Do’s and Don’ts to Residential Property Investment Leasing

residentialinvestmentRenting a residential property investment may no longer be new but a lot of people still can’t get it right which oftentimes end in dilapidation issues, disputes, monetary penalties, evictions or worse legal battles.

To do away with the hassle and the trouble of all that, here are the do’s and don’ts when it comes to leasing. Bear this in mind and you’ll be your landlord’s favorite in a jiffy!

The Do’s

  • Understand the terms of the rental contract. – Don’t sign if there’ something you don’t understand or agree to. It’s okay to ask the landlord for clarifications or have them hear your concerns.
  • Pay on time. – You have to come up with your end of the bargain otherwise face the consequences of penalties or eviction. Know the schedule and the terms and in case there are circumstances that cannot be avoided, inform your landlord ahead of time.
  • Make repair needs known. – Don’t wait until an issue escalates. Tell your landlord immediately in case there’s a need for repair or maintenance. In the event that the rental contract contains a clause that states your responsibility in such circumstances, own up to your responsibilities.
  • Treat the property as if it were your own. – In other words, take care of it. It’s that simple.

The Don’ts

  • Trash the property. – First of all, it’s not yours. Refer to last item in the above list. This includes being discreet and not making loud, unnecessary noises or any form of nuisance to the neighborhood. Be a good tenant if not the best.
  • Redecorate without consent. – Most rentals do not allow certain renovations both for structural or aesthetic purposes. This includes things as simple as nailing on the walls. If you’re planning to, make sure that the landlord gives the consent, it’s put into writing and the lease contract is updated to protect both parties of their interests.
  • Throw away documents. – In fact, keep them all with you. They will come in handy at some point and will serve as both an information source and a wall of protection for you. They contain your rights, any agreement updates and payment receipts.
  • Forget to inquire about pets. – Not all residential property investment for lease allow for pets so before moving in, check and inquire. Do not sneak in your furry friend. There will be a penalty.

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