Things To Remember As A Landlord

Fulfilling The Landlord Position

There is more to preparing your home to rent out than just the updating, painting and maintenance work.

As a Landlord you have a responsibility to make sure that your property is adequately insured. The insurance that you need for renting a house out is not the same as the previous homeowner’s coverage that you have had.

You will now need rental property insurance. This will cover the home’s structure, in the event of storm or other damage, personal liability and medical expenses. Having this coverage should provide loss of rental income if there is a covered loss.

The tenant should acquire their own insurance for their personal belongings. You are not responsible for the tenant’s personal belongings. If the tenant has their own rental insurance they are less likely to file suit against you if they are protected by their own insurance.

Be Clear And Concise About Rules And Property

You will need to determine the amount of rent to charge, the amount of deposit, the date the rent is due and clearly define.

You will need a lease that clearly spells out the terms of your rental agreement with your tenant. You will need to clearly define your policy on pets, if a pet deposit is required, repairs, who is responsible for making what repairs, damage policy, late payment penalties, rules of expected behavior, list of tenants living on the property, eviction rules and procedures, etc.

The business side of the rental process can be overwhelming and taxing. This is where a reputable Property Management Company can be a life saver. This is especially true if you do not reside near the property, have multiple properties or are limited in time to deal with these issues.

Negligence of any important details will result in legal issues and problems that will complicate your rental relationship. Taking appropriate steps to prevent these issues is not only wise it will save you time and money.

Call Minnesota Home Rentals for more information on how we can help you with these important duties and responsibilities, let us take a load off. Call us today at 612-293-5154.