Real Estate Information
Portland Real Estate Blog
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What is smoke-free housing? It is a rental property where smoking is not allowed or is only allowed in designated smoking areas. You can specify what part of the property is smoke-free: the apartments, the common areas, or all the property.
Why would a landlord make his/her property smoke-free? Many landlords report that prohibiting smoking attracts quality tenants and saves the landlords money, as inside smoke causes damage like carpet, vinyl and countertop burns. Smoking also can cause extra cleaning costs – on the grounds, nicotine stains on interior walls, and more frequent shampooing of carpets.
Is it legal to have a smoke-free property? Actually the state of Oregon requires a rental property owner to have a smoking policy – so all tenants know whether or not smoking is allowed, and if it is allowed, where it is allowed.
Do tenants accept the smoke-free concept? One recent survey of renters in Portland found that three-quarters of those surveyed agreed that “all other things being equal” they would chose a smoke-free property to live in. Over half said they would even pay extra to live in such housing.
From a landlord perspective, it might be worth checking with your insurance company, to see if there might be any cost-savings for the landlord by implementing a smoke-free policy.
Source: Rental Housing Association of Greater Portland, February, 2014
This information is from sources deemed to be reliable, but must be verified with ones’ own legal, accounting and tax professionals.
I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall down the road, while others are convinced that home prices will go up.
Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have fluctuated, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, a one point rise in interest rates could cost tens of thousands of dollars over the life of your mortgage!
While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates while they are still available.
Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.