How to Become an Expert Landlord When You Inherit a Home

Many people find themselves in a difficult decision when their loved one passes away. Aside from consideration to your loved one’s funeral and choosing the right Heritage Cremation Provider, you must also deal with the assets left behind.

Do you sell the house, move in, or rent it out? If you’ve chosen the last option, there are a lot of hoops and jumps to navigate through in order to become a good landlord. While many people think that the job of a landlord is to simply collect rent each month, there are a lot of other characteristics and duties a landlord should embody to get the job done right. In your journey to become a trusted landlord, there are a few learning curves to consider before you’re ready to rent out your new home. Consider these tips to make the process all the easier.

How to Become an Expert Landlord When You Inherit a Home
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Establish a fair price

Setting a fair price is the best way to gain and maintain quality tenants for your home. While you might be able to get a fair mortgage price for the home by allowing a realtor to evaluate the space, you can establish a fair rent with a few tried-and-true options.

Your home’s price is influenced by a number of factors. This includes anything from the state of the house, to the neighborhood quality, to the federal and state laws regarding landlording in your area. You can get a better idea of the local prices by comparing your home to other homes that are being rented in the area.

However, it’s important that you consider the cost of maintenance and repair. If your loved one didn’t maintain the home properly, you may have to invest a pretty penny to get it in tip-top shape for new renters. In fact, it’s estimated that you have to spend 10 percent of the home’s value in repairs each year. When you’re establishing a price, new appliances, upgrades, and renovations can also contribute to your home’s monthly rent.

Know the Fair Housing Laws

As mentioned above, you may need to pay a little extra in order to adhere to Fair Housing Laws. These federal, state and local laws need to be minded when you’re becoming a landlord for the first time. For example, you have to view every rental application with no bias against race, religion, disability, familial status, or gender identity. If you’re worried about violating Fair Housing Laws, discuss these factors in depth with a trusted legal counselor.

Be accessible

If you’re not an accessible landlord, your tenants won’t enjoy spending time in your rental. This means that they’re less likely to recommend your property online. Worse yet, they may disrespect the space you’re renting out.

Being an accessible landlord means that you respond promptly to any questions or queries your tenant may have. This includes keeping your phone on you at all times and checking your email regularly to answer any questions. You want to provide multiple methods of communication to ensure you’re available. After all, you never know when your tenant will find a leak or get locked out of the home.

Of course, this doesn’t mean you need to be glued to your phone 24 hours a day. You can dictate the preferred times and methods of communication in your lease agreement, along with an emergency line for more serious issues. Walk your tenant through the lease agreement and be sure to answer any questions they have.

Remember that it’s a business

The best way to successfully rent a property is by running it like a business. At the end of the day, you’re providing a service for a customer. Even if you happen to become friends with your tenant, you should always remember that professionalism and a business-forward attitude. If that means you have to get business advice from professionals, don’t hesitate to reach out for counsel.

Having a loved one pass away is never easy, but there are ways to lessen the burden. Rely on these tips to help you navigate this difficult time.

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