Becoming a landlord is a milestone in a lot of people’s lives. It signals the point at which it becomes easy to pay off your mortgage, as you’ll essentially have somebody else doing it for you. it sounds attractive, but there are a wide array of legal responsibilities that come with the great benefits, which you need to be aware of.
Being a landlord makes you responsible for providing another person/persons with a suitable living environment. This is both a legal requirement and an expectation that any renter will hold, and in order to maintain a positive relationship with your renter it is advised that you follow this through. Purchasing insurance is another necessity for any landlord, both legally and logically, as it will cover any damage or maintenance requirements that could occur during your renter’s tenure there.