Low slope roofing is typically used for commercial buildings such as warehouses, factories, industrial buildings and multi-family housing units. Another term used for low slope roofing is flat roofing. If a roof is considered to be a low sloping roof then that means it has a slope of less than 3 inches per foot which accounts for the roof level going up less than 3 inches vertically for every horizontal foot. There are a handful of reasons for choosing a low slope roofing system over steep slope roofing but before deciding you need to know about low slope roofing first.
Many have noticed the posts and memes on social media and elsewhere about people moving out of their state to another state which leaves us to question. Where are people moving to and why? With states naturally competing with each other in various ways these moves in large numbers could affect the states that everyone is leaving behind as well as those that they are moving into.
Which States Are People Moving Out Of And Into
Every January United Van Lines, the largest moving company in the United States, publishes data comparing the number of inbound moves to that of outbound moves of each state across the U.S. National Movers Study also provides a targeted look at the types of interstate moving patterns. Though this data only provides a subset of all migration movements, it still provides us with a look into what is happening
The National Movers Study recently revealed that Idaho, South Carolina, Oregon, South Dakota, and Arizona have the greater proportion of inbound moves while New Jersey, New York, Illinois, Connecticut, and California have the highest number of outbound moves for 2020. With sustained periods of inbound or outbound migration eventually having an impact on the economics and growth of a state, these current fluctuations are worth noting.
Common Reasons For People Moving To A New State
One of the common reasons people move to a new state may be a bit surprising. Taxes, which can influence the availability of jobs and therefore where people relocate based on job positions, is one of the most common reasons people move to a new state. For example, many people work in Portland, Oregon but live in SW Washington where they can easily commute via the interstate. This way they are close to where they work but live across the river in another state to save on things like property taxes. When it comes to people making smart financial decisions, where they live is at the top of the list and now that more people are working from home they have more flexibility in deciding where they want to live when making these financial deliberations.
One other reason people move to other states has to do with retirement. Here, the financial considerations are much different, including the consideration of one’s lifespan after retirement. This is where climate factors come into play. Retirees tend to look into states that reflect an atmosphere where they can enjoy their surroundings. Work is no longer the focus but rather the environment in which they will live along with their financial budget. This is why places like Arizona, North Carolina, Nevada, New Mexico, and Maine are all on top of the list. They are not only attractive because of their climate, but they also have attractive tax climates making them a double bonus. When a job is no longer the center of one’s thinking, factors like taxation can take precedence in a person’s decision-making.
A View Into How Tax Climate Can Affect Where A Person Lives
The Tax Foundation’s State Business Tax Climate Index allows for business leaders, taxpayers, and policymakers to gauge how their states’ tax systems compare. It is designed to reveal how well states structure their tax systems as well as providing a visual for improvement. According to the most recent index, the 10 best states were Wyoming, South Dakota, Alaska, Florida, Montana, New Hampshire, Nevada, Utah, Indiana, and North Carolina. Something to consider that fares well with these states are the absence of major taxes. Unemployment insurance and property taxes are both levied in these states with many doing without at least one of the following major taxes: individual income tax, corporate income tax, and sales tax.
States ranked as the top 10 lowest or worst states this year according to this index are Alabama, Vermont, New York, Louisiana, Maryland, California, New Jersey, Minnesota, Connecticut, and Arkansas. What these states have in common is complex/non-neutral taxes with high rates. New Jersey has some of the highest property tax rates, corporate and individual income taxes, levies inheritance tax and has some of the nation’s most poorly structured individual income taxes.
Now looking into how this factors into migration traffic; the State Business Tax Climate Index reveals that four of the ten worst performing states on its index are also among the ten states that have the most outbound migration traffic found in the National Movers Study. Seven of the top ten ranked inbound migration states also ranked in the top half of states on the State Business Tax Climate Index. Although a state may not be able to control the environmental landscape they still have the ability to affect their economics through making wise tax policy decisions which prove to have an impact on whether people move in or move out.
