It's not every day that someone puts their home up for sale and then becomes one of the many accidental landlords. But the truth is, with the current state of the housing market, it can happen to anyone, and you need to know what to do when you become one.
If you're looking for a brief guide about what to do when you become a landlord by accident, you've come to the right place. Continue reading below and learn a few things that will help you to navigate your new title successfully.
Start Using Contracts
When becoming a landlord, you need to immediately learn why it's crucial to begin using contracts. These contracts are going to protect you from liability and other issues that could arise when you have tenants move into your home.
Creating the contract should outline a series of things that you and the tenant agree on. These things include:
- What the tenant is responsible for
- The things included in their lease
- Monthly cost of rent
These are just a few items that should be listed, but it should be an extensive list of things that should be mentioned. While it might seem like a lot to list everything in a contract between yourself and the tenant, it's important because you don't want them to be able to find any loopholes that could cause you to be faced with a legal penalty.
Understand the Laws of Real Estate
If you're advertising a family property, there are some laws that will prohibit you from using it as a two-family property. But, if you've not taken the time to research and learn the various laws of real estate in your area, you could end up doing something that is against the law.
You've become an accidental landlord, but that doesn't free you of the responsibility of knowing what you're doing. The first thing you should do when you understand you're going to have tenants moving into your home at some point is learn the legalities of being a landlord.
Use the Resources Available to You
You can tap into several resources when you become an accidental landlord. This is why when you're able to use resources such as a rent-paying portal or tenant portal, you should.
It will make it easier to streamline the entire act of being a landlord, and you can find everything you need in one space. It also helps you to ensure you're keeping updated and accurate records that can be used for tax and other filing purposes.
Accidental Landlords: What Happens When You Become One?
Accidental landlords take on responsibilities that they didn't seek out in the first place. However, that doesn't mean that you can ignore your duties now and instead should look into learning as much as possible.
Understand the laws and ensure you take advantage of your resources. Speaking of resources, contact Advantage Property Management Services today.
