With the current demands in the housing market, it’s almost impossible to find good homes that aren’t too expensive. You’re lucky if you’re already living in one, but countless others don’t and are struggling to find themselves a good place to live in.
So if you have spare or vacant rooms in your house, why not consider renting them out? It’s a great way to get passive income that isn’t much of a hassle. Plus, the room would be put to good use instead of just collecting dust because it hasn’t seen the light of day in ages.
It’s easy to become a landlord, but you must know that certain responsibilities come with that power. If you aren’t familiar with what those responsibilities are, you can refer to this guide below:
Offer a Comfortable Environment
You can’t advertise that you have a room for rent if that room is a safety hazard. The room can’t be covered in dust or filled with your things when potential renters come. Otherwise, they will be turned off by the horrendous sight.
You have to make sure that the room you will be renting out is in good condition and habitable. It should have working power outlets, enough space for a bed, and has good air circulation. If you can provide the bed or the frame, at the very least, do so it wouldn’t be too much of a hassle for your occupant.
Maintaining cleanliness isn’t only confined to the specific room that you are renting out. The common areas such as the kitchen, living room, and bathroom also have to be cleaned and maintained regularly. This isn’t just for your tenant, but for you as well.
Provide Access to Utilities
Since your tenant will be living with you for a while, you will also need to provide them with easy access to utilities. This can include heat, gas, water, and electricity. So you can’t be careless with your bills because someone else is paying you to provide them these utilities.
Having good utility access also means providing them with safe water, appropriate heat, and continuous electricity. You can’t be giving them access to contaminated water, which doesn’t often happen in households but is still possible. It’s better if you have an expert conduct legionella testing on your water supply before renting out a room. It’s just to be sure because this bacteria can cause a kind of pneumonia, which can be fatal if left unchecked for long.
Similarly, if you haven’t had your electrical wiring inspected in a while, you should contact a specialist. This is because electrical wiring is subject to loosening with each use, so having them checked will lessen the possibility of causing short circuits or power outages.
Supply the Necessary Documents
Having a tenant under your care means that you have agreed with specific terms and conditions that they have to comply with. That agreement has to be in writing because otherwise, you might come across problems in the future.
Even if you and your renter have verbally agreed on the terms of their stay, it’s better to have documents on hand that prove those agreements. Draft the terms of the lease and provide your tenant with official receipts if they request them. Doing so will make this a legal transaction.
Observe a Good Landlord-Tenant Relationship
After you’ve covered all those responsibilities, the only thing left to do is establish a good landlord-tenant relationship. This doesn’t mean that you have to be friends if you don’t want to, but you need to observe and promote mutual respect.
Respect begets respect. If you respect your tenant’s space and belongings, they would most likely do the same to you. Creating a living atmosphere based on respect will give both of you a sense of security and trust that you wouldn’t be betraying each other.
Becoming a good landlord isn’t easy, but it isn’t hard if you know what your responsibilities are. It might be cliche to hear this saying right now, but “don’t do unto others what you don’t want to be done to you.”
If you’re still having a hard time grasping the weight of these responsibilities, just put yourself in your potential tenant’s shoes. What are the qualities in a rental space that you want to have if you’re the one looking for a place? Or in a landlord? By keeping a mental note of everything discussed here, you can be a great landlord in no time.