4 Things You Should Know If You Want To Be a Landlord
When most people think about landlords, they probably consider the possible paperwork tenants need to fill out, and the difficulty renters have in locating a good building to live in. However, there are two sides to the renter and landlord equation. People that look to rent a commercial office building or a personal home owe the landlord money each month, but the law states the landlord also owes the tenant certain things.
- A Habitable Space
As a landlord, you will owe your tenants a habitable space. That means the area must be fit to live or work in. This includes being free from defects that could cause physical harm or hazards that may compromise your tenant’s health. There must be running water, available electrical or gas hookups, and sanitary facilities. Additionally, the building must be pest-free and structurally secure. A habitable space such as commercial property leasing West Chester PA must also comply with all local building regulations and state health codes.
- A Timely Repair
Landlords must take note of all tenant’s complaints and make timely repairs to the premises as soon as safely possible. If the business or rental unit becomes uninhabitable because of the landlord’s neglect, there can be serious legal consequences in favor of the tenant. These consequences can include withholding rent or hiring a third party to make the hazardous repairs. As a landlord, you may want to protect yourself and hire a repair service to keep the property in a safe condition.
- A Safe Premises
Keeping your tenants free from crime by providing secure locks and sturdy doors is only part of your responsibility as a landlord. The building must also have lights around the outside, in hallways, and in dark parking lots. Some landlords also provide alarms to protect their tenants from criminal elements.
A Good Landlord
If you want to become a landlord, these four tips can help you understand your responsibility toward your tenants. Not only do you want to attract the best renters for your properties, but you also want to keep them for as long as possible.