Thinking of becoming a landlord? Here are a few tips to get you started.
If you are looking to become a landlord in Maryland, there are several things you should know before jumping in. Being a landlord entails multiple responsibilities and requires much preparation beforehand. Are you ready to become a landlord? Here are the top tips for landlords in Maryland.
Mindset
If you are planning on renting out your home, you will need to be mentally prepared for what you are about to do. Ask yourself honestly why you are renting out your home. Will you be able to emotionally detach yourself when the property manager calls about needed repairs? Will you be okay with letting someone else make your home into their own? Be prepared to make your house no longer your home.
Compliance with the Law
In Maryland, there are some laws regarding becoming a landlord. You may have to have a license in some counties, like Baltimore and Howard County. You may also have to change your insurance into a landlord policy and include liability protection. If you have a Homeowner’s Association (HOA), check to see if they give any regulations on renting out. Also, be sure that your mortgage loan is up to date so that you will not offer a tenancy in the house while you are behind payments. Do your research to know what is legal.
Tenant Screening
Once you have done your part, make sure that your tenant is most likely to do theirs as well. Create a comprehensive but fair questionnaire for prospective tenants and clarify any unclear answers. You are not allowed to choose tenants based on personal bias, such as gender, race, or religion. It is also worth the investment to do a background check to see that they are reputable citizens you can trust. Ask for personal references, along with how long each reference has known the potential tenant. A good tenant will bring peace of mind.
Multiple Jobs
In the daily life of a landlord, one can expect a flexible and possibly erratic work schedule. Emergencies of all kinds can happen at any hour of the day or night, and it is for the landlord to manage each situation. You can set work hours in which time the tenant may call, though, with an exception for dire emergencies. When becoming a landlord, it is best to handle the ropes with an experienced guide. A property management company can help guide you through the process before and during your landlord journey. If you have any questions, contact Clagett Enterprises today!
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, and Pinterest.