Summertime is fast approaching, and the hunt for summer rentals is well underway. For decades, thousands of community families have migrated from Brooklyn to Deal for the summer months, and this season will be no different. To accommodate the demand, several members of the Deal community will rent out their homes and spend most of June, July and August in Lakewood, just a short drive away from the most happening summer town.
Sure, this seems like a win-win situation for all: those who seek to spend their summers in Deal have beautiful homes to live in, while those who are renting out their homes walk away with a pretty penny. Yet, there are things that both owners and tenants must be aware of to prevent what can fast become a stressful situation. Here’s a look at both sides of the coin and what can be done to ensure an enjoyable summer for all.
Deal Homeowners: Get Ready to Cash In
The Deal people know how it goes: the place is pretty quiet all year long, with nary a car in sight. Then, summertime comes and the traffic makes it nearly impossible to drive down Monmouth Road. Excitement pervades the air as a small slice of the
hustle-and-bustle of Brooklyn makes its way to a generally serene town. As the members of the Sephardic community spend two-and-a-half months living side-by-side, old friendships from summers past are rekindled and new ones are built.
So when summer comes, those who live in Deal year-round may decide to take advantage of the booming rental market that continues to thrive every year. If you’re a Deal home-owner, you may seek to grasp the unique financial opportunity that is coming your way. But before you put your home on the market, here are a couple of precautionary measures you will want to take.
Get an Agent– Giving a real-estate agent a portion of the rental cost may seem pointless. After all, what’s the harm in finding renters and making the deal yourself? The truth is, if any issues arise over the course of the summer, the realtor will act as the middle-man (or woman!). The realtor is actively involved with both landlord and tenant, and if any issues arise, he (or she) will handle it. Basically, the agent deals with the headaches so you can rent your home with the least amount of aggravation possible. Aside from sparing you the need for uneasy confrontations, a realtor has the expertise to make the transaction legally binding.
A contract is signed by both parties, and a security deposit is made to cover the cost of anything that breaks or is ruined over the summer.
Do Your Homework– It’s a good idea to check out the people who will be taking up residence in your home for the summer. Once you have a realtor, they’ll research the people who want to become your tenants, but it’s advisable to do your own homework, as well.
Brooklynites: Looking to Migrate?
Ah, it’s time to return to Deal! Swimming, sports and big backyards far from the noise, crowds and commotion of Brooklyn are on the horizon.
Here are a few tips as you prepare for your annual migration:
The agent knows best– As mentioned, making the transaction through a realtor is your best bet. An agent will be mindful of your budget, find you the perfect location, and act as the intermediary between you and your landlord throughout the summer to resolve any issues that might arise.
Be careful!– Remember that you are renting – not buying – someone’s home. In a few short months, the owners will be living there again. Most people would love to stay in their own homes for the summer, but simply cannot afford to do so. Since this is the case, they certainly cannot afford to replace furniture and fixtures when they return to their homes. Therefore, it is imperative to take great care to protect the owners’ property. Be careful with the furniture, appliances and floors. Take care of everything around you as if it were your own. Although you are on vacation, remember that you are living in someone else’s house.
Both owners and tenants can have a relaxing and enjoyable summer by taking the necessary precautions. With some prudence and common sense, you can avoid the problems that so often make the landlord/tenant relationship so tense. Who knows, maybe by follow the laws of sound renting, landlords and tenants might even become the best of friends!