What are the greatest challenges of being a landlord?
If you’re searching for a great side hustle or a way to make an extra cushion of cash, you might have heard that letting out a property is a fantastic idea. You could even be thinking about purchasing a property specifically for this purpose. It’s true that this can be a smart way to make money but it’s not quite as easy as it seems. There are a lot of challenges that you will face here and that you’ll need to navigate. Here are some of the problems that you definitely should keep in mind and the potential solutions.
Health And Safety
One of the biggest issues for landlords who don’t have a lot of experience is maintaining levels of health and safety. Now, you might think this is simple. After all, how hard can it be to ensure that your letted property is as safe as your home? The problem is that this likely won’t be enough. There could be safety issues at your home that you have completely overlooked. A common example would be windows. If you let out a property you need to keep the windows clean. If the windows aren’t kept clean they can get damaged and accumulate dust as well as dirt. This can lead to issues with allergies and even respiratory problems for your tenants which is why you might need to hire professional window cleaners.
Of course, one of the reasons that you probably haven’t hired a service like the one that we mentioned above is that you are likely trying to save on costs. That’s understandable and it’s also important to make sure that the costs don’t grow out of control. There are a few ways to do this but one of the best is to hire a property manager. They’ll handle a lot of the issues for you and it helps avoid you needing to arrange multiple different services. For one fixed cost you can get a lot of the problems you need sorted and it also eliminates the stress of managing every part of the property yourself. You just need to shop around and make sure that you are finding a business that can offer a high quality service with rates that you can afford.
You might think that if you need to evict someone from your property then this is going to be an easy process. Again, it’s clear to understand why you would assume this. After all, you own the property so it makes sense that you get full control over who lives there, right? Not so fast because there are a few problems that crop up here.
First, when you bring in a tenant you enter into a contract with them. You may want to evict them because they are not upholding their contract, but if this is anything other than them not paying their rent, this is difficult to prove. Noise complaints become a ‘he says, she says’ situation. It’s the same with pets. Technically, if you have said ‘no pets’ and they bring their furry friend in to stay you have a right to evict them. But how can you do this?
If they refuse to leave, you need to bring in the police. Police typically will put off handling matters like this if they are not deemed to be serious. In other words, you better hope that you are evicting because they are doing drugs or are involved in another criminal act. This might be the only way that the police arrive sooner rather than later.
Instead of ending up in this situation, you need to make sure that you are vetting tenants carefully before you agree to the contract. You should ask for references and ensure that there is clear evidence they will be the tenants that you want.
If issues do crop up attempt to resolve them directly but politely. Don’t escalate the situation unless they do because it’s always going to be a lose-lose situation. You might not have as much power as you think you do once you invite someone to live in a property that you own.
We hope this helps you understand what it’s like to be a landlord and some of the common issues that you might face. If you take the right steps, then you’ll be able to make sure that you do get exactly what you’re looking for from this possibility while avoiding issues with your new tenants.