Becoming a landlord for the first time can be thrilling and overwhelming at the same time. The work of the landlord does not just involve collecting the rent as most people think. Even though rental properties offer impressive returns, the real estate market experiences ups and downs. Therefore, to become a successful landlord, you must be willing to adapt to various problems.
Are you planning to become a landlord? There are numerous apartments for sale in Dubai that can offer good rental returns. The best part of investing in Dubai is that the real estate market is growing at a rapid rate. If you want to get good returns, you should invest in prime locations such as the apartments for sale in City walk. Alternatively, there are several new projects by Emaar Properties, which is one of the biggest developers in Dubai.
Tips for first time landlords
Documentation is important
If you want to become a successful landlord, you must document properly. As the landlord, you will be required to keep important documents and forms such as lease agreement, title deeds, and rental applications among others. Nowadays, there are efficient ways of organizing and keeping documents.
Screen the tenants properly
Every landlord strives to have a tenant who can maintain their property in good condition and pays rent on time. So, ensure that you have properly screened the potential tenants and ask for their previous rent references. Bear in mind that the tenant might be relocating because they failed to pay rent or misbehaved in the previous residence.
Understand the law
As a new landlord, there are certain laws you must understand. For instance, you must keep the property habitable and safe to the occupants. In fact, the landlord is liable for the accidents stemming from safety hazard. Also, you should not discriminate the potential tenants in any way.
Be ready for emergencies
The landlord has a responsibility to respond to emergency requests promptly. For instance, in case a water pipe breaks and cause damage, the landlord should hire the appropriate professional before dangerous molds start to grow.
Some landlords feel uncomfortable to conduct a routine inspection on their property. Even though it may feel like invading the privacy of the tenants, it is important to ensure there are no maintenance issues and the property is being looked after. If possible, conduct a routine inspection every six months and look out for any damages or excessive tear and wear.
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