Renting Your Home: Some typical questions
Are you familiar with the landlord/tenant laws that can affect what you can and cannot do within the rental relationship? How about local health codes and the licensing requirements in Broward Count? Is a carbon monoxide detector required on your property? Do you have the required number of smoke detectors? 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 under what circumstances do you need to refund it? How do you make a claim to reimburse for expenses incurred by the tenant?
So as you can see there is quite a bit to know about renting a property. By not having all the answers, and following guidelines and laws about rental properties, you can put your investment property at risk Before renting out your home, make sure you familiarize yourself with these items. Also, talk with your insurance provider to take out an investment property or landlord policy. A simple homeowner’s policy will not cover loss, damages, or injury once you are no longer the primary resident in the home. Be prepared to spend three to seven hours familiarizing yourself with the various details. There are many important legal and insurance considerations, before renting out your home.
Renting Your Home: The Lease Agreement
Next, you will need to have a way that prospective renters can apply to rent your property. You can purchase a ready-made lease agreement online or at an office supply store for low prices ($30-$40). However, often such leases are not compliant with Broward County laws and can expose you to undue risk and liability. When screening a prospective tenant, ensure you are not inadvertently violating the renter’s rights by asking questions that may be unlawful to ask.
It is a good idea to have your lease reviewed by legal counsel to ensure the lease protects your rights. And to make sure that it is compliant with Florida’s laws. Plan to spend 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. Now that you’ve invested, are you getting the most out of your location properties?
Look no further than Real Property Management Premier! Contact us online or call 954-800-4433 and ask our Miramar property managers about our FREE market analysis.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.