Renting a property may seem easy at first: someone moves in and you get your rent money. Everyone’s happy. And sometimes it is as simple as that. However, in some cases, as a landlord you will have to deal with less pleasant situations.
While renting can generate a nice income, you should be aware of potential pitfalls. Many things can go wrong when you’re having another person or persons live in your home. These are the most common issues you should know about:
This is one of the most common problems almost every landlord has encountered at least at some point. Tenants who are always late with payments are difficult to deal with. Depending on your relationship with your tenant this may or may not be a big problem for you, but you should always set a date and ask your tenant to stick to it. If the problem doesn’t resolve, in most cases you can file for eviction.
Property damage is also a common problem that can lead to eviction. Damaged property means that your tenant has made something beyond the usual wear and tear. For example, property damage doesn’t include scratched wallpaper or grease stains on the wall. It includes more serious damage like a punctured wall, or damage caused by fire or water.
It is the landlord’s decision whether the rental property will be pet-friendly or not. But in some cases tenants don’t respect the agreement. Even though you allow for a pet or two, the tenant may decide to bring more. Or perhaps because of the lack of regular cleaning the house may pick up odor. Either way, this is something you should discuss about with your future tenant.
When tenants leave, they may not always bring everything with themselves, especially if they’ve been living there for more than a year or two. Things accumulate, and people may leave some of their possessions because they don’t need them anymore or perhaps because they couldn’t bring everything with themselves. Again, the landlord is the one has to dispose of the old chairs, sofas, or mattresses which can cost you your time and money.
Sometimes you may find out that your house has been used for illegal activity. You couldn’t have know this before because your tenants looked like nice people. Depending on the gravity of situation, when something like this happens you need to react and inform the authorities without trying to intervene yourself.
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