The decision to sell or rent a home involves considering various factors, and both options have their own set of pros and cons. Here's an overview of the advantages and disadvantages of selling versus renting a home:
Selling Your Home: Pros:
Pros:
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Renting out a single-family home in an affluent neighborhood such as Brentwood, Santa Monica, Westwood, Malibu, Beverly Hills, Pacific Palisades, and by the beach, comes with both advantages and specific considerations due to the upscale nature of the area. Here are some essential steps and considerations for renting out a property in an affluent neighborhood:
Legal Alert from KTS Law
Under SB 329 and SB 222, all landlords in California will be required to accept Section 8 and VASH vouchers and other forms of rental assistance and to consider them as part of an applicant’s income. Both will go into effect on January 1, 2020. SB 329redefines source of income as “lawful, verifiable income paid directly to a tenant or to a representative of a tenant, or paid to a housing owner or landlord on behalf of a tenant, including federal, state or local public assistance, and federal, state, or local housing subsidies, including, but not limited to, federal housing assistance vouchers issues under Section 8 of the United States Housing Act of 1937.” SB 222 adds to the definition of source of income HUD Veterans Affairs Supportive Housing (VASH) vouchers and clarifies that a landlord is not considered a representative of a tenant unless the source of income is a VASH voucher. SB 222 also adds military and veteran status as new protected classes under the FEHA. Many local jurisdictions, such as Alameda, Berkeley, Corte Madera, East Palo Alto, Fremont, Foster City, Hayward, Los Angeles (City and unincorporated areas), Marin County (unincorporated areas), Santa Clara County (unincorporated areas), City of San Diego, City of San Francisco, City of San Jose, Santa Monica, and Woodland have existing ordinances that include Section 8 and other rental assistance in their definition of source of income. The passage of SB 329 and SB 222 means that California residential landlords throughout the state will no longer be able to say they don’t participate in the Section 8, VASH or other rental assistance programs. It is anticipated that tenant’s rights groups will be conducting testing to see whether landlords are aware of and are complying with the law. Although the changes do not go into effect until January 1, 2020, landlords who don’t currently participate in rental assistance programs are advised to respond to inquiries about whether they accept Section 8, VASH or other rental assistance that although they do not currently participate, they will be participating effective January 1, 2020. The FEHA states that it is unlawful to make, print or publish or cause to made, printed or published, any notice, statement or advertisement with respect to the sale or rental of a housing accommodation that indicates any preference, limitation, or discrimination based on any enumerated protected class, including source of income. Accordingly, it is important that all advertising (including ads posted on third party websites such as Craigslist) be revised to remove any references such as “No Section 8” or “We do not participate in Section 8” before January 1, 2020. The FEHA retains language that in instances where there is a government subsidy, it is unlawful to use a financial or income standard in assessing eligibility for the rental housing is that is not based on the portion of the rent to be paid by the tenant. The net effect of this language, when combined with then new definitions of source of income, is that the voucher amount must be considered as part of the tenant’s income and any income standard applied by the landlord must be based on the portion of the rent which would be paid by the tenant, rather than the total contract rent. Nothing in either SB 329 or SB 222 prevents a landlord from requiring a tenant with a Section 8 or VASH voucher or other rental assistance to meet the landlord’s other criteria, such as credit and rental history. Landlords with questions about the Section 8 program should contact the local Housing Authority in the area where their property is located. From https://www.kts-law.com/section-8-and-source-of-income-protections-sb-329-and-sb-222/ This article is for general information purposes only. Our courtesy notifications are not meant to be exhaustive and do not take the place of legislative services or membership in trade associations. Laws may have changed since this article was published. In California, the laws regarding the requirement for on-site property managers can vary based on the number of units in a building or property. Generally, for buildings with 16 or more residential units, having an on-site manager is often mandatory by law.
