So you want to rent your property and create some constant passive income. You are all set but be advised that one needs to familiarize yourself with the legal and insurance considerations with renting out a property.
Are you familiar with the landlord/tenant laws that can affect what you can and cannot do within the rental relationship? How about local health codes and/or city or county licensing requirements for rental properties? Do you have to have carbon monoxide detectors or how many smoke detectors are required? When is rent due and what is the legal late fee? And then there is the question of security deposits: whose money is it and when does it need to be returned? How do you make a claim to be reimbursed for expenses incurred by the tenant? There are many legal and insurance considerations to take into account when renting our your property.
As shown above there is much to learn about being a Coeur d’Alene landlord and many ways to put your investment property and yourself at risk by not realizing the legal and insurance considerations in regards to guidelines, rules, ordinances and laws pertaining. Before renting out your home, make sure you familiarize yourself with these items. Then talk with your insurance provider to advise you on investment property or landlord policy, as example some homeowner’s policies will not cover loss, damage or injury once you are no longer the primary resident in the home. You will need to plan spending three to seven hours to familiarize yourself with the various legal and insurance considerations before renting out your home.
Next is marketing your property; how will the prospective renters apply to rent your property. Leases can be purchased online or at an office supply store for low prices ($30-$40). However, many times these leases do not include all the legal and insurance considerations with your local laws, and expose you as a Landlord to undue risk and liability. Be cautioned to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful as a landlord to ask. In order to cover your liabilities and legal obligations it is much advised to have your lease reviewed by legal counsel to ensure the lease protects your rights as well as is compliant with your state’s laws. You will need to plan spending two to three hours finding a lease, as well as $100 to $300 for an attorney to review your lease to ensure that it complies with regulations.
Real Property Management Coeur d’Alene has ample experiences and training in legal and insurance considerations with regards to your rental and are wealth of knowledge in best managing your property.