What You Need to Know As a Landlord

As a landlord, you will always have a responsibility to some degree to the property that you are renting out. It’s just a fact. But take a few moments to learn what is your responsibility and what isn’t.

One of the first and most obvious responsibilities that have is the simple one of making sure that your property is livable. This means no mold/must, electric, heat, etc. Now if you already have tenants residing in your property, the hard part is already finished. What you can do now to maintain this livability is to perform monthly check-ins with your tenants to look around the property to make sure that everything is still in place and working properly. It’s most effective to perform these check-ins every two weeks, but it can also be done once a month. It is also important to give your tenant notice to make sure that they are home while you visit.

Another important responsibility that falls to the landlord is the matter of the utilities. Depending on the rental/lease agreement, you may or may not be responsible for paying for the utilities out of pocket. If it’s not included in the rent, you aren’t responsible for paying the bills. However, if something breaks down, such as a hot water heater, you are indeed responsible for replacing it and any maintenance fees that concern it. (This is because it is a necessary component to have in said home.)

Lastly, while the property is on the market, it is completely necessary and NOT optional to inform the buyer about disclaimers concerning the property. What I mean by this is, the landlord has I REPEAT HAS to let the buyer know of anything ranging from if the property is in the flood zone or if it has no air conditioning etc. Also, note that as a landlord you cannot discriminate against certain parties from renting/leasing for any unethical reason such as ethnicity.

 

Now that you know what the most important responsibilities of being a landlord are, make sure you act under these responsibilities!

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