California's Department of Real Estate (DRE) mandates certain regulations and standards for property management, particularly for larger residential complexes. These regulations often include the requirement for an on-site manager to be present during specific hours and perform various duties related to tenant management, maintenance, leasing, and ensuring compliance with state and local laws. While it's true that property managers in California might commonly specialize in managing larger properties, such as apartment complexes or multifamily residences, it doesn't necessarily mean that property managers exclusively focus on these types of properties. Many property management companies or individual property managers handle a variety of property types, including single-family homes, condominiums, townhouses, and smaller residential units. However, the specialization and focus of property managers can vary based on their expertise, resources, and business models. Managing single-family homes might be less common for larger property management firms that primarily concentrate on multifamily complexes due to differences in scale and operational requirements. Property owners of single-family homes in California in affluent areas such as Brentwood, Santa Monica, West Los Angeles, Pacific Palisades, Malibu, Marina del Rey, Venice, Westwood, and Sherman Oaks might opt to work with smaller, boutique property management companies or individual property managers who specifically cater to individual residential properties. These managers often provide more personalized services and may have expertise in handling the unique needs of single-family rentals, including maintenance, tenant placement, and compliance with landlord-tenant laws applicable to single-family residences. While it might be less common to find property managers exclusively dedicated to single-family homes, there are certainly property management professionals in California who can effectively manage and oversee these types of residential properties, ensuring compliance with relevant regulations and providing quality services to property owners. Legal Alert from KTS Law
On June 29, 2023, the California State Legislature filed SB 564 with the Secretary of State, which increases statutorily determined fees for serving, executing, and processing certain court documents by Sheriffs’ and Marshals’ offices. California law requires the Legislature to provide for an elected county Sheriff, provide for the duties of the Sheriff, and prescribe fees for serving, executing, and processing required court notices, writs, orders, and other services provided by Sheriffs and Marshals. Sheriffs’ offices are required to serve civil process, including summons, warrants, evictions, wage garnishments, small claims documents, levies on property, writs, and other court orders. As part of this process, they are permitted to collect statutorily set fees to cover the cost of providing these services. The passage of SB 564 has increased those fees for services provided by Sheriffs and Marshals, which is the first fee increase since 2015. Each fee increase is specified in the below chart. Due to these increases in the hard costs of your cases, you will see that the fees advanced and charged to your cases will be increased on your billing statements. These new increased fees will be effective and assessed beginning January 1, 2024. In support of the passage of SB 564, the Legislature has noted that the overall cost of business has, along with the cost of living and inflation, skyrocketed in recent months. The Sheriffs’ and Marshals’ offices have stated that they have had a steady increase in personnel and resource costs since 2014 (when the last fee increase was approved), creating revenue deficits within their civil units. They state that this has compounded the need to increase the fees for the services they provide. Additionally, the bill’s proponents argued that recently enacted legislation, namely AB 2791 (Bloom), Chapter 417, Statutes 2022, which requires officers to accept electronic submission of requests for service of process beginning in 2024, will further increase their costs of business. SB 564 increases the statutorily capped fees Sheriffs’ and Marshals’ Offices can collect to fulfill their legal process services, due to inflation and the increase of costs to provide these services. This bill retains the existing fee waiver process to ensure low-income individuals are not disproportionately impacted by the fee increase. The full text of SB 564 can be viewed here. From KTS This article is for general information purposes only. Our courtesy notifications are not meant to be exhaustive and do not take the place of legislative services or membership in trade associations. Laws may have changed since this article was published. You have a beautiful house in Santa Monica, you're moving, not ready to sell, and it would be great if you could find a wonderful person to rent it... but you're afraid of a nightmare renter, damaging the property, squatting and refusing to pay while you cover all the expenses... You need the best leasing agent and property manager in Santa Monica to help you mitigate the risks! Renting out your home in Santa Monica, like in any city, comes with various considerations and legal responsibilities for property owners. Santa Monica has specific laws and regulations that landlords must adhere to when renting out their property. Here are some key caveats and considerations:
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