When it comes to home investments, it is up to the owner on what they want to do with the property. They can either live in it or have it as a generated income. Perhaps, there are even some of you here invested in Davao apartments and have it rented out, right? But before deciding to have it as your source of extra income, there are things you should know about what and what not to do when you are a landlord.
As a landlord, there are also a lot of responsibilities that you need to observe to avoid any misunderstandings between you and the tenant. Generally, being a landlord is not that hard as you think it is. For as long as you are you’re doing the duties of being a landlord properly, then there will be no problems at all. But if you’re planning to have that kind of investment yet you don’t have any idea of being a landlord at all, then you might want to refer these things you should observe.
1. Find good tenants
This is one of the most important things you must consider if you want to have a peaceful investment. You better find a good tenant to avoid headaches in the long run. Moreover, if you think that that particular tenant can’t be trusted when it comes to a written or verbal agreement, don’t waste your time entertaining and welcoming them into your apartment. There are still a lot of people out there who can be a good tenant. Be patient and carefully select a good one.
2. Give proper notice
Aside from the written agreement that you made, you should also not forget to notify your tenant whenever there are changes you want to make. Notifying your tenants will prevent you from a heated argument with them. Of course, if there are changes that your tenants would like to complain, at least you heard their side of the story. Perhaps, there are circumstances that prevent them from doing such. And giving a proper notice will give both parties the chance to understand both sides. This is also important when you want to terminate a tenant, at least they will have enough time to find another apartment space to rent.
3. Make timely repairs
One way or another, there will be times that your tenant would request a repair. Perhaps, a leak in the bathroom needs some repair. And a good landlord would attend to the request of their tenant immediately. Of course, this is also one way you can show to them that you care and value their stay. Additionally, if there are things you want your tenants to clarify when it comes to the damages in the apartment, you should both come up with an agreement to make sure it is going to be a win-win situation.
4. Respect your tenants
Of course, this goes without saying. If you want your tenants to respect you too, then you should respect your tenants. If they have a different culture, then you have to respect them for who and what they are. In this way, you tenants would love to stay longer in your apartment. And if both parties value respect with one another, there will be no problem at all.
Advice for the tenants
If you are a tenant, there are also responsibilities that you need to observe. One is to follow the policies your landlord gave to avoid misunderstandings on both sides. Moreover, if you want to have a peaceful living in the apartment, then you better follow the guidelines provided. And if you have some confusion about the agreement especially when it comes to the monthly dues, then don’t hesitate to ask your landlord about it. With this, you will be able to stay and live without something to worry about.