11 Ways to Get Your Rental Properties Ready for Winter

11 Ways to Get Your Rental Properties Ready for Winter

By: Kurt Jacobson, from propertyware.com

Since extreme winter temperatures and winds can take a major toll on buildings in cold weather regions, it is important that property managers take the necessary steps to winterize rental properties before the first snowfall of the season. Doing this will ensure that you will have to spend less time and money on plumbing, roofing, and other repairs come spring.

If you need a little help getting started, have a look at our list of the top things to do to get your rental properties ready for winter.

1. Leave the Heat On 3. Watch Your Pipes

Completely drain out the outdoor pipes and sprinkler/fountain systems to ensure they don’t freeze in sub-zero temperatures. As an added precaution, winterize exterior plumbing and pipes in unheated parts of the property or common areas such as clubhouses by covering them with inexpensive foam pipe insulation.

4. Look for Cracks

Remind your tenants to maintain a minimum temperature of 55 degrees Fahrenheit when they go on vacation. This will prevent the pipes from freezing and bursting due to the cold temperatures.

2. Inspect Your HVAC Systems

It's important to inspect the edges of doors and windows and the exterior walls of your properties for gaps or cracks through which heat loss can occur. Replace caulking or sealant as needed.

Inspect the heating and air-conditioning systems in your units to make sure they are running efficiently. Arrange for the filters to be replaced if necessary.

5. Inspect the Roof

Check the roof and chimney for broken or cracked shingles that can come loose during a storm. Since blocked gutters can cause snow dams and ceiling leaks on warmer days, make sure that the gutters and downspouts are completely clear and free of dirt and debris. You can also hire a qualified roofing contractor to perform a complete check of the roofing and do necessary repairs.

6. Prepare for Snow and Ice Removal 9. Test Alarms and Detectors

If maintenance of the smoke alarms and carbon monoxide detectors in the property is your responsibility as per the lease agreement, now would be a good time to test the devices and replace the batteries.

If you have contracted snow and ice removal to a vendor, confirm that your contract is current and valid. Now is also the time to call and shop around for rates if you were unsatisfied with their performance last year.

If you have your own personnel to handle snow removal, make sure you have all essential supplies such as salts, shovels and properly functioning snow blowers on hand. Don’t wait until bad weather comes knocking to take action!

7. Prevent Falling Branches

Check for any weak tree branches (or trees!) that can fall due to high winds or snow accumulation and cause property damage, or worse, injure your tenants.

8. Clean Your Chimneys

If your property has wood-burning fireplaces, hire a professional chimney sweep to clean them and inspect them for any sign of damage or obstruction.

10. Check Vacant Properties

Conduct periodic inspections of vacant properties throughout the winter. If you are responsible for taking care of a vacation home that will be empty for the season, you may want to completely turn off the water supply, drain the pipes and toilets, and put non-toxic antifreeze in the toilet bowls.

11. Don't Forget Your Rental Office

Remember to make sure that your on-site rental office and common areas such as clubhouses are also equipped to deal with the winter weather.

Of course, this is only a basic list of things that you need to do to get your rental properties ready for winter. Depending on the age, location and condition of the properties under your care, there may be other steps you need to take to prepare for the coming cold weather.

Tips on Handling High Inflation

By: Rick Munster, from fcaa.org

By now, you’ve probably noticed that inflation is all over the news, television, social media, and the internet. If you’ve recently purchased just about anything, you’ve surely noticed the effect of prices rising drastically. According to the U.S Bureau of Labor Statistics, following a 7.9% increase from February 2021 to February 2022, the Consumer Price Index gained 8.5% for the year ended March 2022. The Inflation of 8.5% in March was the greatest in 12 months since December 1981.

Inflation is most commonly caused by a supply or demand imbalance. As the world continues to encounter activities that produce supply or demand imbalances, inflation will continue. While consumers have no control over the pricing of the goods they want and need, here are inflation tips to help you reduce costs, save money, and meet your financial obligation to withstand the greater inflation period.

1. Reduce Your Expenses

If inflation appears to be overpowering your budget, try cutting out unnecessary costs. Reviewing all of your bills is a good place to start. Once you’ve gathered all of your bills, you can decide which ones you can cut down or even eliminate to save money.

The following are examples of bills that could be eliminated or reduced:

• Gas

• Groceries

• Phone

• Internet

• Utility and energy

• Car insurance

• Gym membership

• Delivery membership

• Streaming services

• Credit card interest

• And more

You can save money on your phone bill by switching to prepaid service plans or lowercost plans instead of pricey unlimited data plans. You may be able to save a significant amount of money by reviewing your insurance coverage and getting greater coverage for less.

You can save money on groceries by purchasing only what you need, resulting in fewer purchases. Meal preparation is an easy method to improve your grocery shopping skills. Examine your schedule and plan which meals you’re going to have for each day, then have the recipes on hand. After that, only buy the ingredients you need to make those specific meals (plus some snacks, if needed).

