3 Ways by which Landlords can Avoid Potential Mistakes

While it’s a common assumption that owning and renting out property as a landlord is easy, nothing can be further from the truth.

The reason why this isn’t as easy as it looks and usually results in costly mistakes is because of a number of reasons.

That said, here are 4 ways by which landlords can avoid potential costly mistakes:

#1: Buy enough insurance

This is a topic that most landlords skip and to their loss in the end. Tenants can create a number of situations that you will not be able to get out of not unless you are insured. In fact, insure your property just like you would your car.

#2: Reference checks

Landlords have to be very careful to ascertain whether or not the tenant is good or not. For this, it’s best to carry out reference checks with not only the tenant’s current landlord but also previous ones. It’s not a bad idea to check with their employers but also ask for a bank statement.

#3: Watch out for environmental issues

While the nation is taking environmental issues into consideration, landlords must do this as well. If the home was built before 1979, there’s a chance that lead paint was used which can cause health issues. This applies to problems related to mold, asbestos and overall indoor-air quality. Make sure you give your tenants the EPA books titled ‘How to protect your family from lead in your home’.