Jun. 12, 2010

Renting Your Property Out and Tenants

picture by gigiyesica

Leasing a home either as a landlord or a tenant, is something the majority of us do at least once in our lifetime. Only a couple of lucky ones have always been owners of their property and never had to experience living in someone's home. Some people however, do acquire properties to lease out. There rarely is a great landlord and tenant relationship, even the best ones can have the random disagreement or dispute. So whether you are a landlord or a tenant, here are some hints on making it run a little bit better:

Paying your rent on time is one of the first important rules of being a worthwhile tenant. Nothing is this life is free, so if an individual is providing you with a property then you should not make them wait for rent Also try not to be too wild and do not damage the house or the garden Even though it is not your house so you are not destroying your own property, try to take care of it just like it was your own. Typically only as many people as agreed upon should reside there – be honest and do not get roommates behind your landlord's back.

As a landlord you have a duty of care to your tenant, so make sure the home is in good condition. 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 pay for these) on time so that there will be no bad surprises for the tenants – it won’t be nice if suddenly there isn't running water. As per tenancy contracts you do not have the right to turn up and let yourself in unannounced, therefore do not keep an extra set of keys. Of course, the home is yours but remember, the people living there are paying you for that, therefore it is their private space.

As a Forest Hill Houses professional I believe the most important thing to do is put everything the tenant and the landlord agree on, on tenancy agreements. Some examples of what should be included are: who pays the gas and electric bill, the date the rent is due, the amount of notice that needs to be given by both sides and who is liable for property repairs. As a landlord are you going to accept dogs in the property? Clearly, agree on rules, write them down (trust me, it can prevent many possible disagreements and to be a good landlord and tenant, try to follow the rules.

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