So you have decided to make some extra money by renting out your home in Coeur d’Alene. Before making the leap, there are a few things you need to consider. It is advised you familiarize yourself 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? Legal concerns and knowing them are essential to investing in rental properties.
As you can see there is quite a bit to know about being a Coeur d’Alene landlord and a plethora of risk for yourself legally and your investment. The market is full guidelines, rules, ordinances and laws pertaining to rental properties that must be followed. The first step before putting your home on the market is understanding the legal concerns pertaining and talk with your insurance provider to make sure you have an investment property or landlord policy as a homeowner’s policy will not cover loss, damage or injury once you are no longer the primary resident in the home. The time that is recommended to learning about these matters is between 7-10 hours.
Next you will need to have a way that the prospective renters can 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 are not compliant to your local laws, and expose you as a Landlord to undue risk and liability which is why understanding legal matters is imperative to your protection. Use caution to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful as a landlord to ask. It is a good idea 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.
Understanding the legal concerns of putting a rental on the market protects yourself and the property, be aware of the local, state, and federal laws to get a comprehensive view of what goes into investing in a property rental. If you need assistance Real Property Management Coeur d’Alene is here to help. With over 40 years of franchise knowledge, 25 combined years of franchise’ owner knowledge, and 6 years of award winning service and local knowledge. Real Property Management Coeur d’Alene is the right choice for all your property management needs.
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