Being A Landlord
at Friday, September 12, 2008
Landlords have significant obligations to uphold, both legal and ethical. It is imperative to understand the expectations before diving in. If you perform your job well, you are more likely to have satisfied tenants who will stay with you, so you are less likely to have the property remaining vacant for long time periods.
Being a landlord can be a richly rewarding experience for not only you, but also for your bank account too. But there are numerous issues to consider before diving in head first.
Why would anyone want to rent property? If someone is ending a marriage, renting is a quick way to find housing.
Tenancy can be a decent deal for certain transient populations, such as military personnel and college students. It gives two people a chance to live together and learn all about each other.
Becoming a landlord can provide a new source of revenue, adding security to your cash flow during tough economic times.
In order to lease your property, you must follow a variety of safety and health guidelines. This will not only protect you legally, but it will ensure the safety of the renters who are living within the property.
Furniture and furnishings
There are particularly strict regulations concerning fire-resistant furniture that the prospective landlord must be aware of. Before you can lease your property, you may have to replace any furniture purchased prior to 1988, as it may not meet the code. The items to be checked are:
It is wise to check items such as mattresses, beds and headboards, sofa beds and futons, nursery and children's furniture, patio furniture, cushions, and pillows, and anything else that needs to meet regulated standards.
Gas safety
It is the responsibility of the landlord, as per law to service all gas related equipment at least once every year. The condition of the equipment, along with checks that were carried out should be kept in a log by the landlord. You must provide a gas safety certificate to your tenants each year. Not doing this is illegal.
The landlord must also provide the tenants with instruction manuals for all gas appliances and equipment on the property.
Electrical Safety
It is also necessary for a landlord to maintain the electrical system. The wiring must be safe and in proper operational order. Wiring that is more than 15 years old should be inspected annually.
As a landlord you are a jack-of-all-trades responsible for property upkeep and maintenance. If a tenant has a problem with something on the property, who gets the call? The landlord does!
It is necessary that a landlord be well organized, especially where it concerns your tenancy agreements. The contract is a legally binding agreement between you and the tenants. You will also need to know all about security deposits and regular deposits as well. Any legal knowledge you may have will benefit you along the way.
If you enjoy a challenge, have time to spend on the rental property and are well-organized, this is something you should consider! You can do it -- be a landlord!
