Being a landlord transcends waiting for a cheque from your tenants when their rent expires. It comes with a whole lot of responsibility and sometimes, backlash and badmouthing from tenants. Locally, most landlords are often the butts of many jokes. So, being a landlord may not be as easy as you think. Here is what goes into being a landlord and if you believe you can manage these duties, then you can be one.
1.Know the law
There are laws that govern renting out your property in every country. Here in Ghana, the Rent Act 220 clearly stipulates what the rights and responsibilities of landlords are. Recently there has beenproposed reforms of the rental actto prevent landlords from taking 1 and 2 year lump rent advances, but rather receive rent on a monthly basis. It is very important to be abreast with these happenings in order to be an effective landlord.
2.Tenacity to ensure rent is paid on time
Although rent is mostly paid upfront in Ghana, upon expiration of the rent advance, some tenants may express willingness tocontinue staying in your property however, the rent might not be coming in. These tenants may take advantage of the relationship developed with you as a landlord to default on payments. This is where skill and tenacity is required on your part, to tackle the situation. The tenants may come up with all sort of stories to justify why they are defaulting on the payment so you need to develop the flair to ensure the rent is paid on time.
3. Screening potential tenants
Some tenants can be cumbersome and disturb your peace as a landlord. Therefore, it is important to know the backgrounds of people who will be living in your property, especially in the case where they share a compound with you. Background checks are likely to give insights into the behaviour of your prospective tenants and will help you decide whether they would be good tenants or not. As much as possible, you want to ensure that your property is not let out to thieves or unscrupulous people so, the screening process is a must.
4. Regular inspection of the property
Propertymaintenance is one of a landlord’s primary duties.Regular maintenanceof the property to ensure that it is in good condition is necessary. You have to respond promptly to any complaints your tenants give about the property and arrange with them when it is to be fixed.
Ideally, you would want to live near your rental property or on the same compound as the tenant if you are renting part of your home. This is to enable you to keep an eye on your property. Be sure not to pop in uninvited into your tenant’s space lest you earn the tag of a nosy landlord. Also, if you are particularly picky about people and would not want to be disturbed by another family, it is advisable not to share a compound with your tenants.
It’s clear that being a landlord involves dealing with and understanding human behaviour as well as upholding your duties and being diligent in the process of getting new tenants. So, to help you make up your mind about being a landlord, you need to weigh these decisions and rate your preparedness towards undertaking all of the responsibilities. - Source Meqasa
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