5 Things I Wish I Knew Before Becoming A Landlord

Becoming a landlord can be challenging especially at the very start. From finding and screening tenants, coming up with a rental agreement that must be followed, and choosing a secure rent collection method. These could range from cash, cheque, direct debit or collecting rent online. As much as owning a rental property could be a good investment that gives you a steady income, it is not as easy as it looks. For the most part, landlords deal with many unexpected issues that could make them incur losses (e.g. the tenants violating the lease). Here are five things landlords wish they knew.

Taking Time Before Buying Property

A potential rental property owner should take time to view different properties. Studying different neighbourhoods should be given plenty of time in order to assess multiple properties inside out. This process highlights any flaws they may have. Studying should also include understanding the legal aspects of property and learning about the tenant and landlord relationship laws. It is better to have a list of qualifications of the property you are in search of.

Budgeting For Vacancies And Repairs

Vacancies, as well as repairs, can come at any time. You must be prepared to counter them as they come. Every time you have an empty rental, as the landlord, you will be the one to incur all of the carry costs. Vacancies will cost you money, but will cost you even more of your time.

The landlord is also expected to budget for unexpected repairs. To avoid having to spend a lot of money on these unexpected repairs, you are advised to hire professionals to fix all flaws in the building. This will ensure that the repairs are long-lasting.

Following Several Laws

Being a landlord come with operating in accordance with the law. As the landlord, you need to be up-to-speed with rules and regulations that may affect your property investment. It is a good idea to hire a good lawyer that can explain certain laws and advise you, ensuring you do not inadvertently break any laws or fall into any traps. Get you a lawyer that can also help with the terms of the lease.

Working Past Business Hours

Emergencies can occur at any hour. Problems with your property will mostly arise during working hours. However these problems will get you working extra hours after work as the problems may need immediate fixing. You will have to call for maintenance which at some hours may not be available, or you’ll find yourself doing the work.

Increased Liability

As the landlord, you become responsible for the safety of the tenants and their guests. You should make sure that the entire property is free from hazards and dangers. All repairs should be done in good time. Any accidents that could have been avoided will cost you.

Long story short

Being a landlord is not a walk in the park, it is a full-time job, and you need to dedicate time and resources in order to succeed. The only way you and the tenant will be at peace is if you both fulfil your sides of the bargain. As the landlord, you should be easily accessible and willing to listen to your tenants and act fast when it comes to solving problems your tenants face.

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