Mistakes DIY Property Owners Make

Not Having a Lease Agreement

This is a legally enforceable contract that details the length of the lease, rent amount, and the condition the tenant should leave the property as stated in the condition report.

Not Filling in a Condition Report

This document describes the standards in which the condition of the property should be left at the end of tenancy compared to the condition of the property at the beginning of tenancy. For instance if the carpet has stains or if repairs are needed to bring the property up to the condition was reported at the beginning of the tenancy.

Not Understanding Tenancy Laws

If a property owner does not comply with these laws, like entering the occupied property without giving the tenant proper notice, this can lead to unwanted fines and unhappy tenants.

Not Doing Proper Tenant Checks 

As a property owner, when conducting a background check, make sure to speak with the potential tenant’s former property owner in regards to the condition the tenant left their previous property, if rent was paid on time, and the magic question – "would you rent to them again?”

Not Asking for a Bond

This is a security deposit held in case your tenant doesn’t meet their obligations under the lease agreement.

Thursday, 16 October 2014

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