As 2020 has brought many new changes, society is quickly adapting so it is not a wonder that one of the major changes is the inbound and outbound traffic of people moving around the U.S., and 2021 could potentially be a year that adds to this increase in fluctuations.
The multifamily housing sector certainly took a hit this past year but it still managed to weather the storm and persevere in comparison to others. However, property owners still felt the loss of income and are hopeful to start moving forward these next coming years with multifamily housing trends for 2021 providing that glimpse of hope they are looking for.
Think of regular routine commercial roof inspections in the same way you would routinely change oil on a car. By changing your oil regularly you protect and extend the longevity of your engine and much is the same when it comes to a roof. Roofing is an investment so to protect that investment, regular routine inspections are needed to prevent major problems from occurring and extend the life of your roofing investment.
Are you planning to sell your home or possibly refinance? If you are, it’s beneficial that you know what to expect when an appraiser will come and overview your home. The role of an appraiser is to assess the value of your home and property within the particular housing market trends. They are known to provide an unbiased assessment of the land and exterior and interior of your home and property. This means they will look at everything from your yard, decks, front porches, windows, doors, garages, and everything else inside which also means there can be a lot to prepare for.
Be One Step Ahead
If you are thinking of selling or refinancing then this is the time where you will want to make assessments of your home and property by creating a list of work needed around the home so you can be one step ahead before the appraiser comes out. Waiting until you start the process of refinancing or selling will most likely cause you a lot of stress as it is common to discover a list of things that need repair or touching up. Even cleaning up a yard can be a lot of work so it’s always a better idea to take steps early before you get to this point.
Start With The Basics
Before you start to stress out take a deep breath. This can be an easier experience if you have a plan. Start with the basics. Walk through your home and list any areas within each room that you think need repair work, replacements, or touch-ups. This can be everything from new light bulbs to drywall patching, paint touch-ups, or even areas that need a good scrubbing. Areas that need painting can have colored tape placed as you go through your home so that they are not skipped over when it comes time to touch them up. Check to make sure that your smoke alarms are working and whether or not they function as carbon monoxide detectors. If they do not function as a combined unit you will need to purchase what is needed in order to have both within the home.
Time To Cross Off That List
Once you have overviewed your living space it will be time to start crossing everything off that list you made. This will be one of the more time-consuming aspects of the process but if you start this before you begin the refinance or selling process with your loan officer then you will have plenty of time to get done what is needed. If you have already started that process, no worries. Just take one step at a time and you will be surprised what you are able to accomplish. Cleaning, repairing drywall, fresh paint and touch-ups are all basics things that should be done prior to having your appraiser come out. First impressions do matter so these basic things should not be avoided. Depending on the condition of your home you may even need to repaint or touch up areas of the exterior part of your home as well. Sometimes all it takes is a fresh coat of paint around a door frame to make all the difference.
Cleaning Up The Exterior
Sometimes this can be one of the most dreadful projects depending on the season you are planning to refinance or sell and of course, depending upon the condition your yard is in. Take the time to weed, clean up yard debris, and mow your grass. Cut or trim away any dead plants and/or branches around your home with the intent to keep things looking as simple as possible. Less is more appealing to the eyes so a tidy yard is an overall goal. You may need to pressure wash decking, patios, or even the siding of your house if they are dingy but keep in mind that if you’re selling or refinancing during the colder seasons then your appraiser should keep this into account. By no means will they be holding you to perfection. Be easy on yourself. You want your home to be appraised for the greatest value and therefore show off your homes potential but everyone knows that a winter yard looks far different than a summer yard.
If the weather is permitting this will also be a good time to clean out the gunk in your gutters and check for any external damage that may need to be repaired. This is also a good time to check your roof for damage or overgrowth of moss. Obvious damage to the roof will certainly be noticed by an appraiser and may even delay your refi or selling process. Buyers do not want to be stuck with a roofing problem on their hands so taking care of any necessary repairs will need to be looked at by you first. If moss is the problem, just take some time to clean it off. Moss can be damaging to your roofing material so if it’s the right time in the season, adding moss killer to your roof or doing a quick clean-up is worth the time and effort when it comes to cleaning up the exterior of your home. In a worst-case scenario you may have to get a new roof but always keep in mind that the value you get by what you put in will always be worth the cost upfront.
