We do all know that buying a property in real estate Makati is an investment. As the owner of the property, you can do whatever you want in your house for as long as it can be to your benefit. You can either live in that house or have it rented. Well, it will always be up to you.
There are some home buyers prefer to let their house rented than living in it. Perhaps, they want to have a profit out of it. Still, it is a wise decision. If you are one of those people who would prefer finding a tenant for their house, then you must know the obligations to your tenants as a landlord.
As a landlord, knowing your obligation is for your own good. It creates harmony in your deal with the tenant and of course, to avoid future problems that might occur later on. Below are the obligations that a landlord must know.
1. Landlords must set the rent
Of course, this it the main purpose of letting someone rent your house, to make profit. Who would want to let someone live in your house without any payments? No one, right? For you to make a profit out of it, you have to set how much is your house rate.
Setting a rate on your house can sometimes be critical. It is your duty to set a rate that is fair and justifiable enough on both sides. You also have to know how much is the value of your house and/or the value of the market rate for you to have also had an idea of the price that you are going to set on your house.
Not just giving your tenants a rate on the house, but you have also the obligation to collect the payments on their due dates. You have the right to remind them about their payments when they forget about it their monthly dues.
2. Landlords have the right to terminate a tenant
As a landlord, when you see that your tenant is not worth your time. When you notice that your tenant is not paying his/her monthly dues and is disobedient in the rules that you have set on the house, you can definitely terminate the contract that you have made.
There are still a lot of tenants that are waiting on the list, you don’t have to endure tenants that do not care about his/her surroundings. Well, it is still your call on whether you will immediately terminate them or warned them first on the things that they have done.
3. Landlords have the right to be informed
It is not all the time that you, as a landlord will be watchful of the things that surrounds your house. When a tenant has concerns on whatever things that might not be good, you have the obligation to address that concern for your tenants to live a comfortable and satisfying life in your house.
It is definitely a big no ignore the concerns of your tenants. That is, of course, when it is reasonable enough for you to address those concerns that they have. For example, a tenant would suggest that you should repair the pipes since it is already liking inside the house, then you have to address to it.
4. Landlords have the right to review the rent annually
There are tenants who would prefer a long term rent. That is why, to avoid confusions when it comes to the payments, you have to review for them the rent annually. You have to let them know how much they already have paid for the rent, or are the tenants have any debts to the landlords. You also have to inform them that the rent of the house is increasing or decreasing.
As a landlord, you have to be honest when it comes to the record of their payments for them to stay longer in your house.