Whether you’re already a property owner, or are new to real estate investment, it’s important to consider what you plan to do with the properties you invest in. There are, essentially, two common approaches to property investment (Tampa landlording):
Renting your properties out is a great choice. Before you decide to become a Tampa landlord, however, it’s a good idea to know what you’d be getting yourself into. What’s required of a Tampa landlord? What are the laws in your state?
Aside from regular and routine maintenance, Tampa landlords must abide by the following conditions:
The roof must be in good condition, with no leaks;
- The walls cannot leak air, and must be in decent repair;
- If the property contains stairs, they must be safe and in good repair;
- Windows and doors have to be air-tight, and outside doors must have working locks;
- Window panes cannot have any cracks or holes, and must have screens;
- Floors, ceilings and walls must be rodent-proof and be in good condition;
- The property must have hot water connected to the sinks, tubs and shower;
- A working toilet is a must;
- If you provide appliances, they must be clean and in good working order;
- Either garbage disposal or disposal containers must be provided;
- Each room must have a minimum of at least 2 working electrical outlets;
- Kitchens, bedrooms, bathrooms and hallways must have either a wall fixture or a ceiling fixture, or an outlet controlled by a switch near the entrance;
- And, there cannot be any electrical problems.
Some of that may sound like common sense, but it is always good to know the law. Many of these responsibilities can be taken care of by hiring a Property Management firm, but it’s necessary to make sure that the firm you hire is taking care of everything for you. Failure to follow the guidelines can result in the withholding of rent, and even lawsuits.