Four Things You Need to Know as a Landlord

As a landlord, there are various types of laws that will govern the relationship that you have with your tenant. Some multiple companies and platforms provide legal assistance to owners of properties. For example, Homeward Legal is an online platform that offers property buyers, sellers, and investors different kinds of conveyancing services. This company aims to provide low-cost legal advice to people looking to buy or sell homes. Landlord insurance is also there to protect you in your capacity as a landlord of a property. However, it is always essential to research and read reviews about landlord insurance and be aware of what you are signing up for because there are scams out there. 

1. Always Screen All of Your Tenants 

It is essential to screen every single one of your potential tenants to make sure that they check out and that you can trust them. You do not want to end up with a tenant who won’t leave the property after their lease or refuses to pay rent. Make sure to check the prospective tenant’s rental history, as well as their credit record. This will help you to be able to tell if the tenant has been problematic in the past, as well as an indication as to whether they will pay their rent on time. 

2. Take the Time to Inspect the Property

You and the tenant should inspect the property before the lease starts and after it ends. The point of checking the property before the lease begins is determining if any parts of the property require repairs. You and the tenant will then need to negotiate and decide who will pay for any repairs that you deem necessary. If the tenant does not attend this inspection, they will lose their right to challenge any deductions from their deposit for repair costs. The point of inspecting the property after the lease ends is to establish the condition of the property compared to before the lease began. 

3. Don’t Forget About a Deposit 

A deposit is there to protect you as a landlord. You should make sure to get one from the tenant before the lease starts. This protects you from any damage the tenant causes to the property or if they fail to pay their rent. If a tenant refuses to give you a deposit before the lease begins, then that is probably an indication that you do not want them as a tenant because they may not be financially secure. As a landlord, you may not use the deposit money to cover the property’s general wear and tear. However, if a tenant causes damage negligently or intentionally, then you may use money from the deposit to pay for these damages. At the end of the lease, you must return the deposit to the tenant minus any amount deducted for the mentioned damages. 

4. Write Everything Down

A written rental agreement is vital if you rent your property to tenants. Oral contracts are often legal, but they are more challenging to prove and are less effective than a written agreement. The clauses in this agreement will need to align with laws that govern rental agreements. Make sure your rental agreement is specific and lays out ground rules.