Friday 1 July 2016

Your Ultimate Guide About How To Become A Successful Landlord

There are certain measures, which you should always follow, if you are a landlord. Many legal aspects need to be taken care of. Follow these steps to avoid trouble knocking at your doors:

  • No Discrimination on any basis:

    It is common for tenants to sue their landlords on the basis of discrimination. The housing act denies prohibition of tenancy on the basis of race, colour, caste or religion, etc. To avoid falling into such issues, do not discriminate between your tenants. If you have rejected any tenant for any reason, you should keep a written record of it. It will help you at any later stage.
  • Always put the housing agreement in writing:

    A rental agreement contains many schedules and terms that need to be legally represented by both the tenant and the landlord. It is always good to have a written lease agreement that specifies all the terms and conditions of the lease.
It should contain the notice period too, in case the landlord decides to shed away his tenants. It should include details like name, the length of the tenancy, and amount, pets and the damage in case any. It should also contain the provision of rent payment and late fee if any.

  • Keep your property under check:

    Tenants are generally careful of the landowner’s property only if he keeps a regular check on it. It also avoids tenant from doing any illegal activity within the premise of the property. In case any person is injured on your property, you should be the first person to know about it. Therefore you should make regular checks on your rented property.
  • Maintenance should be quick:

    Any damage done to your property should be quickly addressed. Damages have a tendency to grow exponentially. A small leakage in your pipe can damage your floor.
A tenant may not take care of such small damages. Therefore you should be quick and prompt in making any repairs for any damages in your property. The law also states that the owner should make the place habitable for the tenant.
There are many ways that a landlord can get into legal trouble. Small things when done in the right way can avoid many big troubles coming your way. You can also hire property management companies in SS8 to spare you all the trouble of such issues.