If you’re looking for a way to earn some extra money, getting into the real estate rental market is a lucrative option. With the right house in a popular location, you can easily attract tenants to occupy the property for a decent amount each month. Though being a landlord can bring in thousands of extra dollars each year, there are a lot of responsibilities involved. Knowing what is expected of you, and what resources might be out there for you to use is paramount before making the decision to become a landlord.
There are Rules to This Thing
You can’t just find a property and advertise for tenants to occupy it. As a landlord, you will be required to follow both state and federal laws. Though these laws are designed to protect both you and the tenant, failure to keep up your obligations as a landlord could lead to prosecution, penalties, and fees. For instance, as a landlord, depending on the state where you live, you might be required to do the following:
- Keep the property up to city health and safety codes
- Keep the tenant’s security deposit in an interest-bearing savings account
- Obey discrimination and other Fair Housing laws
- Follow a legal process for evicting a tenant
You’re Responsible for Maintenance and Repairs
As the property owner, it is your responsibility to keep the rental home up to standards. When the tenant reports damage or the need for maintenance in the home, you’re required to handle the matter within a reasonable amount of time. Failure to do so could lead the tenant to take other actions including withholding the rent to make the repairs themselves or filing a complaint against you. Common repairs and maintenance tasks you might be responsible for include:
- Pest Control – Rodents and insects have a habit of infiltrating homes – especially during the fall. If your property is in an area known to be populated with mice or other seasonal insects, you may need to hire a pest control services company to come in and rid the property of the pests.
- Heating system maintenance – The heating system will need to be maintained on an annual basis to ensure that it runs efficiently during the cold season. This can include cleaning vents and changing air filters along with any other minor repairs.
- Plumbing repairs – Plumbing issues are common. These issues may need the help of a reliable plumber. From leaks to blockages, it can be common for your tenant to have a plumbing problem that needs to be looked at. You can find here more information for your plumbing needs.
- Property Damage – Unfortunately, another repair or maintenance task you may be required to deal with is property damage. A broken door, hole in the wall, loose stair railing, roof leaks that need immediate roof repair or a refrigerator that suddenly stops working could all go wrong and will require your time and money to repair. For roof leaks, you may need to inspect the extent of the damage to determine whether you can the job on your own or you’ll need professional roof repair services. Roofing companies invest various resources on proper safety gear to achieve customer satisfaction. You won’t have to worry about the safety of your tenants when you use roofing services provided by https://alfredsroofingwa.com/.
- Routine Maintenance – Periodically the home may need some TLC. This can include touching up the paint, weatherproofing the property, checking for any plumbing repairs, changing carpets or flooring, updating kitchen appliances, having repairs on the commercial roofing, etc.
- As carpets are easily prone to dust and dirt, you can have your carpet cleaning to your nearby services for quick response. Hire companies like Local Floor Cleaner, Inc to ensure that your carpets are thoroughly cleaned and maintained.
- You may also need to hire industrial cleaning companies to help with more complex cleaning tasks that require various equipment and expertise.
Sometimes, Finding Good Tenants Can Be Hard
There are ups and downs as a landlord. One struggle to consider is finding the appropriate tenants. Landlords sometimes struggle with finding tenants that will care for their property as if it were their own as well as be financially responsible. Some issues you might experience with tenants include:
- Problems collecting rent
- Damage to the property
- Unclean living habits that impact the value of the property
- Difficulty with eviction
But There Is Help
Fortunately, many rental property owners look to a property management company to help with a lot of the landlord responsibilities. Property management companies are aware of the local and federal housing laws and codes, they have a network of contractors to handle maintenance and repair jobs, they are also skilled in developing relationships with tenants and dealing with tenant issues. Essentially, if being a landlord sounds like a lot to bear, this would be an option to consider. Contact BigHorn Roofing of you’re looking for a company that offers free roofing estimates.
Owning a rental property has its financial advantages. You get to receive monthly rent that can be tucked away for savings or used as additional income. With that, however, comes a lot of responsibility including upholding and abiding by the law, maintaining the property, developing a relationship with tenants, and of course dealing with the problematic ones. Now that you have an idea of what to expect, you can weigh the pros and cons of becoming a landlord to determine if it’s the best choice for you.
