Property Owners and Investors: 3 Ways to Plan for the Unexpected



The management of real estate is a gratifying and challenging venture. For renters not accountable for major repairs, this responsibility lies solely on the investor. Without tools in place, it can be a daunting task. When a situation arises, here are three ways to plan for the unexpected.

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1. Create a list of dependable contractors.

An emergency can lead to property damage if not addressed immediately. Time can be lost during the search to locate a contractor. Without a competent helper to contact, a less qualified provider may be selected in a rush to resolve the crisis. To avoid this liability before an emergent issue arises, simply interview potential handymen. Request the repair of a small task. Take note of the handyman’s promptness, competency, or any other factor deemed important. Should the work be adequate, it is more likely the professional can be trusted for future repairs. If the service man fails to perform adequately, add him to a ‘do not call’ list.

2. Have a basic comprehension court systems.

You might find it necessary to evict a tenant or sue for property damages. For many, the easiest approach is to contact an attorney for representation while others appear themselves. Whichever path chosen, it is imperative to possess a general comprehension of the local courthouse. Be aware of state regulatory codes for eviction, filing, and proof of damages. Landlords can use software tools to log receipts for repairs that are often required during the hearing. Without a basic grasp of the court procedures, a judge may quickly deny a claim for damages. Also, visit the local courthouse and become familiar with commons forms for dispossessory, writs, and damages.

3. Draft an airtight lease.

Personal experience and the tenant tales of seasoned associates can be great additions to create a stringent lease. Use this agreement to protect the property and common situations encountered during a tenant and landlord relationship. For example, excluding the responsibility of pest control from the lease prompts the tenant to call constantly for the control of insects. An airtight lease alleviates home ownership repairs that can ultimately be handled by the tenant.

Since no plan can exist to include the unanticipated trials in life, the only option available is a due diligent intent. With the aide of dependable contractors, court knowledge, and a solid lease agreement, these tips can help counteract the unknowns in life.

 

About the Author: Lizzie Weakley is a freelance writer from Columbus, Ohio. She went to college at The Ohio State University where she studied communications. In her free time, she enjoys the outdoors and long walks in the park with her 3-year-old husky Snowball. The information in this article is credited to Rentec Direct.

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