Keep Current Trends In Mind
It’s probably been a while since you’ve updated the materials in your home. Most of the time, a fresh coat of paint will bring new life to a home and project the current trends but other materials can also catch an appraiser’s eye. Appliances, flooring, carpeting, and counters can all be assessed when it comes to the value of your home. This is not to say that you have to do a complete remodel on your home but a good rule of thumb is to assess the cost it would take to repair or replace these materials and assume that value would go against your total home value. One or two areas may not make a difference when it comes to how updated your home is but if the majority of your home is outdated and/or damaged you will want to look into ways you can make updates. Other things that can appeal to the eye of an appraiser are bright, colorful throw pillows along the couch, fresh flowers in a vase on the kitchen counter, and live house plants that are strategically placed. Lighting a candle can even create an ambiance that can go a long way in imparting a good impression.
Less Is Better
Earlier it was mentioned that less is better. When there is a lot of clutter in a house and/or yard it can seem chaotic. Keeping everything tidy when the appraiser comes out to look at your house will do wonders. Store things in cupboards off of the counters during this time. Practice being a minimalist as best as you can. Cleaning may not be your forte but it will be worth the time and effort you put in to get the highest assessed value of your home. Making beds, keeping toys in storage bins as well as any other household items that may find their way often to the floors or spread across a room should be picked up and put away. Even bathroom items that are normally left along the countertops should be placed away for a time in the cupboards or cabinets so that they are out of sight.
The appraiser is not your enemy. Be friendly. Though it may feel as if they are working against you they are actually there to help you. Feel free to ask them questions especially once they are done. If there are any tips they can give you on making improvements to increase the value of your home you will want to know. They will not tell you what the final assessment is but they can provide insight. You also can provide insight. Many appraisers are not familiar with the areas they are looking at homes in. Share with them what school district you fall in as well as the other districts that border your area. Parks, shopping plazas, freeway accessibility, and other public amenities all play a role in the value of your home so share these with your appraiser in case they are not aware. You never know what could be of value if you do not communicate.
The process of getting your home ready for a refinance or selling state can be a long journey but it doesn’t have to be grueling. If you give yourself time within the process you will be able to accomplish what is needed to get done. If you happen to be on a time crunch then assess the priorities, the major fix-its, and start there. Whatever you do, doing something is always better than nothing.
This year has certainly held it’s challenges but the question now presents itself, ‘ what will 2021 look like? At this point we can clearly see that 2020 will transition into the coming year but how it will transition into the new year for the multifamily industry holds its predictions. Let’s look at some highlights that may give us insight into the 2021 forecast for multifamily properties.
Oftentimes, multi-family housing focuses on marketing towards new tenants but what if some of that focus was geared towards keeping the tenants you already have? Resident retention is just as important as marketing for new tenants because it not only decreases turnover rates but it has the ability to function as a referral base as well. Here we offer 5 ways to build resident retention this Thanksgiving season.
Depending on the area, a winter season can be long and harsh. Once the rain and snow come, getting onto a roof can be tricky and oftentimes dangerous. Preparing a multi-family housing roof for the winter is not only a precautionary step in avoiding roofing problems; it also aids in preventing accidents where roofers are concerned. Here is a list of things to winterize when preparing your multifamily housing roof for the winter.
Employment growth and overall household income have always played a part in driving the economy. Since the Covid-19 pandemic, people have been laid off and as a result, the economy has been impacted. Here we will look at how the multi-family industry has been impacted, what they can expect and what multifamily 2020 trends to watch for.
Replacing a roof is not something business owners or property managers generally want to think about but it’s essential for the integrity of the building as well as preventing unwanted costs. There is a lot of work that goes into replacing a roofing system but with reliable and trustworthy professionals a new roof is worth the investment.