Being a landlord can bring in extra money. For some, renting out property is their source of income. Which is why it’s important to make this business transaction a success. A landlord provides a home to someone and with that comes a lot of responsibility to ensure the tenant’s requirements are met and that they are both legally covered.
What the law requires from a landlord
Ensure you have a legally binding contract between you and your tenant. All rules and regulations of the accommodation, as well as payment information must be stipulated in writing. If you neglect to have rules and regulations in writing, you won’t be able to legally enforce them. Ensure that your tenant fully understands your contract and have them and witnesses sign the document. Whether it’s using electronic signature software or by signing a hardcopy, once signed the contract becomes binding. To be fair, it’s essential to fully explain to your tenant what the contract entails. Go over it together to guarantee there’s no room for misinterpretation.
Preferably rent out a property near to your current destination. If the tenant desperately needs your attention, you’ll only be a few minutes away. However, if you’re in a different province or even country, you may have to consider hiring an agent to manage the property for you. If a pipe bursts or the tenant needs an extra set of keys, the agent will be able to sort it out on your behalf. Be sure to stay in constant contact with the agent and tenant to ensure they have a good understanding with one another. You are responsible for the upkeep and maintenance of the property. The tenant is only liable for whatever they agree to in their contract. Therefore, it’s important to keep a list of trustworthy handymen who can see to any emergency repairs.
Dealing with a problematic tenant
Not all people are alike; some are difficult, while others are a breeze. If any mishaps come up from your tenant, you need to issue a warning to them at the first sign of trouble. Not addressing the problem will only allow it to escalate. If your tenant throws wild house parties until the early hours of the morning, it’s your responsibility to ensure that it doesn’t happen. You need to take you neighbours into account, and blaming the noise on your tenant won’t solve the issue. Be clear on what you expect from your tenant and have them sign a letter stating if they break anything in the apartment belonging to you, they are liable to pay for the damages.