Buying
Starting The Home Buying Process
Should I talk with a bank before looking at homes?
YES! The bank or mortgage broker will walk you through loan qualifications and provide you with a Pre-Approval letter that will help you determine the price of the home you will qualify for.
Should I buy or continue to rent?
Determining whether to buy or rent is based on each individuals circumstances. Discussing these options with your bank is helpful as they will be able to help you to become educated in regard to your credit and financing options. Whether you decide to buy or rent, The New House Company can assist you!
Need further help or have other questions?
Leasing
Lease Terms
Does New House Company offer a short term lease?
The majority of our rental properties are offered with a 12 month lease. However, we do have properties that are offered on a short-term basis.
pets
Some of our properties do allow pets. If pets are accepted at a property, a pet addendum must be kept on file and associated fees must be paid before the pet is allowed on the property. Pet references must be provided.
Dogs
Security Deposit: Additional security deposit of $300 per dog ($100 of which is non-refundable).
Rent: Additional rent of $25 per month per dog.
Generally, no puppies are allowed, or very ill or elderly dogs. At properties which accept dogs, most breeds are allowed with the exception of dogs with aggressive reputations, e.g., pit bulls, rotweillers or those prohibited by the insurer. Outdoor dogs are generally not permitted. It is the tenants' responsibility to clean up after the dog and repair any damage (yard, doors, trim, screens, etc.). The tenants must ensure that the dog's behavior is not a disturbance to neighbors. When maintenance is requested, it is the tenants' responsibility to make provisions for the dog so the maintenance personnel have access.
Cats
Security Deposit: Additional security deposit of $200 per cat ($100 of which is non-refundable).
Rent: Additional rent of $10 per month per cat.
Cats are allowed at most of our properties. It is the tenants' responsibility to clean up after the cat and repair any damage.
Other
Other pets may be allowed on a case-by-case basis. Please inquire if you are interested in a property which allows birds, fish, ferrets, turtles, etc.
Need further help or have other questions?
Property Management
How much are Property Management Fees?
We offer 2 services--leasing and management. Leasing involves placing ads, finding and screening tenants, showing the property, recommending any helpful fix-ups, and preparing the lease. Generally, we advertise online on websites such as www.newhousecompany.com, www.brac.com, the MLS, and Craigslist. Our fee for leasing is one month's rent; we currently have a promotion charging only 1/2 month's rent for the first year if you also have us manage the property.
Management of the property involves rent collection, handling maintenance calls, scheduling preventive maintenance (gutters, etc.), and paying bills (maintenance bills, etc. and we can make mortgage or other payments for you if you wish). We do not "mark up" maintenance bills, so you just pay what we pay. We use independent contractors instead of employees so that we do not pay people for hours when we do not have something that needs to be done. Our management fee is 8% of scheduled rents. Other companies may charge a slightly lower percentage but more than make up for it with maintenance mark ups, costing the owners lots more. We would keep some of your money (equal to one month's rent) to cover any maintenance or other issues that may come up. We send a monthly statement and proceeds by the 15th of each month.
*For properties outside of the immediate Charlottesville area, our fees are one month’s rent for leasing, and 10% of scheduled rents for management.
How will you find tenants for my property?
Your property, along with photos, will be advertised on our website and in Multiple Listing Service (MLS), and on various online home search directories. We show the home to prospective tenants, and thoroughly screen applicants. A yard sign will be placed ion the property.
What is usually looked for in tenants?
All adult occupants must apply and be Tenants on lease.
For tenant screening, we run a credit check and verify accounts are paid on time. There should not be any judgments or collections. If applicant owns home, we look for mortgage payment history.
We check rental history for at least the past 2 years if possible. There should not be late payments, arrears, complaints, housekeeping issues, or excessive damages.
Income should be sufficient to pay current bills / debts / living expenses / rent. Ideally income should be 3x the rent or greater.
Red Flags include address discrepancies, inconsistent stories, collections, and court judgements (especially housing judgments).
If we discover minor issues, we will consult with the owner for input.
Once approved, we need the signed lease agreement and deposit in full to hold the property.
How do Property Inspections work?
Regular inspections of the property are completed when taking on the property as needed. Annual inspections are performed to determine preventative maintenance due and to gauge the extent of tenant damages (if any) to the property.