Landlords are responsible for many tasks when it comes to the wellbeing and maintenance up of their properties. It is necessary to understand that these duties do not just end after the legal lease of a property is signed. Landlords have many responsibilities to ensure they protect themselves from possible legal or investment issues while keeping units occupied and tenants happy.
Landlords are expected to maintain the property in good repair and keep the grounds neat, clean, and free from debris. In addition to keeping your rental property clean and safe, there are other responsibilities as well. This article will discuss some of the responsibilities that you as a landlord have. These include;
Compliance with building codes
The building codes are the minimum standards that must be met. Your duty as a landlord is to provide a safe and habitable home for your tenants. Most building codes will cover the structure, plumbing, electrical, fire, heat and/or ventilation, and sometimes additional items such as parking and storage areas. All of these may be areas with guidelines you must meet as the landlord.
Negotiating clear terms for the lease agreement
A tenancy agreement is created to protect both the resident and the landlord and need to be negotiated clearly beforehand. The agreement should include clear terms, including how long the lease is in effect, how much rent will be paid, and by which date the rent must be paid.
It can also outline what must happen if either or both parties violate the rules in the lease. Tenants should be sure to sign and date the agreement, as should landlords, to ensure that neither party makes any false claims later on about what was agreed to.
Property maintenance and repairs
It is a landlord’s responsibility to ensure that the rented property is in good order and subject to minimal wear and tear. The landlord’s responsibility extends to repairs and maintenance of the rented property, fixtures, fittings and appliances provided. This means that the landlord is required to repair any damages caused by normal wear and tear or by himself/herself, another tenant or a member of their family residing at the premises.
Landlords can protect their rights to property, tenants’ rights to housing, and their own financial interests by ensuring that they obtain a diverse array of insurance coverage.
Each individual landlord will have different levels of insurance that they might require to ensure their building is adequately covered. It can sometimes be difficult to keep track of all the different areas that require coverage, but with good landlord insurance, you should get a better idea of the types of insurance you might want to get for your property.
Being a good landlord means looking after your property and keeping it in good repair. This guide will make you know your responsibilities and obligations as a landlord to keep you on a safer side and stabilise your rental income without any legal shortfall.