Responsibilities Every Landlord Should Know

Imagine you are selling 1 candy and there are 10 buyers dying to buy it.

Now, imagine you have 10 candies and only 1 buyer wanting to buy it.

The first statement is what Landlords imagine. The second statement is the stark reality. But, there is good news.

Who are landlords?

Landlords are a part of the community that enjoys its influence above par, a community that has been an early investor with their own unique reasons to invest. A common thread amongst all these reasons is the ROI (Return on Investment) they foresee from rental income and capital appreciation.  

landlord-responsibilities

Rental Yield & Capital Appreciation

Capital Appreciation is cyclical in nature with phases of high, low and not returns. Rental yield, on the other hand, rental yields aren’t considered to be that lucrative as in Singapore and several other geographies, however decent enough to fall in.

The landlord of any rental property is responsible to provide “Habitable Unit” which is free from hazards or defects and compliant with all local and state building health codes.  

regular-inspections

  • Taking care of structural components and reasonably weather protected rental units.
  • Ensuring the living unit is hygiene and have a pest free environment.
  • Ensuring the basic electrical and water units functioning units for usage.
  • Responding promptly to requests made by tenants or at least acknowledgement for the same.

maintenance-responsibility

Landlord must perform repairs or maintenance which are necessary to keep the rental unit livable or creates a safety hazard. If a property is less maintained it is likely to be treated with less respect from tenant however if those cosmetic repairs are well kept will help to find and retain good renters.

Landlord’s are not only considered to safeguard the prospective tenants which could be as simple as providing sturdy locks on doors to installing lights in dark areas around the apartment. They also have the responsibility to safeguard their neighbourhood and starts via screening their prospect renter with RENISO’s unique and promising Tenant verification services.

responsibilities-landlord

Landlord is bound to return an entire rental security deposit to tenant provided there is only normal wear and tear of the unit on basis of usage. In case there is a deduction in the security amount landlord should provide an itemized list of the damage and cost of repairs Incurred. RENISO’s Inspection service delivering peace of mind with unbiased report at the time of tenant Move In & Eviction.

RENISO is delivering the unmatched experience to Indian Home Owners for the first time in the history of real estate ownership. RENISO’s flagship Inspection and Monitoring product SPECTO is delighting Residential Home Owners community across the Globe. RENISO’s global qualitative parameters are driving joy to all those who are travelling or residing across the globe having property Investments in India.

By | 2018-07-21T10:00:34+00:00 July 17th, 2018|Articles|0 Comments

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