So you are determined to make some money by renting out your home and becoming a Raleigh landlord. Here are some crucial points you need to consider first.
Are you aware of and familiar with landlord/tenant laws that guide what you can/cannot do within the rental relationship? How about rental property local health codes and/or city or county licensing requirements? Do you need to have carbon monoxide detectors? How many smoke detectors should be in your rental property and where? When should the rent be due? What about the legal late fee? In terms of security deposits, who owns the money and when is the return date?
Clearly, you need to know a lot about being a Raleigh landlord. Take note that there are various ways to jeopardize your investment property and yourself if you don’t comply with rental property guidelines, rules, ordinances, and laws. Before you rent your home out, acquaint yourself with these guidelines. Additionally, reach out to your insurance provider so that you have the right investment property or landlord policy as a homeowner’s policy will not offset any loss, damage, or injury once you are not the primary resident in the home. You should budget three to seven hours to familiarize yourself with legal and insurance considerations prior to renting out your home.
Once done, you’ll need a way for prospective residents to apply to rent your rental property. Leases can be bought online or at an office supply store at low prices ($30-$40). However, these leases may not be compliant with local laws, and thus may expose you to unnecessary risk and liability. Exercise caution that you never unintentionally violate tenant’s rights by asking questions that are unlawful for a landlord to ask. Hiring legal counsel to review your lease is wise so as to protect your rights and complies with the state laws. You need to allocate around two to three hours to search for a lease, and set aside about $100 to $300 as payment for legal counsel to examine your lease to ensure that it complies with regulations.
Would you like to know more about Raleigh property management? Please call us at 919-827-1107.
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.