persons to minimize energy-related costs and fuel usage in their homes through retrofits and home improvement measures. In Connecticut, the program is administered by the Department of Energy & Environmental Protection (DEEP) in partnership with the Connecticut Community Action Agency network. Local Community Action Agencies qualify households and coordinate services.

For more information, visit: Weatherization in Connecticut

Legal Tips for First Time Landlords

Article From: rocketlawyer.com

Becoming a first time landlord can be a lot of work, but there’s also the promise of a lucrative business (and regular rent checks). When you’re first starting out, beyond the basics of getting the property purchased and ready to rent out, remember that setting yourself up for success also means having the proper legal protections in place—and being proactive with legal issues could save you from big legal bills and hassles down the road. Here are some guidelines to help protect yourself when you’re starting out as a new landlord.

Put it in writing.

It seems simple, but putting everything in writing can be the smartest thing you ever do as a landlord.

The most important item to put in writing is the Lease Agreement between you and the tenant. If you ever have problems with the tenant, the Lease Agreement protects you and gives you legal rights that would be more difficult to prove without documentation. It also makes it clear that both parties have agreed to specific terms that you can both reference later if there is a dispute.

Get a security deposit.

Collecting a security deposit communicates to the new tenant that you care about the condition in which the tenant keeps your property. It also gives the tenant motivation to keep the property in the same condition in which it was first rented. If the tenant doesn’t keep the property in good condition or damages it, you may be able to keep a portion or all of the deposit to pay for repairs or additional cleaning. Make sure you have the tenant fill out a Renter’s Inspection Worksheet when the tenant first moves in to reduce disputes about the initial condition of the apartment.

Know the tenant financially.

It’s your responsibility to vet your potential tenants. Start by having them complete a Rental Application, which will help you collect the information you need to screen your potential tenants. Next, take the time to verify their good credit and their employment, which will help you determine their ability to pay the rent. Keep in mind that it’s much easier to find another potential tenant than it would be to evict a tenant who can’t pay the rent. Of course, you also need to follow any laws that protect tenants against housing discrimination, but the inability to pay the rent generally can be used to disqualify a potential tenant. You may also use a Letter to Request a Credit Reference to verify the prospective tenant's good credit, and/or ask the tenant's employer for a Salary Verification Letter.

Understand key lease terms, like rent, maintenance, utilities, etc.

Make sure you know and follow the terms of the lease you’ve signed. If you create a document and then flaunt the terms, your tenant could take you to small claims court and you could be found liable. You could also get in trouble with local housing authorities. In addition, if you don’t follow the lease terms (by not maintaining the property, for example), it makes it harder to enforce regulations of the lease that you do want the tenant to follow like paying the rent on time.

Understand your rights as a landlord. Although the renter has rights, so does the landlord. For example, you should be able to enter the property when necessary for maintenance with the appropriate amount of notice given to the tenant. You also have the right to evict a tenant if they are not upholding their end of the lease. You can use an Eviction Worksheet in this case, but before you get in this situation, it’s smart to understand the legal process for evicting a tenant in your city and state, since it varies by locality.

Understand the Tenant's rights, and your obligations to protect them.

Familiarize yourself with your state’s laws that protect the tenant’s rights, and any applicable city or county laws that might affect you. Consult the Hud.gov Tenant Rights resources by stateto find out more about the laws in your area.

This article contains general legal information and does not contain legal advice. Rocket Lawyer is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer