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3- Some most common mistakes made by Landlords

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Having experience of many years, we have gathered our share of mistakes and observed the pitfalls that many landlords have fallen into as well. The most important thing is to make sure that you are dealing with federal, state or municipal laws and any ignorance will let you hold up in a court of law. Below mentioned are some of the mistakes made by landlords to make you aware of them:

1-     Failure in providing a safe environment

It is a sole responsibility of the landlord to provide a safe and secure environment for their tenants regardless of how much rent they are charging from them. Landlords are strictly required to provide basic health facilities and secure environment.

2-     Refuse to make necessary repairs

If your tenant comes to you asking about a necessary repair like leakage in the roof or no locks in the door, then you are responsible for the repairs, or you could be facing any legal charges. However, if you are sure that the damage was done by the tenant, then they are responsible for the repair of the affected place.

3-     Avoiding tenants’ privacy

As a landlord of the property, you are responsible for taking care of your tenants’ privacy. Many landlords are found to arrive by unannounced inspections of household stuff or visit the place with the prospective tenants. This violation of a tenant’s privacy releases the tenant for any further obligations stated in the lease and can also lead to court order money damages against the landlord.

4-     Failing to give back security deposits

The most common case observed between a tenant and a landlord is their arguments over security deposits. Yet the basic rule that deposits should be used to cover harm beyond wear and tear and not paid rent isn’t hard to recognize.

2- Things you should keep in mind for finding the perfect neighborhood

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A reliable real estate agent can help you efficiently to find a home that perfectly meets your desires. Moreover, with that thing in mind we have mentioned a few tips, you can take to get a perfect neighborhood when looking for your dream house.

1-     Set your budget

When you are about to begin your home hunting, ask your realtors to suggest you the potential properties so you can get an idea of what you can afford and what you can not. There is a large of a number of tenants who are looking for a new property and closing the deal spending more than what they can afford. So once you know what you can afford can help you to profile your perfect neighborhood.

2-     Don’t jump into expensive areas

While looking for a house that will be in your best interest should have a potential growth and development expected in the future. However, if you are unable to chase your dream home then try to look at areas where you might have affordable prices. Try to find a home where locals are putting a lot of investments for schools, hospitals or playgrounds so that the area is likely to get more value in the future.

3-     Observe the little things

If you are looking for a right neighborhood, there are chances that you will miss the little things like additional charges or taxes in that area. Buyers only assume the expenses of the deposits and the cost of the house in the excitement of buying a home. However, you will experience the property taxes as a strong influence on the cost of living. So it is advised to measure the other expenses before finalizing the deal.

1- Reasons to why you should maintain your rental property

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There is always a reason behind our every action. For example, let’s consider a car dealer who washes the all the cars on a daily basis that have to be placed on the lot for sale, and there is also a reason for all used cars to be in detailed. Similarly, there are reasons for maintaining the condition of your rental property and are very important to follow. The reasons are

  • Tenant Quality
  • Rent Rate
  • Vacancy Rate

Tenant Quality

We all agree on the fact that attractive and well-maintained homes attract ideal tenants. On the other hand, people who are looking for renting a house and have a bad credit history, high rent to income ratios, and have no rental references, are in more hurry to get a house on lease. They overlooked the apparent condition of the house because they are more concerned towards getting the house than the quality of the furniture or roofs etc.

Thus the condition of your house at the time the lease will decide that how your tenant will treat your home. The condition of your house at the time of leasing will set the standard that how it should found at the end of the lease period.

Rent Rate

The condition of your property will also affect your rent rate. It determines that how much you will be able to charge from your tenants. Most of the landlords charged a lot of money for a house in excellent condition. In order to do so, you have to maintain your home for an optimal rent rate.

Vacancy Time

The vacancy is considered as a cash flow killer. The vacancy is found to be the most significant financial set back for many investors and observed investors suffering because of the vacancy of the property. So it is not necessary that your property should be perfect. But, in today’s market, maintaining and preparing your property in the right way is essential to financial success.

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