You can save money on your utility and energy costs by turning off the computer if not in use. You can run the dishwasher only when there is a full load. Hang the clothes instead of using the dryer. If not in use, turn off the lights. Instead of using the air conditioner, open the windows for fresh air.

Personal sacrifices can also assist you in dealing with inflation. You can work out in your apartment instead of paying for a gym membership. Reduce your daily coffee consumption or make your own at home. Try reducing your smoking or vaping habits. Extend the time between haircut appointments, dates, outings, and other activities. Use public transit a couple of times a week to save money on gas.

2. Continue to Invest

When you witness rising interest rates, a sinking stock market, or rising inflation, it’s natural to question your decisions. However, to deal with ups and downs, a robust broad investment plan should be established from the outset. The rate of inflation is significant because it represents the investment’s real worth and spending power.

To retain your purchasing power over the long run, you should determine the correct assets for your investments by considering

your:

• Income

• Expenses

• Risk tolerance

• Time horizon

Companies that can boost their prices naturally during inflationary periods are among the finest stocks to own during inflation. One example is commodity resource corporations. During instances of inflation, commodities have pricing power that you can benefit from if you invest. Examples of commodities are:

• Oil

• Gas

• Natural gas

• Wheat

• Metals

• Lumber

These commodities will allow you to have a mixed-asset portfolio to hedge and fight against inflation while also balancing the effects of other assets that are more sensitive to overall market volatility. In contrast to the price of a computer, which is subject to manufacturer and distributor pricing modifications, these things’ prices tend to rise.

3. Boost Your Earnings

Increasing your source of income is one approach to combat inflation. With so many price increases on practically everything, your income should rise to keep up with inflation.

It can be difficult to improve your income overnight, but there are several options you can do to boost your earnings.

• Ask for a raise

• Start a side business

• Ask to work from home

• Get a second Job

The most straightforward strategy to boost your income is to ask for a raise. You can also ask to work from home to save money

on gas or commuting. You can ask if you can be flexible; work from home and report to the office only if necessary.

You can also start a business outside of your job. You can make money from your hobbies. Photography is a lucrative business. You can cook and sell. You can sell your catch if you go fishing or hunting. Consider upcycling and selling items if you have an eye for design or are the crafty sort.

Getting a flexible side hustle outside of your full-time job is also an excellent way to increase your earnings. You can sell insurance, teach kids online, and conduct freelance work like online jobs or dog walking for hire, babysitting, and other things.

4. Pay off Any Variable Debt

Pay off any variable debt as soon as you can; make it a priority. As the pricing of almost everything is rising, it can be tempting to get a loan or use credit cards to cover your bills. However, taking on debt can strain your budget. Over time, variable debts may become even more costly and difficult to repay, especially with the high inflation rate.

These variable debts include:

• Credit cards

• Lines of credit

• Personal loans

• Variable-rate mortgages

5. Explore Savings Bonds

Those who are debt-free and have extra money sitting should consider looking into investment options that are both safe and guaranteed to keep up with inflation. Savings bonds are debt instruments issued by the United States government. Because they are backed by the US government’s full faith and credit, US savings bonds are regarded as one of the safest investments. Individuals can buy up to $10,000 in Series I savings bonds per calendar year, and you can invest another $5,000 with your tax refund.

Bottom Line

With the current high rate of inflation, everyone is having a difficult time. Because inflation affects everyone, we should keep our options open and adapt and do whatever we can to deal with it. Our inflation tips can help you; just stick to your strategies and be consistent with them, and you’ll get through this inflation.

13 Winter Energy Saving Tips

From: justenergy.com

Your heating and cooling system is the biggest energy hog in your home, accounting for almost half your total energy costs.[1] The money you spend on utilities rises dramatically in the summer and winter months when temperature control sees the highest use. Winter can be especially problematic, as heating costs are a matter of survival. Fortunately, there are a few simple ways you can reduce your heating costs and save money on your utility bill while still staying toasty in the winter.

1. Let the Sun in During the Day

There’s a reason the family cat likes to nap in sunbeams — the sun is a fantastic source of free heat. By opening your curtains and blinds during the daytime, you take advantage of the greenhouse effect and allow the sun to naturally heat your home.

2. But Close the Curtains at Night

Unfortunately, windows can also be a source of heat loss, as they are not as well insulated as your walls. Close your curtains and blinds when the sun goes down to prevent cold chills from cooling your home. Consider purchasing insulated curtains to maximize the energy efficiency of your windows.

3. Eliminate Air Leaks and Drafts

Air sealing your home is simple, effective, and relatively inexpensive. Caulking and weatherstripping will usually pay for themselves in energy savings within a year. Use caulk for cracks and openings between stationary objects like door and window frames. You can use weatherstripping around anything that moves, like the door itself or window sashes.

