You have made the decision to earn some extra cash by renting out your home. However, before you take this step and become a Dover NH landlord, there are a number of aspects you must consider.
Have you familiarized yourself with the landlord-tenant laws that can have an effect on what you can, and what you cannot, do within the leasing relationship? How about the local health codes? What about city/county rental property licensing requirements? Are you required to have carbon monoxide detectors in your rental home? And, how many smoke detectors are required for your rental home? When will your resident need to pay the rent by, and what is the legal late fee that you can charge? Additionally, you must know about security deposits: Whose money is it? When must it be returned?
Clearly, there is much that you need to know about becoming a Dover NH landlord. There are also numerous ways to place your investment property (and yourself) at risk if you do not follow rules, guidelines, ordinances and laws that pertain to rental properties. Prior to leasing out your house, ensure that you are familiar with these aspects, and also speak with your insurance provider to ensure that you possess an investment property or landlord policy because a homeowner’s policy will not cover loss, damage or injury as soon as you no longer are the house’s primary resident. As a Dover NH landlord, you should plan spending around 3 to 7 hours to become familiar with the various legal/insurance considerations prior to leasing out your home.
Additionally, you must have a method that the prospective residents may apply to lease your house. You can purchase leases either online, or at office supply stores, for fairly low prices (about $30-$40). Yet, oftentimes these leases are not compliant to local laws, and thus expose you as a Dover NH landlord to unnecessary risk and liability. Also, be careful that you do not inadvertently violate a resident’s rights by asking questions that may be unlawful for you as a landlord to ask them. Along these lines, have legal counsel review your lease to ensure that your lease protects your rights and is also compliant with state laws. You should plan to spend around 2 to 3 hours locating a lease that will suit your purposes, as well as about $100 to $300 for an attorney to review your lease to make sure that it is compliant with regulations.
Are you interested in learning more about our Dover NH property management services? Please contact us for more information.