Becoming a landlord is a great way to make extra money; some can even afford to let renting-out be their only source of income. Not only does it benefit you, but you are also providing a home to someone, which can be great feeling. However, being a landlord does come with certain difficulties – that’s why it’s always good to know that a law practitioner will be on your side if you find yourself in dispute with a tenant.
Managing your responsibilities
It counts in your favour if you’re renting out property that’s near to where you live, should anything happen that needs your immediate attention, you’ll be able to drop by in an instant. However, if this is not the case, then rather pay an agent to manage your property for you. Always think of the worst case scenario and how you can make it work. You could be getting calls from a tenant in the early hours of the morning because they have lost their keys or of a problem that has occurred on the property. As the landlord you are responsible for maintenance and repairs, always have a handy list of trustworthy trades people at hand that you can call on to fix emergency repairs.
The legal side
Don’t make your tenants feel that you are a landlord from hell by not explicitly laying down the rules of the property before they sign the tenant lease. Bringing up the rules after they have signed will come across as shady and they should know beforehand if they are up for abiding to your rules. Having the law on your side, by getting legal cover is a sure way of not landing yourself in hot water. If a tenant ignores your rules, defaults on their rental payments, or who fails to meet their repairing obligations at the end of the tenancy, you have every right to seek legal assistance if you cannot get through to your tenant.
A problematic tenant
If you’re faced with a problem tenant, it’s your duty to follow up any complaints that you receive, and to issue a warning at the first sign of trouble. It’s your responsibility to maintain the furnishings; however you are entitled to claim the costs of any damaged furniture from the tenant. Ensure that the property is fully covered with suitable contents cover if the property is let furnished.
Ending a Tenancy
When a tenant decides to leave, check the property over and make sure that it’s been left as it was when they moved in. Everything should be in order, cleaned and in a good condition before the new tenant moves in. Some landlords complete an inventory list at the start of each tenancy so that they can refer back to, many times it happens that landlords forget and skip over the minor matters. If the property is left dirty, or there are damaged items, you can settle for deducting the cost of repair and replacements form the tenants’ deposit.