Erik Laine : A landlord has the responsibility to keep their tenants and the surrounding community happy. Taking the proper care of the rental property plays a huge role in keeping everyone content. Following health and safety codes, performing regular maintenance, paying bills on time, and maintaining the proper insurance are all part of a landlord’s obligations. Learn ways a landlord can protect their property.
Responsibility to Follow Safety Codes
As a landlord, it is your responsibility to follow all local, state, and federal safety codes for your property. These codes can vary greatly depending on the state your rental property is in. You can find the responsibilities on the state level in your state's landlord tenant law, but your town may have additional requirements, so you should always check your local laws.
Maintain the Proper Insurance
s a landlord, it is in your best interest to maintain the correct amount of insurance on your property. If you have a mortgage on the property, your lender will often require you to obtain certain types of insurance. This is to protect them in case of damage to your property, such as from fires, floods, or even a ‘slip and fall’ claim.
Pay Mortgage
If you have taken out a mortgage on your property or a private loan to buy your property, you are responsible for paying this loan back according to the set payment schedule you agreed on. If a mortgage payment is more than 30 days late, it will negatively impact your credit score.
Responsibility to Pay Taxes
Whether you are an owner-occupant of the property you are renting out or have a stand alone rental property, you are responsible for paying property taxes to the government. You will also have to pay taxes on the income you receive from collecting rent.
Perform Repairs
You must not only perform preventative maintenance, but you must also perform repairs on your property. This includes small repairs such as fixing doors coming off of their hinges or unclogging a shower drain. It also includes large repairs such as replacing a roof or rewiring electric. Of course, if you are not skilled in areas such as plumbing or electric, it is best to hire a licensed professional who will make sure the work is done properly and according to code.
Originally posted: https://www.thebalance.com/landlord-rental-property-responsibilities-2124989
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