As Property Managers and Landlords we have a responsibility to keep tenants and the surrounding community happy. Taking the proper care of the rental property plays a huge role in keeping everyone happy. Following health and safety codes, performing regular maintenance, paying bills on time, and maintaining the proper insurance are all part of a landlord’s obligations.
1. Responsibility to Follow Safety Codes & Heath Standards
As a landlord, it is your responsibility to follow all local, provincial, and federal safety codes and health standards for your property.
Some examples of safety codes are:
- You must know how many smoke detectors and carbon monoxide detectors are required per apartment/floor and whether they must be hard wired.
2. Maintain the Proper Insurance
As a landlord, it is in your best interest to maintain the correct amount of insurance on your property. If you have a mortgage on the property, your lender will often require you to obtain certain types of insurance. This is to protect them in case of damage to your property, such as from fires, floods, or even a ‘slip and fall’ claim. Please talk to your Insurance Company for the best coverage for you and your property.
3. Pay Mortgage
If you have taken out a mortgage on your property or a private loan to buy your property, you are responsible for paying this loan back according to the set payment schedule you agreed on. If a mortgage payment is more than 30 days late, it will negatively impact your credit score.
If you keep missing mortgage payments, you may face foreclosure.
4. Responsibility to Pay Taxes
Whether you are an owner occupant of the property you are renting out or have a stand alone rental property, you are responsible for paying taxes to the government. You will also have to pay taxes on the income you receive from your rental income.
However, as a landlord or property owner, there are many tax deductions you can take advantage of. These deductions include interest on mortgage payments or credit cards used for the property, depreciation,insurance premiums, repairs, and even property taxes.
5. Pay Utilities
Often, a tenant is responsible for their own utilities. Such is the case with most condos and single-family homes. However, if you are a landlord who is responsible for the utilities of your property, whether it be one utility or all, you must make sure you do so. Failure to pay the bills means your tenants won’t have water, heat, or electricity. This could be considered a violation of the lease because you are not providing essential services that you have agreed to provide and you could face legal action.
6. Landlords Must Perform Property Maintenance
As a landlord, you have a responsibility to perform regular maintenance on your property.
Our marketing department to do its job we need clean maintained property for pictures and advertising.