Letting out a property that you own can be a nice little side hustle. It’s a great way to earn a little extra each month. However, you do need to be careful here. It’s important to make sure that you are aware of the problems that you could encounter if you do decide to let out a property. Here are the common issues that do need to be aware of and keep in mind.
First, you need to make sure that you are aware of the impact of an infestation on a property that you are managing. We’re talking about bugs taking over the home and there can be a range of reasons why this might happen. It’s possible that something has died inside the walls. This is an example where you will be responsible for the cleanup. A tenant will need to take care of the cleanup if you can prove that their behavior caused the infestation.
It’s also worth thinking about the issue of noise. Noise complaints are one of the most common issues that a landlord does need to deal with regularly. A noise detector prevents noise complaints and ensures that you don’t have to worry about things getting out of control with a property that you manage. It’s important to be hands-on with noise issues as it can end up with police presence and you want to avoid this where possible.
Unpaid rent is a tricky situation to deal with. You might think that the best option is to evict the tenant as soon as they start to fall behind on their payments. However, things aren’t always this black and white. A key problem here is that if you choose to evict your tenant then you will have an empty property. So, this could cost you more while you are trying to fill the space. As well as this, they might fight back and there are numerous reasons that a tenant can give for withholding rent that will be accepted in a court of law. You need to make sure that you are aware of where your rights begin and end here.
Finally, you need to consider the issue of theft. The tenant will be responsible for ensuring their property. But they could argue that the right security measures weren’t in place for the premises that you own. If that’s the case, then they might decide to take you to court for any losses that they have incurred. There is a precedent for this and you could be held liable for any damages. Don’t forget the more significant issue here is that it might damage your reputation as a property manager.
We hope this helps you understand some of the problems that you can encounter when letting out a property you own. If you take the right steps here, then you’ll be able to make sure these issues are dealt with swiftly before things can get any worse.