Being a landlord is serious business, and you want to make sure you are protected. Tenant protection laws in New York have certain expectations when it comes to rental properties, and you want to make sure you are fully prepared. Here are some things you should do before you rent out your property.
Tenant Protection Laws in New York Suggest You Do This Before Renting Your Property
Figure out your responsibilities.
Although renting out your property comes with a lot of benefits — such as easing tax breaks, lessening the likelihood of vandalism and earning profit — it also assigns you with additional responsibilities.
Are you ready to be a landlord? That means dealing with maintenance and repairs, collecting the payments due and investing a bit more in the property to entice tenants. You will have to commit your own time and effort while they’re staying in your property. However, you can opt to source out this services, especially if you own a few properties. It makes your life easier while still accruing the benefits of a rental.
Come up with a good lease agreement.
To make sure you’re protected from unnecessary demands, you need to get your lawyer to draft a lease agreement that you’re amenable with. This agreement should be in line with the laws of the state and city you live in. Do not attempt to make a lease agreement of your own or download a blank one from the internet because your state could have entirely different policies to could render some of the clauses of your agreement useless.
To start with, you lease should have the lease term, the amount of the security deposit, due date for the rent, penalties, who’s responsible for repairs, upkeep and maintenance, rules of conduct within the property (such as noise level, pet policy, whether they’re allowed to smoke or not), eviction terms and the payment of association dues.
Prepare the property.
A great way to attract responsible tenants and a higher offer for your rental is to invest in doing repairs and maintenance before putting it on the market. The more livable it looks the higher the asking price. Remember, there are other rental homes in the area. The best way to set yourself apart is to make sure that your place is, at the minimum, rid of leaking faucets, creaking floors, and broken windows.
