The importance of being an involved rental property owner
Your rental property, most likely the most expensive investment you will ever make, requires an involved owner. Why you may ask? If my home is leased to a good tenant who promised to maintain it, can I take a step back? Consider the following.
1. Ultimately, the property belongs to you, the owner. You are responsible for what happens with it, with exception of course. Knowing that there is an ownership responsibility should prevent a homeowner from taking a back seat and allowing things to chance. A proactive homeowner will typically ensure that their liability is in check and that they have a good handle on THEIR investment.
2. Maintenance, one of the costliest items a rental property owner will experience, requires immediate attention in certain circumstances. For example, a water leak, lack of cooling or heating or a home with no hot water can be considered habitability issues and require repairs within an allotted amount of time per the law.
3. Nevada law stipulates responsibilities upon an owner and what is expected of them. The same is true of tenants. Being a proactive owner will allow you to stay compliant should something arise.
As evident, it is important to be a responsible and responsive rental property owner. As a result, being involved and highly interested in what happens is key to minimizing your liability and having a successful investment.
Contributed by Nicklin Property Management.
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