Are you familiar with the landlord/tenant laws that can affect what you can and cannot do within the rental relationship?
How about local health codes and/or city or county licensing and certification requirements for rental properties? For example, does your city require a lead based paint inspection certificate for homes built prior to 1978?
Do you need to have carbon monoxide detectors or know how many smoke detectors are required?
When is rent due and how much can you charge in late fees?
And then there is the question of security deposits: whose money is it and when does it need to be returned? How do you make a claim for expenses incurred by the tenant?
As you can see there is quite a lot to know about being a Northwest Ohio landlord and several ways to put your investment property and yourself at risk by not following guidelines, rules, ordinances and laws pertaining to rental properties. Before leasing out your Perrysburg single family home, make sure you get familiar with these items and talk with your insurance agent to ensure you have an investment property or landlord policy. A homeowner’s policy will not cover loss, damage or injury if you are no longer the primary resident in the home. You will need to plan on spending several hours to familiarize yourself with the various legal and insurance concerns before renting out your home.
Next you will need to have a way that the prospective renters can submit an application to lease your Perrysburg rental home. Use caution to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful as a landlord to ask. Leases can be purchased online or at an office supply store for low prices ($30-$40). However, many times these leases are not compliant with your local laws, and expose you as a Landlord to undue risk and liability. It is a good idea to have your lease reviewed by an attorney to ensure the lease protects your rights as well as being compliant with your state’s laws. You will need to plan spending two to three hours finding a lease, as well as $100 to $300 for an attorney to review your lease to ensure that it complies with federal and state regulations.
Would you like to learn more about legal considerations for leasing your Perrysburg rental home? If so, please contact us for more information.