Whether you rent a crib or an apartment, chances are you gain a lessor. Landlords recompense a monthly morgage and depend on the rent paid by tenants to fabricate payments. Too collecting the monthly rent, landlords get various responsibilities that constitute satisfying prolongation and repair issues, enforcing and adhering to terms of rent agreements and ensuring the security of tenants. These responsibilities afford landlords with a cipher of problems and challenges that can backwash in financial loss.
Loss of Money from Maintenance and Repairs
According to ApartmentRatings.com, "rental laws hurting for that your hotelkeeper maintains your apartment." This much comes at a expenditure to landlords. Moreover to city code enforcement violations, tenants may withhold rent or get repairs using the rent money. Also, landlords may lose money from the inability to rent properties with maintenance and repair issues.
Breaking of Lease Agreements
Whenever a tenant misses a rental payment or falls behind in rent, the lease agreement is violated and the landlord experiences financial loss. While landlords normally obtain properties for financial benefit, they must Frequently face the deed of losing means since of emergency or crucial repairs that are no blemish of the tenant. For example, broken or damaged heaters must be constant now during the winter months considering of the health risks the location poses to tenants. Accepted hire agreements generally hurting for that landlords provide a safe and healthy habitat for tenants.Added to this are the problems faced by landlords who have tenants move out on them before the end of the lease agreement. Sally Andersen of MSN Real Estate states that landlords have the advantage when tenants break lease agreements and that landlords can pursue rent owed to them via small claims court. Additionally, she adds that landlords may charge for advertising, cleaning costs and even force tenants to stay through court order.
Home Burglaries
A December 23, 2008 article by Jay Romano of the New York Times reported an incident in which a tenant claimed that his apartment was burglarized after the landlord failed to make repairs. In the same article, Manhattan-based attorney Kent Karlsson said that "based on the facts stated by the tenant, it is possible that a claim against the landlord may proceed." As such, landlords face tenant complaints and possible legal ramifications if home burglaries are the result of negligence. Some home burglaries result in damage to the landlord's property, which may require significant money to repair if a landlord does not have homeowner's insurance.
