Tips For Living With The Tenant

1. TIPS FOR LIVING WITH THE TENANT Living with the tenant has its pros and cons, and it is very important for landlords to remain alert and organized in order to the manage a sometimes challenging arrangement. Tenants’ income helps pay the mortgage, utilities, and real estate taxes, and landlords need to decide if it is worth the price of living with tenants. If a person realize that they can not live “tenant free” then tops the list of priorities. It goes without saying that many tenants do not get along with their landlords and are more of a pain than necessary. Some landlords; however, tolerate living with difficult tenants for building security reasons, as well as monthly revenue. Tenants can serve as built-in house sitters if a landlord needs to travel or be away from the building for an extended period of time, and they are usually just as concerned about building security as the landlord since it also serves as their homes. On a positive note, some landlords and tenants end up in growing friendships. It can make things easier when negotiating tasks or delegating responsibilities such as utility bills or the rising cost of rent or property taxes.

2. Study and know your city’s rental regulations before jumping into landlordship. You may discover some city bureaucracies in practice. Some regulations lessen a landlord’s control over tenants. Rent-controlled apartments, for example, allow tenants to live indefinitely in a rental unit at a fraction of market rents. Landlords may still benefit from rent-controlled property as housing values increase. Owning rental property and living with tenants can end up as an important teachable moment for some landlords who vow to never do it again. Landlords have been known to deal with tenants who are noisy, keep strange hours, have numerous visitors, deal drugs, damage property, or fall behind in rent payments. Lessons learned, and it only confirms the importance of screening applicants very carefully, checking references including previous landlords and employers, and even credit references. Landlords who enter into living arrangements with tenants need to use caution and review privacy laws, then make sure clear rules are spelled out in the rental agreement regarding the landlord’s expectations in terms of sharing common areas, and other rules. Many laws do not allow landlords to restrict tenants’ access to common areas, or restrict tenants’ visitors or guests, or any tenant’s behavior. Tenants who share common spaces still retain the right to privacy in their bedrooms or designated private spaces. As a landlord, it is your responsibility to understand your right to entry. Specific rules must be written in the lease in order for them to stand up in a court of law. Rules of communication are always important in a landlord-tenant relationship. Know and agree on rules before entering into a lease agreement, know the law, and don’t let issues fester and worsen. Good preparation ahead of a landlord-tenant living arrangement is well-advised. Have a lease. FOR REFERENCE