By Dez Duran-Lamanilao
Renting out a property always poses risks. Every property owner should be aware of this fact. While some circumstances may already be beyond your control, you can still prevent some of the worst nightmares there are.
Here we outline a few stories shared by landlords and some additional tips so they do not happen to you. Of course, every story is different, but you may be surprised as to how well you can relate to some of them:
- Evictions: These may turn out to be complicated in the end. It is best to seek legal advice and help to ensure that the process goes in accordance with the law. The procedure is stressful as it is; having a professional do the job will lessen your burdens.
- Unannounced departures: Conduct a background check first and lay out your expectations when accepting tenants. One of the most difficult challenges landlords face is when they are dealing with too many empties with minimal chance of filling them out especially if it is the off-season.
- Theft: Some tenants leave in the middle of their rents, bringing along appliances, cabinets, light fixtures and anything that may fancy their interests. Make sure appliances and fixtures are insured especially if they are quite expensive. Better yet, avoid installing such types of appliances and settle with moderate but high-quality ones.
- Difficult to deal with or missing in action contractors: There will always come a time that an appliance, a plumbing system or a fixture will need repair. Be careful in dealing with scrupulous contractors/technicians. Ensure that the contractor has a good reputation and can present an official license. Paying a bit more is nothing compared to finding out that your contractor has run off with your down payment.
There are huge costs and risks involved in turnovers, vacancies, and maintenance of your property. Preparation is the key to overcoming these hurdles. If you cannot handle them all alone, get a professional property manager and rely on their expertise to do the job for you.