It comes as a shock that many real estate experts have stated that the US has become a country full of accidental landlords.
If this applies to you, then it means you're certainly not alone. But what does it mean to have a property that you don't want to live in? What are the responsibilities you'll have to deal with as an accidental landlord?
This guide will show you some unexpected facts when you become an accidental landlord.
Here's what you should know:
1. You May Want to Join an HOA
As an accidental landlord, you might want to consider joining a homeowners association (HOA).
These organizations can help you manage any issues related to your property. If you get actively involved, you can make decisions on a larger scale. You can also set policies for everyone in the community to follow.
2. You Have to Keep Track of Expenses
When you own a property but don't live in it, you might lose track of the expenses you'll have to pay. This will include your regular utility bills, but it won't stop there.
You may have to pay for regular maintenance. If the property is abandoned for several weeks or months, you'll also have to pay for regular cleaning services.
You have to keep on top of these responsibilities if you want to find a tenant. For example, for properties in Troy, Ohio, you can't rent out a property until it meets certain standards.
You must understand the rental rules as well as landlord rights before putting your property on the market. You can consider hiring a lawyer to help you draft a contract.
You may consider saving up for landlord insurance once you find a tenant. This will help protect you from any potential liability during a tenant's stay.
3. Hire Property Management Services
The final step to consider is hiring property management services for your home. A property manager can help you manage your payments before renting out your home.
They can also assist with finding potential tenants. Their tenant screening process will narrow down only the most serious tenants.
Once you find a tenant, they will communicate with your tenants on your behalf. They will collect rent, handle tenant issues, and much more.
It takes the weight off your shoulders and is a preferred service by both accidental landlords and seasoned investors. You can check out our owner's resources to see how our services can help manage your property.
Accidental Landlords Can Win
The increase in accidental landlords has been an unwelcome change for many Americans.
As an accidental landlord, you may wish to join an HOA. This will improve the property experience for you and your fellow residents.
You must keep track of the expenses that come with owning a home. The longer it's empty, the more likely you'll have to pay for additional services.
If you want to succeed as an accidental landlord, you should hire property management services. PMI Oakridge Management is the best option for property management in Troy, Ohio.