Becoming the owner of a rental property in New York can be the culmination of a life-long dream. You should be aware that taking this step will also bring with it a great many new responsibilities, however. It will be up to you to make sure that everything you do as a landlord is legal and ethical. There are certain mistakes that first-time landlords often make.
Checking a tenant’s background is crucial
The first stage of a landlord/tenant relationship begins when someone applies to become a renter at your property. This is a stage that should be taken seriously. When you take on a tenant, you are going to be dealing with that person frequently, so it’s a good idea to ask yourself if there’s anything in the potential tenant’s background history that would suggest future problems. Ask them about their previous landlords.
It’s crucial that the person you are renting an apartment, home or condo to has the ability to pay their rent in a timely manner. You can do this by running a complete background check. This will let you know if there are any financial or credit issues that would make them a less than ideal prospect to rent to.
Maintaining your property
As a New York landlord, it’s important to take good care of your property. A poorly maintained building creates an unsafe situation that puts the lives of your renters in danger. It will also play havoc with the value of your property and open you up to the potential for lawsuits.
Before you invest in a property, it’s a good idea to research the ongoing costs that keeping the property in good shape will involve. This will be a major part of your budget from which your ongoing expenses will be drawn.