Typically, a significant number of tenants view their respective landlords as greedy, cruel individuals whose sole objective is to pile misery to the already wretched lives of their clients. More often than not, landlords are accused of taking years to conducts repairs, imposing unwarranted fees on tenants among other things, all in a bid to enrich themselves.
However, a stint in the landlord’s position could significantly change the tenant’s perception of the house owner. This comes from a first-hand experience, having sold off a small condo to fund the purchase of a family home. After purchasing the home, it was time to go through all the possibilities before listing it for rental purpose. The process involved scouring through several online landlord forums. Contrary to the popular belief that the New York housing laws favor tenants, I discovered that tenants can be the enemy with some taking years to evict and destroying your property in the process.
Thanks to the adverse experiences, my career as a landlord lasted for two years only. In this short period, I acquired vast knowledge on the field, which I am going to share to any prospective landlords out there. Here are the fundamentals and adversities of renting out your property:
Having a lease is essential
The family that sold us the house had the privilege of being our first tenants. Since they were the previous owners, we deem it unnecessary to oblige them to consent to a lease. As a consequence, they stayed on for the entire two years.
Regardless of how redundant it may seem, it is essential for the tenant to sign a lease especially if it is an acquaintance or a family member. If a lease is in place, the landlord can put in pace rules governing the premise, to which the renter must adhere. On the other hand, the absence of a lease may result in friction between the two parties causing an unhealthy relationship between the landlord and the tenant.
Always scrutinize your tenants
A survey conducted by the Landlord Protection Agency indicated that nearly all tenant problems can be avoided by conducting an initial thorough vetting. Thanks to the internet, landlords can access the appropriate questions to ask during the screening process. While the primary objective of scrutiny is to establish if the rent-paying capabilities of the tenant, it may also be used to gauge the character and what to expect from your new client.
Ensure you have sound cash reserves
It is imperative to have cash reserves, as anything can break down in the house without notice. To avoid tricky scenarios, landlords must save up significant amounts of money to cover for such emergencies if the need arises.
Acquaint yourself with various repair guys
A house is a collection of various aspects, all of which are handled by individuals of different professional backgrounds, ranging from electricians to plumbers. Therefore, it is advisable to have these experts on your contact list, even if you do not end their services presently. This is because human beings, especially tenants are known to be impatient if something they are paying for is broken.
If you still have reservations, don’t take up the responsibility
Being a landlord seems like an easy way to make money, but if you have second thoughts about allowing a third party to occupy your property, you should probably scrap the idea.