If you’ve decided that you’d like to expand your profit potential and make some of your properties available for rent, you’re about to embark on a productive and fairly stable form of business that reliably generates income. However, this also means that you’ve now got some new responsibilities that you will have to live up to.
As a landlord, you own the property that your tenants live on, and that means you still have a legal obligation to maintain certain aspects of a building’s condition. As a landlord, here are some of the responsibilities you still have to look out for.
Weatherproofing
If your building is in an area with winter seasons then adequate heating and insulation is your responsibility. After all, if a building gets so cold in the winter that people can’t actually survive in it, it’s hardly worth a renter’s time. Make sure insulation and heating is up to date.
Plumbing
Adequate water and toilet facilities are also the responsibility of the landlord. Of course, this only goes so far as the actual integrity of the plumbing itself. Anything your tenants do in addition to that, for example, flushing cigarettes down the toilet and blocking the pipe, is now the responsibility of those tenants.
Electricity
Again, barring things your tenants may do during their actual residency, a landlord is responsible for safe, accessible electrical power in a building. This is for your own profitability as well as the convenience of the tenants, since an electrical problem, if left unattended, can potentially result in breakdowns or even electrical fires, which could cost you the entire building.
Structural Issues
If there are problems with the foundation, the walls, stairs, or any other part of the building that is part of the building’s overall structural integrity, these are also the responsibility of the landlord. Always make sure that before you turn a building over to tenants, the structure is safe and sound. This way you know that anything that happens afterwards is likely the result of the tenants and not you.