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A landlord has several responsibilities with regards to the property. Besides this there are many duties which a landlord owes to hisher tenant. The landlord must fulfill all these duties and responsibilities before enjoying the rental income of his property.
Before renting out a property one of the most difficult tasks is to find the perfect tenant.
Finding a tenant
The landlord can do it himself by advertising or informing friends and family that he is looking for a tenant. Besides this he can use the services of a letting agent who has experience of the local market. Either ways it is important that you carry out thorough checks (ID and credit check Wholesale Maple Leafs Jerseys , reference from employer and previous landlord etc) before handing over the keys.
Deciding on a rental rate
For this purpose it is essential that you have an up-to-date knowledge of the area, local market because the situation is constantly in flux. In Edinburgh in many areas demand of flats and apartments is high due to which rents have increased. Hence you should research the rental market in your area. Go through property websites and see the price of properties which you think are like yours.
Responsibilities as a landlord
There are a number of rules and regulations for the landlord. Non compliance with these can have serious legal consequences. It is important that before renting out the property you should fulfill a few requirements.
If the property is on mortgage then you should inform your lender. Failure to do this will be a breach of contract on your part and the lender can recall for the loan. Moreover, if the property is on lease then you must seek permission from the lessor. If you are insured then you must speak to your insurers to cover for loss of rent as well. The landlord must make sure that the property is safe. For this purpose he must have the gas appliances inspected, check the smoke alarms and furniture must also comply with fire safety regulations.
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