Being A Landlord
Landlords have significant obligations to uphold, both legal and ethical. It is imperative to understand the expectations before diving in. If you perform your job well, you are more likely to have satisfied tenants who will stay with you, so you are less likely to have the property remaining vacant for long time periods.
Being a landlord can be a richly rewarding experience for not only you, but also for your bank account too. But there are numerous issues to consider before diving in head first.
Why would someone choose to rent? If a marriage is at an end, it offers a speedy solution to accommodation worries.
It is a good answer for our workforce, or military personnel and our student population to live in a place for a short time span. It also gives couples a time to learn how to live with each other, play house, so to speak.
Becoming a landlord can provide a new source of revenue, adding security to your cash flow during tough economic times.
A number of guidelines in safety and health need to be followed in order to lease your property. This will protect you legally, as well as provide safety to the renters who are living in the property.
Furniture and Furnishings
There are particularly strict regulations concerning fire-resistant furniture that the prospective landlord must be aware of. Before you can lease your property, you may have to replace any furniture purchased prior to 1988, as it may not meet the code. The items to be checked are:
Beds, headboards, mattresses, sofa beds and futons
Nursery or children’s furniture
Garden furniture
Pillows, cushions, etc.
Gas safety
As a landlord you are required by law to see to it that all gas-related equipment is serviced annually. The landlord is required to keep a log documenting the regular maintenance checks and the condition of the equipment. Your tenants have to be provided with an annual gas safety certificate. You are in violation of the law if you fail to adhere to this provision.
All instruction manuals relating to the use of all appliances, whether it is gas or otherwise, must be provided by the landlord.
Electrical safety
It is also necessary for a landlord to maintain the electrical system. The wiring must be safe and in proper operational order. Wiring that is more than 15 years old should be inspected annually.
You must see yourself as being a jack-of-all-trades because if something goes wrong with the property, whom are they going to call? The landlord of course!
You must also be very organized particularly concerning the tenancy agreement. This is a legally binding contract between you and your tenants. You must also know something about deposits and security deposits. In other words, being a little legally savvy won’t hurt!
Being a landlord is a great idea if you are looking for a challenge and have time on your hands to devote to the profession of property management! You can do it — become a landlord!
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