How to reduce rental liabilities
As a landlord, you should really be worrying about getting sued for not handling your tenants properly. There are a lot of things you can do wrong that can get you sued, and we’ll be discussing some of them in this article. Make sure that, while you’re enjoying the money coming from the rent that your tenants pay, you’re also making sure that you’re making the tenants comfortable in the house that you’ve given them. You need to make sure that you’re providing them with maintenance where maintenance is due. It is generally a good idea to have the maintenance deal included in the lease agreement when you sign it. If not, then you should at least make sure that you’ve got such agreements in writing somewhere, even if it’s in email.
Now for the many things you can do as a landlord in order to reduce the rental liabilities:
1. Get insurance
You need to get insurance for your property, and make sure that it’s the right one. You should never run the risk of not having insurance. It might seem like the insurance is unnecessary, but once you’ve suffered heavy losses due to being ignorant and careless in this regard, you’ll understand why insurance is so important. You shouldn’t learn your lesson after suffering losses, and should get insurance as soon as possible. Talk to your estate agent, and work out a coverage option which you think is enough.
2. Make sure your property stands strong
If people get hurt due to your property not being strong enough, or having issues with broken parts and such, you’re sure to lose a lot of money in the process. Not only that, you’ll have to live with the fact that your carelessness cost someone a lot of trouble and maybe even loss of limb. You can get into serious legal issues over this which can cost you a huge fortune, and is definitely not worth not maintaining your house properly. If you notice that there are problems with the house, or get complaints that the house isn’t as it should be, you shouldn’t waste any time at all in trying to figure out what’s wrong and how to best tackle the problem. Don’t be afraid to spend a lot of money on the maintenance process, as you stand to lose a lot more if you don’t. Be a responsible landlord, and take care of the house.
3. Remove health and safety hazards from the house
If you get complaints of any sort of leakage, whether it is water or gas, you need to rush to face the problem immediately. If a small water pipe is leaking, making the floor wet, you need to seal it immediately. If a tenant gets injured over a problem like this, it’s losses for you once again.
Being a landlord isn’t all about getting money from tenants. You need to be responsible so that mutual business between you and your tenants continues.