Your rights and responsibilities as a landlord
Your rights and responsibilities as a landlord
Whether you’re new to property investing or have a portfolio of properties, being a landlord brings responsibility. It’s important to make sure you know your rights and deliver on your responsibilities as a landlord. Understanding your rights and responsibilities from the outset will not only help you find the right property and secure great tenants, but it will also ensure you keep things running smoothly and reduce your risk. Keep reading to learn more about your rights and responsibilities as a landlord.
What are your responsibilities as a landlord?
When it comes to leasing your property, your responsibilities are centred around keeping your property compliant with the regulations in your State to make sure your tenants have a safe and secure place to live. Some of the key things you are responsible for in the safe upkeep of your property include:
· Keep the property clean, sound and in good condition.
· Make the property is compliant, for example, smoke alarms or swimming pool requirements
· Ensure the locks are in working order and will keep the property secure
· Check all appliances are working and provide a user manual or written instructions
Why is meeting your responsibilities as a landlord important?
It can seem like there are many things to comply with and keep track of as a landlord, but with the help of your property manager, you can make sure you always do the right thing. Further, understanding your rights will also give you the steps to take if things go wrong, such as your tenant no longer paying rent or in worse-case scenario, deliberately damaging your property.
The key benefits of understanding and delivering on your responsibilities as a landlord include reducing your risk exposure to potential litigation, avoiding unnecessary costs such as legal fees, and keeping your property in good condition. By proactively addressing issues with your property and always maintaining compliance, you’re more likely to realise these benefits and keep your tenants happy. As a result, you have a better chance of securing long-term tenants, which can reduce your vacancy rate and keep your rental yield stable.
Being proactive about understanding your rights and responsibilities as a landlord will help you keep on top of potential issues at your property. Further, with a good property manager to support you, you’ll have peace of mind knowing these things are always taken care of at your property. Just like insurance protects your property, investing in a property manager who can help you deliver on your responsibilities as a landlord is a worthwhile investment.
Remember, this article is general in nature and is not financial or legal advice. Please consult your professional financial and legal advisors before making any decisions for yourself.