Are You Letting a Home or Are You Letting a Home Out?

Through your lifetime, most individuals have either rented a home or rented a property out to a tenant. For those that have left home as a young adult and moved straight into their own home, therefore never letting are in the minority. Some individuals however, do buy homes to let out. While you would believe a landlord/tenant relationship would be somewhat smooth sailing, I have to tell you it rarely is. So what should you think about and what are the fundamental rules when you are a landlord or a tenant?

Pay your debts in full and on time, this means as a tenant make sure your rent is paid Nothing is this life is free, so if someone is providing you with a property then you should not make them wait for payment Try and keep the property in a nice condition, this means keeping it clean and tidy, including the garden It may not be your home but treat it as if it was, keep it in a nice state of repair. If you are thinking about sharing the home with other individuals make sure you read the agreement and only share it with as many people as the agreement allows.

As a landlord you have a duty of care to your tenant, so make sure the home is in a decent state of repair. Check the home for broken windows and doors, make sure the facilities are safe and the property is clean. Try to pay for gas, water or electricity (if you are liable for these) on time so that there will be no awful surprises for the tenants – it won’t be acceptable if suddenly there isn’t running water. It is also not a nice idea to keep the keys and make unannounced visits to the home when nobody is there. You need to respect the tenants right to privacy, even if it is your home , they are paying you for the right to reside there.

As a Forest Hill Real Estate professional I believe that when you are thinking about becoming a landlord or a tenant, make sure anything you agree upon is written on the contract, so there is no room for crossed wires. Some examples of what should be included are: who pays the gas and electric bill, the date the rent is to be paid, the amount of notice that needs to be given by both sides and who is liable for property repairs. Decide whether you will allow pets Clearly, agree on rules, write them down (trust me, it can prevent many possible issues and to be a good landlord and tenant, try to follow the rules.