Pool Waiver For Rental Property: Fill & Download for Free

Nothing trumps a dead kidSounds pretty harsh but it's the reality. Pools are a huge liability. The property management company that I work for will not manage any single family homes that have pools or even jacuzzis. As a matter of fact, of the 50+ management companies operating in my metroplex, only 1 (that I know of) will.The biggest reason is liability. You can put fences up, sign waivers, have rules in place sure. But when you're standing in front of that Judge/Jury and your tenants are crying because their child drowned in that pool? Good luck, nothing beats a deceased child in court.Besides that cheery note, maintenance & continued care are big issues. Sure sure, you can make your tenants sign a pool addendum saying they'll take care of it but…. How are they doing about taking care of that lawn huh? You want tenants in charge of your expensive, delicate pool equipment?Trust me, it's just food coloring Mr. Landlord!If you do insist on having a pool at your rental property I encourage you to hire a service that will maintain it properly and dont even give the tenants a say in the matter.Now… A pool in your front yard, that's a totally different story!Is it a good idea to rent out your home if you have a pool in the backyard?

Off-plan property sales have picked up recently; by July 2017, the market shares were 49% for off-plan vs. 51% for ready property transactions. Hence, it is essential to seek some guidance and tips on buying an off-plan property based on facts and data analysis. I will try to give examples whenever I can without upsetting others. The beautiful thing about this stage of the game is that the client is the king and there are no queues of buyers at the property developers doors anymore which I consider humiliating. So, if you have set up your objectives and made up your mind to buy an off-plan, then let us get started.Prices:First and foremost, do not narrowly look only at the property ticket-price. Make sure to know the price per Sq.ft. Elite Residences Tower offers the best price per Sq.ft in Business Bay whereas Mada Residences has relatively higher prices in Downtown Dubai as the project provides spacious apartments which are rare in Downtown Dubai.Restating the first point, buying a low-ticket price property, does not mean that you are getting a good value. In fact, usually, it means you are buying an expensive property when you calculate the price per Sq.ft. For example, in Golf Vita project, you can buy a 1-bed apartment for 499,000 AED, but you are paying 1,158 AED per Sq.ft (approx) since the size of the unit is 431 Sq.ft. Whereas you can pay 1,192 AED per Sq.ft (approx) and buy a property in Elite Residences in Business Bay that is a developed community.Make sure to check the prices of the ready properties in the same area, and have a look at the historical property transactions in the area of your interest. fam Properties website provides a simple tool for that.At this phase, it is NOT advised to buy during the project launch because for the last two years developers have been giving great offers on the projects, e.g., 2% or 4% of DLD registration waiver or post hand over payment plans. Not to mention that sometimes developers do not launch the good units at the start. Therefore, buying during the launch might mean competing with owners who are ready to sell for an amount similar to your purchasing price value.Understand what you pay for. Are you paying for the Net Area which includes the liveable/internal area plus the balcony? Or, you are paying for the Total Area which includes the Net Area plus the utility area. In case you are buying a unit with a large balcony or terrace, then make sure that the price of the balcony Sq.ft is lower than the Sq.ft price of the internal area.There is a chance that you lose 5% of your investment. If you buy a 500 Sq.ft property for 1000,000 AED, then the developer has the right to deliver this property ranging between 450-550 Sq.ft, and the chances are that you get it with less not more. This means your investment cost increased by 50,000 AED.The Property Developer:Regardless of the property developer, perform the due-diligence. Explained in “The Big Shot” movie at the minute 86, Hot-Hand Fallacy concept, somehow, applies to developers. If a developer has achieved success in few projects, it does NOT necessarily mean that this developer will continue to succeed in all projects. So, always make sure to do your research when dealing with all developers.You should not go directly to a property developer. Instead, use a property agent. Are you wondering why?Going to a developer gives a tight window to opportunities in the market. Namely, visiting a developer in the sales office blacks you out from seeing other projects. Simply, the developer you visit has one project or only their products to offer you.Buying an off-plan property via a real estate broker does not involve paying commission.The primary role of the property agent is to understand your needs and preferences and advise you accordingly based on his knowledge of many developers, projects, and the market landscape.The delivery rate of the projects that were supposed to be handed-over by 2017, H1 is 9.6% as per SIM (Smart Investment Map). So, try to find a developer with proven delivery time. I have suggested to DLD to include “the actual handover date” in Mashrooi Smart App as it enables us to understand how committed the property developers are, and which developers deliver ahead of time.Some developers have proven record in delivering specific living standards. e.g., Omniyat mainly develop luxury property; so, count till ten before buying affordable properties from Omniyat.Unless you are certain, avoid developers that have never delivered any project.The Area | Location:Ask the developer about the upcoming projects in the immediate vicinity which may block your property’s view. e.g., The excellent views of Dubai Mall Fountains of “DAMAC Maison Dubai Mall Street Tower” (The Signature Tower) got completely blocked by a new tower. So, try your best to get a guarantee from the developer that your property will never lose its view.If you buy in a non-established area, then do not expect good return till the area is established. In other words, the return should increase once the community is established.Understand the current infrastructure and the future of the area of interest, e.g., upcoming parks, waterfront, brigades, schools, landmarks, Masjid, shops, and metro stations.Buying properties next to landmarks have greater potential for capital appreciation, e.g., Blue Waters Island, the home of Dubai Eye, and Dubai Creek Harbour, the home of the next world’s tallest tower.The Project:Do not take it for granted, not all projects in Dubai are equipped with Gym, swimming pool, e.g., Bay Square. Moreover, not all of them have shops nor a walk, e.g., Polo Townhouses in Meydan and Dubai Wharf in Culture Village.Identify the uniqueness of each project you shortlist, e.g.; City Walk offers low-rise freehold buildings in Jumeirah area.Especially when purchasing a villa or townhouse, know the approved usage of the nearby plots by the municipality, e.g., DEWA, mosque, park, school, community center, etc. That enables you to avoid surprises and forecast future appreciation once the facilities/utilities are developed.The Property:Scrutinize the layouts that define the liveability, rentability, and saleability of the property. Make sure that the balcony size is reasonable and avoid units with an extra number of bathrooms which do exist.Try to buy in a project where a show property is available which allows you to get a better idea about the finishing. Or, at least, check the quality of the previously delivered units by the developer.Request the approved site plan of the property by DLD. This shows the dimension, position, exact building, exact view, the direction of the unit, and the total size breakdown.Legality:Carefully read the SPA to understand what payments you must make to be able to sell the property e.g., If you buy in Dubai Creek Harbour, you can sell the unit ONLY after you pay 30% of its value, and after the construction progress reaches 50%. Pay attention to service charges, parking slots location, and to any constraints or unusual clauses, e.g., Serena Townhouses SPA says that the developer can delay the handover up to two years whereas the law gives the developers only one year.The new property advertising law allows you to hear only about registered projects; however, visit RERA website or use this advanced tool to check the number, escrow account, status, and the construction progress of the project.Make sure that the property developer and the Master Developer are on the same page, and there are no conflicts between them.Payment Plan:The higher the hand-over or post hand-over payment is, the safer your investment is, and the lower your opportunity cost is. Try to avoid date based payment plans, and go for construction progress based payment plans. You can check the progress of the construction by this tool. For a limited time, Nshama offers properties in Town Square with 90% on hand-over payment plan. Pay attention that this kind of payment plans might bring the project prices down since we have seen many buyers who do not manage to make the handover payment which forces them to exit by selling their properties for a lower price than the market price.Investment Return:Get familiar with the investment ratios such as ROI, NPV, IRR, and others. It is strange how some agents present to you the ROI without including the service charges and the closing cost in the equation.Study the supply and demand. 26 projects shaping 4,968 units met the delivery deadline by 2017, H1. During the the same period, 43 new projects were launched composing over 13,708 units. It is clear that the supply exceeds the demand currently. That means there is a fierce competition between property developers which might give you a room for negotiation.Calculate the capital appreciation and the expected ROI of the property, and consider the service charges; note that some developers charge separately for the parking maintenance. Again, Elite Residences provides the lowest service charges per Sq.ft in Business Bay. If you are buying in an established community, then study the rental index price change over time.The Agency and Broker:Avoid dealing with pushy agents who try to express the sense of urgency and scarcity.Try to deal with a large agency for dealing with small agencies might make you a “step in their learning curve/phase.” Dealing with a large company grants you seamless process and better opportunity where you benefit from the synergy they have.Do not stick to only one agent, and always try to meet and listen to others, and most importantly do NOT betray your agent as you are going to lose more than what you think you saved.Others:Have Plan B. If possible buy a property that you can use later on in case it does not get rented or sold.Read buying property guides available online, and check the real estate quarterly reports.