External Doors

Doors are a major trouble spot for drafts. If you have a drafty door, check the weather stripping and seals around the door frame. Replace any damaged or missing weather stripping and

Windows

Windows, especially in older homes, are a major source of drafts and heat loss. Insulate your windows in winter by sealing the frame with clear plastic cling wrap. Window film is cheap, easy to apply, easy to remove in spring, and can be found at any home improvement store or online. It will only cost a few bucks to insulate every window in your home, but the savings on your heating bill will be big.

Attic and Basement

Check your attic and basement thoroughly when searching for air leaks, as these floors hide the worst air leaks. Use foam or caulk to seal the small cracks. For larger holes, you may need to install or replace insulation.

Unexpected Heat Leaks

Doors and windows are obvious sources of drafts, but there a few more you may not think of. Cold air can leak into your house through electrical outlets, light fixtures, AC units, and gaps in your insulation.

A lit fireplace is a great way to warm up in winter, but it can allow cold air in when not in use. Keep your damper closed whenever you aren’t using your fireplace. If you never use your fireplace, plug and seal the chimney flue.

4. Close Doors and Vents in Unused Rooms

a

guest room

you don’t

use unless the inlaws are in town? A storage room? Maybe the kids are away at college. Whatever the reason, if you have a room in your house that people rarely enter, you’re wasting valuable energy heating it in the wintertime. Close off all vents in the room and shut all doors. This will prevent you from paying to heat uninhabited space.

5. Stay Warm With Clothes and Blankets

It’s much more cost effective to warm your body than your house. Keep the thermostat low and compensate by wearing a nice sweater and warm socks around the house. Stay toasty at night under a thick blanket, comforter, or duvet.

If you’re concerned about keeping your pets warm, consider buying a doggie sweater for your pooch. Sweaters are not recommended for cats. Not only do cats hate clothing, but they also seem to have a natural ability to find the warmest spot in the house anyway.

6. Reset Your Water Heater Thermostat

After heating and cooling systems, water heaters are the second highest source of energy usage in the home. It takes a lot of energy to heat water, and most people have the thermostat on their water heater set way too high.

Your water heater heats water to a set temperature, then maintains that temperature 24/7. That means that your water heater just cycles on and off, continually reheating water to that temperature, whether you use it or not. Just setting the temperature on your water heater a few degrees cooler can save you a couple dollars on your energy bills. Unless you’re in the habit of taking showers at skinscalding temperatures, you likely won’t even notice the difference.

7. Keep the Air Circulating

Everyone knows that ceiling fans are a great way to stay cool in the summer, but did you know that they can also help keep you warm in winter?

Normally, ceiling fans rotate counterclockwise, pushing air down and producing a slight wind chill effect, allowing you to feel cooler. However, most ceiling fans have a reverse switch that will enable them to turn clockwise, producing an updraft and moving the warm air that collects near your ceiling down into the rest of the room.

8. Use Space Heaters

If you only need to heat a small area, try using a space heater. Electric space heaters are a very energy efficient way to stay warm because there is no heat loss through ducts or combustion. Space heaters are excellent for heating closed-off areas that you only occupy for shorter periods, like your garage or that bathroom that’s always colder than every other room in the house for some reason. However, when it comes to heating your entire house, space heaters are less efficient than a natural gas furnace or a heat pump.

9. Choose LED Lights for Your Home and Decorations

If you’re planning an elaborate Christmas light show this holiday season, consider using LED lights. LED lights are the most energy-efficient lighting option currently available. They use 75% less energy than standard incandescent lights and last 25 times longer. You’ll have to spend a little more up front, but LEDs are so durable and long-lasting that your grandchildren could be using the very same string of lights 40 Christmases from now. They use so little electricity that 25 strings of holiday LEDs can be connected end-to-end without overloading a standard wall socket. According to the U.S.

Department of Energy, you can save 10% on your energy bill just by turning your thermostat down 10 to 15 degrees for eight hours a day.[3] Turn down your thermostat when no one is home and when everyone is asleep. You’ll stay toasty warm under your thick blankets while saving money.

13. Get a Smart Thermostat

10. After Using the Oven, Leave the Door Ajar

Heating your home entirely with your oven would be an impractical waste of energy. However, if you’re using it anyway, there’s no sense in letting that heat go to waste. After taking dinner out of the oven, leave the door cracked open and allow that extra heat to escape and warm your kitchen.

11. Lower the Temperature in Your Home

Lowering the temperature in your home by just a couple degrees can result in significant long-term savings. Turn your thermostat down to the lowest temperature you find comfortable.

12. Turn the Thermostat Down When You Go to Sleep

Even better, consider purchasing a smart thermostat. A smart thermostat is a Wi-Fi enabled device that automatically adjusts temperature settings in your home for peak energy efficiency. These devices learn your habits and preferences and establish a schedule that automatically adjusts to energysaving temperatures when you are asleep or away.

Some states and local city governments incentivize installing a smart thermostat with rebates, so be sure to run a search on rebates or other perks available in your area to help you save on a new device. Your energy provider might offer exclusive discounts on smart thermostats, so check with them as well.