Want To Be A Landlord?

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by: AlanHarding | Total views: 3 | Word Count: 518 | View PDF | Print View
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Becoming a landlord carries with it a lot of responsibility and you should come to know and understand what is fully expected of you. If you fulfill your role as efficiently and effectively as possible, you will give yourself the best overall chance of keeping your tenants happy, thus reducing the likelihood that they would want to move or of the property setting vacant for a long period of time.

Becoming a landlord can be a very rewarding and enriching experience not only for you but for your bank balance as well. However, before you take the plunge, there is a lot to consider.

Why would anyone want to rent property? If someone is ending a marriage, renting is a quick way to find housing.

Renting can be a good idea for transient populations, such as military personnel and college students. Couples just getting to know each other find renting is a good way to learn how to live together.

With all of the uncertainty in the stock market and retirement accounts, becoming a landlord can help ensure a fresh revenue stream.

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, mattresses, headboards, sofa beds, futons Nursery or children's furniture Garden furniture Pillows, cushions, etc.

Gas safety

You, as a landlord, are required by law to service all equipment that is gas related at last once a year. The landlord must keep a log of regular checks and in what condition the equipment is. An annual gas safety certificate must be provided to you tenants. If you do not adhere to this, you are breaking the law.

All instruction manuals relating to the use of all appliances, whether it is gas or otherwise, must be provided by the landlord.

Electrical Safety

Another great responsibility for a landlord is the safety and workings of the electrical components of the house, such as wiring and outlets. The wiring should be safe, and in perfect operational order. Wiring more than 15 years old must be inspected annually.

As a landlord you are a jack-of-all-trades responsible for property upkeep and maintenance. If a tenant has a problem with something on the property, who gets the call? The landlord does!

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!

If you enjoy a challenge, have time to spend on the rental property and are well-organized, this is something you should consider! You can do it -- be a landlord!
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