A great deal of responsibility is involved in becoming a landlord and before you undertake this role, you should be fully aware of what is expected of you. The best chance of keeping your tenants happy and thus reducing the probability that they would want to move out or of the property setting vacant for a long period of time is to fulfill your role as efficiently and effectively as possible.
Becoming a landlord can be a very rewarding and enriching experience not only for you but for your bank balance as well. However, before you take the plunge, there is a lot to consider.
Why would someone choose to rent? If a marriage is at an end, it offers a speedy solution to accommodation worries.
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.
The demand also offers to those who own property and who may be looking for a way to let their savings climb through all of these uncertain times, volatile stock market and uncertain pensions, a chance to open up a fresh revenue stream by becoming a landlord.
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
Strict regulations may mandate the use of only fire-resistant furniture in residential rental properties. Furniture purchased prior to 1988 will probably not meet code regulations, and therefore must be replaced before the property is leased.
Beds, mattresses, headboards, sofa beds, futons Nursery or children’s furniture Garden furniture Pillows, cushions, etc.
As a landlord you are required by law to see to it that all gas-related equipment is serviced annually. The landlord is required to keep a log documenting the regular maintenance checks and the condition of the equipment. Your tenants have to be provided with an annual gas safety certificate. You are in violation of the law if you fail to adhere to this provision.
All instruction manuals relating to the use of all appliances, whether it is gas or otherwise, must be provided by the landlord.
Another thing that you as a landlord must see to is electrical wiring. It should be safe and in excellent working order. If the wiring is over 15 years old, then it should be inspected yearly.
You must be skilled in all facets of maintenance because when anything goes wrong, the tenants will demand you fix it quickly. They are definitely going to call the landlord in a hurry!
It is critical to be very organized in regards to the tenancy contract. This contract is legally binding and is to be executed between you and your tenants. You will need knowledge of security deposits. In other words, knowing some legal ins and outs will be to your advantage.
If you are a person who would like a challenge, has extra time to devote to your rental property and is organized, I say, go for it! Become a landlord!
Author: Alan HardingThis author has published 4 articles so far.