Usually, when you have an accident in life, it costs you money. A car accident, a biking accident...these are costly mistakes.
If you become an accidental landlord, however, you can make money. Lately, more homeowners are turning into "accidental landlords." It might sound funny, but it means people who didn't plan on being landlords are renting out their homes.
In this article, you'll find information on why this is happening in Houston, TX, what you need to think about, and some landlord tips to make it work if you become a new landlord.
Going from Homeowner to Landlord Without Planning
Life can throw us some surprises, and sometimes those surprises involve houses. In Houston, some homeowners are ending up as landlords by accident.
They didn't mean to do it, but things like moving for work or having a bigger family can make them decide to rent their homes instead of selling them. This is what makes accidental landlords.
Important Things to Know if You're an Accidental Landlord
If you become an accidental landlord, there are a few important things to think about. Be sure to do your research on these topics so you don't feel like you're in over your head.
Rules and Laws
Each place has its own rules for renting homes. In Houston, there are specific rules about things like how to keep the property in good shape, what should be in the lease agreement, and how to handle problems with tenants. A property management company can help you with this.
Taking Care of the Property
Owning a home you rent out is more than just getting rent money. You have to make sure the house stays nice, fix things when they break, and be ready if tenants have concerns.
Getting Along with Tenants
Having a good relationship with the people renting your home is important. You should talk to them, be respectful, and take care of the problems they have with the house.
Regularly checking how things are going with tenants and the house can also prevent big problems later. It's better to catch issues early on than to let them get worse.
Tips for Accidental Landlords
If you suddenly find yourself as a landlord, these tips might help you out. Read on to learn about landlord responsibilities that you should be prepared for ahead of time.
Learn the Basics
Find out what being a landlord means. Understand the laws, how to deal with tenants, and how to keep the property in good shape. You should also make sure the lease agreement is clear, as well as important things like when rent is due, who's responsible for repairs, and any rules for the house.
Be Ready for Surprises
Sometimes things won't go as planned. You might have to spend money on unexpected fixes or deal with times when the house is empty. Having some savings for emergency home repairs is a smart idea.
Becoming an Accidental Landlord
Turning into an accidental landlord in Houston might seem tricky, but it's doable. Remember, accidental landlords are folks who didn't plan on renting out their homes but ended up doing it anyway. If you need help with property management services, reach out to the team at PMI Fine Properties!