Do you offer extra products in your vacation rental?That depends on what your idea of ‘extras’ is.I am a short term rental host so I can only talk for the Airbnb/VRBO market.Every host offers something a bit different. Some hosts even consider offering bed linens to be an extra. At the other end of the scale some allow guests the use of their mobile equipment….trail bikes, kayaks, bicycles, even motor vehicles.I personally do not allow guests anything that can be used beyond the perimeter of the listing property! Once guests take your property into public space all sorts of liability issues arise and, even the signing of a damage waiver will not automatically be accepted in a court of law. The guest however is welcome to the use of whatever is on my property….BQ, outdoor furniture.Inside the listing, apart from the normally provided condiments of Tea Coffee, biscuits milk, fruit juice, eggs and bacon toast and spreads, I offer every guest a $30 cheese plate with a selection of 3 quality cheeses, crackers, nuts and fruit. Every guest gets a beer and a cider in the fridge. They also get the use of an extensive library of books and over 1000 movie titles, any 2 or 3 of which I will download for the guest to take with them on request.I don’t have extras as in swimming pool, tennis court so I make sure the guest lacks for nothing while staying in our listing cottage.The cheese plate is my signature though and guests do consider it a great addition. It has been mentioned so many times in the reviews that I now have future guests requesting their preferred cheese varieties for their arrival!Cheers……Rob