How to fix common problems that landlords face when renting a property
Renting out a house or an apartment provides a constant income source for property owners. However, landlords often must deal with some common problems. While background checks and high standards can help to reduce the number of troublesome incidents, a few common problems seem to crop up anyway. Knowledge of what might happen is a valuable tool for landlords.
Whether by recklessness or an isolated mishap, damage often occurs when landlords rent out properties to tenants. Damage can range from a broken window to intentional destruction designed to punish a landlord. Tenants are responsible for maintaining, keeping the property in good clean order and cannot go to landlords to request repairs that are due to negligence. Landlords have the option of sending the repair bills to tenants if negligent, but many tenants refuse to pay the cost of repairs. Meanwhile, taking a security deposit will help cover final costs at an end of a tenancy however may not cover all the costs and certainly not during a tenancy period as the deposit may be not accessible when held lawfully in a deposit security scheme. While landlords have the option of suing, such action can delay the necessary repairs and, when tenants are indigent, prove fruitless. Choosing tenants with a good track record helps to avoid these issues.
Tenants who pay rent late or not at all are a frequent problem for landlords. To dissuade late payments, landlords often work late fees into lease contracts. But such lease clauses do nothing to help landlords recover lost revenue when tenants simply do not pay. Landlords must turn to the legal system as a result, and that often means evicting tenants and finding new ones. The biggest problem with tenants who fail to pay rent is the effect it has on the landlords’ own expenses. Many landlords are still paying mortgages on their rental properties, and they must find other sources of revenue to make their payments when tenants fail to pay their rent. According to recent studies the eviction process takes anywhere from five weeks to three months and sometimes a bit longer if the landlord has not served the correct information at the time of issuing a notice to tenants. Consider rent and legal expense insurance which is designed especially for landlords who require the security of knowing they are covered.
Rental properties can sometimes bring concern from neighbours who hope to maintain a certain atmosphere in their neighbourhoods. If tenants disrupt this tranquility with behaviors such as excessive noise-making, poor lawn maintenance and eyesores such as junk cars and trash on the property. Younger tenants also have a habit of disobeying posted speed limits in the neighbourhood and holding late-night parties that lead to excessive noise and illegally parked vehicles, often known as anti-social behaviour. In some cases, complaints can come to landlords from the local police department or Council officials, who may issue fines to property owners for code violations. One complaint can lead to more headaches for landlords. Having a professional drawn up legal tenancy agreement can help tackle anti-social behaviour, as tenants will be in breach of their contract which in turn will make it easier for landlords to hold them accountable for their actions.