If you rent your own house, you save on the agent’s commission. There are certain common problems that first-time landlords may come across. If these aspects are taken care of then renting own house becomes hassle-free!
Some Common Problems and their solutions are:
Finding the tenant
Although property listing sites have made it easy to find a tenant when a landlord is looking to rent his own house finding a reliable tenant can be difficult.
You can list your property on a high-visibility site. Numerous potential tenants will connect with you. You can screen the tenants based on your criteria. After short listing, you can conduct a complete background check to verify various aspects such as credit score, employment, etc. of the tenant.
Tenants not paying the rental
The solution to this problem is to ask the tenants to pay a security deposit which could be a few months rental. In case the tenant does not pay the rent, you can recover the amount from this deposit.
Tenants damaging the property
You can conduct regular inspections of your property to ensure that it is well-maintained. You can also recover the expenses towards these damages from the security deposit.
Ambiguity in the terms and conditions
The landlord should establish clear terms and conditions about the property. This also includes the aspects such as what damages in the property the tenant is liable for. You could take the services of a professional for establishing the terms and conditions according to the laws of the land.
Many a time it is seen that tenants refuse to vacate the house. You can take the services of legal professionals to get them evicted if the situation becomes unmanageable.
The best way for a landlord to safeguard his interests is by having the necessary legal documentation. It protects the owner against any of the above-mentioned factors.
If you take care of all these aspects with the help of legal documentation, then you can safely rent your own house.