5 Useful Tips on How to Become a Low-Risk Landlord
What’s the worst nightmare that a landlord could have? In most cases, the bad dream that keeps coming back involves massive property damages that he would cover out of his own pockets or a costly lawsuit intended by an angry tenant. How can you avoid such risks while renting your superb Californian property? Here are a few useful tips that could help you become a low-risk landlord in no time.
- Get the Right Type of Insurance. Can you really afford not to buy the right insurance policy? There are three main types of insurance that could help you attain peace of mind in any context:
- Property insurance, which covers the physical or structural damages reflected by your property
- Rent insurance, which covers the lost rent when the rental property becomes inhabitable because of a natural or man-made disaster
- Liability insurance, which covers the injuries caused by an accident that took place on your property; this type of policy also covers potential fair housing law violations.
Combined, all these three policies ensure the highest level of protection against the unforeseen and let you become a less concerned landlord.
- Make Sure That Your Californian Rental Is 100% Habitable. As a landlord, you must always comply with state and local building construction and safety codes. You should also pay special attention to the plumbing, heating, gas and electrical systems and make sure that the roof of your rental is structurally sound.
- Fix Potentially Dangerous Problems That May Arise. No house is perfect. Regardless of its age and condition, your Californian rental may start to display signs of wear and tear at some point. In this case, don’t hesitate to fix urgent problems that could turn your property into an unsafe environment. Injuries triggered by your recklessness or careless attitude could make you bare serious legal consequences. If you identify a potentially dangerous condition that you can’t address right away, you should evacuate the building as soon as possible and warn both visitors and tenants of the danger.
- Screen Potential Tenants Properly. Worried that you may end up shaking hands with dubious individuals who won’t pay rent on time? Want to make sure that your tenants won’t trash your place? Here’s the simplest solution to your concerns: screen your tenants thoroughly. Remember to create and conduct a fair tenant screening process that won’t expose you to accusations of discrimination. Also, do keep in mind that you should only reject potential candidates based on legitimate reasons, such as negative references from other landlords, insufficient income or a poor credit history.
- Use a Trustworthy Apartment Finding Service. In all honesty, it’s always easier to avoid risks when you count on the unconditional support of a large apartment finder. Apartment Hunterz is California’s finest apartment finding service designed to make a landlord’s life a whole lot easier. Compelling listings, online applications and the highest level of exposure are only three notable advantages that enable landlords to focus on other rental-related responsibilities while letting Apartment Hunterz manage the rest.