Landlord liabilities are those that can NOT be ignored. If you own a rental or rent a property, you do need to read this.
Most investments, including landlord liabilities, largely consist of working to comply with laws and regulations. There are limits on how much you can spend, how you spend it, and even where it’s spent. And this is common in a lot of different investments.
Many online options don’t look this way; simply because the service provider has created their service to be compliant. This can be tricky in any investment.
But, for property investors who want to rent out their property, the rules are at their strictest. To help you out, this post will be going through three of the top security-related landlord liabilities. If you are a renter, it’s also a good idea to familiarize yourself with these points.
Landlord Liabilities: Safety
The average home is filled with potential threats to safety. Normally, you wouldn’t worry too much about these things because there are many preventative safeguards in place to ensure that our homes are safe.
But, as a landlord, you have to be extra careful about these things. For example, in most places, a landlord has to have both carbon monoxide and smoke/fire alarms installed in homes with tenants.
Once they’re installed, you also have to consider using smoke alarm testing services to keep the alarms in good order. All of this is to protect your tenants against gas and fire-related safety issues.
However, you also have to be aware that electricity can be dangerous. Most governments will enforce yearly testing of all of the electronics that come with the property.
Along with this, you also have to consider the issues that could come from other parts of the home. Woodworm is a common issue in a lot of older properties. Unfortunately, to get rid of this pest, you have to replace all of the wood in the home. So, most will just live with it; replacing things as they need to.
But, woodworm can make important parts of the structure of the building very weak. Tenants may not make you aware of growing issues with parts of the floor or ceilings. But, a collapse would still be your responsibility. Issues like this can be solved by having the property safety inspected by someone with a knowledge of the legal requirements.
Landlord Liabilities: Security for Tenants
Safety isn’t your only legal concern because a Landlord must also think about security. Not just for you; also for your tenants.
In most places, there won’t be anything stopping you from avoiding a contract with your tenant. Though, it can cause some serious issues. Without any contract; your tenants could potentially refuse to leave or to pay rent.
The process of evicting someone in this situation is usually very hard. Additionally, you should also have your tenant purchase insurance with some sort of liability cover.
This means that should the tenants cause expensive damage which isn’t covered by their deposit; their insurance will cover the costs. Without this in place, you may have no choice but to resolve the issue by yourself. But, this could be incredibly expensive.
Landlord Liabilities: Security for You
Of course, it would be foolish to ignore your own security altogether; especially considering how much you can do to make your position safe. By using a proper contract which has been underwritten by a solicitor; you will find it much easier to enforce your agreement.
But, when things do go wrong, you need to have some further protection. In most place, you won’t be required by law to have landlord’s insurance. It’s a safeguard worth investing in, though.
This sort of insurance can cover anything from legal fights to repairs needing to be done. So, it’s a worthwhile investment to make.
One of the greatest tools you can have in your arsenal is knowledge. Understanding and being aware of the different laws you have to follow will make your life much easier.
Of course, though, not a lot of people have the time to go out and learn about legislation and bills. Instead, you might want someone else to do this hard work for you.
A real estate agent can take all of this out of your hands; simply leaving you with the rent your receive. You will have to pay for services like this. But, this sort of investment is worth it considering the potential costs; if things go wrong.
Hopefully, this will give you a good idea of what needs to be done as a landlord; if you want to be as secure as possible. Most people don’t go through this sort of effort. Instead, opting to trust their potential tenants.
But, of course, people aren’t always what they seem. So, it’s worth doing the work to make sure everything is above board.