Before venturing into a business in any industry it is important to check the legislation on your right. That will help you avoid making mistakes that will cost you all you have acquired. The same case is applicable in the real estate market. You have to make sure you understand Renters’ Rights if you are planning to invest into income property in any market. Real estate investing is a complicated venture and you must understand the underpinning including legal backing before going into it. The Renters’ Rights are dependent on the market as well as the country. In the United State, the Renters’ Rights in New York may be different from the one in a city within Florida. So, you have to make sure that you understand the market you are into and the right you have as an owner of a rental property before going ahead to invest into it.
Right to Choose Your Tenant Carefully
The Renters’ Rights differ from one country or market to another. So, it is important to find out your right as a Landlord in a particular real estate market to avoid abusing the right which can result to legal action being taken against you. This post is focused on the Renters’ Rights in the UK and first is the right to choose tenant for a rental property. As a rental property owner, you have every right to screen those coming to rent your property before allowing them to do so. In fact, it is the first right to exercise to save yourself from getting problem tenant that will cause trouble for you.
Renters’ Rights in Drafting Tenancy Agreement
After the right of choosing your tenant, another one you should not play with is right of drafting tenancy agreement. You have to draft the agreement following the law in the real estate market you are into. The tenancy agreement will spell it out about rent payment, eviction notice, renovation, landlord visit and lots more. The Renters’ Rights on drafting agreement is what you should never ignore while letting a tenant into your rental property.
Renters’ Rights on Payment of Rent
While there are Renters’ Rights it is also important for you to know that there are tenant right. If you fail to exercise your own right, your tenant can take advantage of it to deny your due right. The Renters’ Rights are dependent on the content of your tenancy agreement. The agreement will specify the amount to be paid by tenant and when they should always renew their rent. As a landlord one of the Renters’ Rights available for you is right of setting rent amount. You have the right as a property owner to decide on the amount you want your tenant to pay for your property.
Renters’ Rights in Raising the Tent
Real estate rental property usually appreciates and depreciates over time and depending on the market. As a landlord, one of the Renters’ Rights you can enjoy is the right to increase the rent. You have the right to increase the amount for renting your property, but the amount must be justifiable considering the value of your property. The rent you want to charge on your property must be relative to similar property within the same market or area. If you increase the rent above reasonable amount your tenant can complain making you to be forced to reduce the rent to level acceptable by the law.
Renters’ Rights in Gaining Access to Rental Property
Even as the rental property belongs to you, your access to it once rented out is restricted. You cannot pay an impromptu visit to your tenant without letting them know about your coming in advance. It is even a criminal offence to harass your tenant. Also, gaining access to your property without prior agreement with your tenant is illegal in the UK. Before, you can carry out repairs on the things you are responsible for you must take permission from your tenant. In that regard, as a landlord you can only enter into your property strictly for a good reason. The only thing included in Renters’ Rights is right to apply for court order. That will give you power to enter the property again for one reason or the other.
Renters’ Rights on How to Evict a Tenant
The Renters’ Rights are to be followed with caution when it comes to evicting a tenant. In most cases, you as a landlord have to pass through three stages in order to legally and successfully evict a problematic tenant. In the Renters’ Rights it is noted that tenancy agreement should specify the agreed notice period the landlord can give to the tenant to vacate their property. The second stage according to the Renters’ Rights is that the landlord should apply for possession order when the tenant passes the eviction notice period. When the tenant refuses to complain with the court possession order, the landlord can apply to county court for eviction warranty.