You have made a tough choice, and decided to rent out that vacant property. There are some things to consider before making that final plunge, and becoming a Pleasanton Landlord.
Are you familiar with the landlord/tenant laws that can affect what you can and cannot do within the rental relationship? Are you familiar the local, Alameda County, and California health code as it pertains to rental property? How about smoke detectors and carbon monoxide detectors, do you have the required amount, located properly throughout the residence? When is rent due, what are the late fees, and when is it legal to charge them? Now let’s discuss security deposits: whose money is it, and when does it need to be returned? How are you reimbursed for expenses incurred by the tenant?
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As you can see, there are many guidelines, ordinances, rules, and laws pertaining to rental properties that must be considered prior to becoming a Pleasanton Landlord, which you will need to know to avoid risk to you, and your investment property. Be sure to familiarize yourself with these items prior to renting out the property. You will also want to talk with your insurance provider to make sure you have an investment property, or landlord policy, as a homeowner’s policy will not cover loss, damage or injury once you are no longer the primary resident in the property. You will definitely need to consider spending a solid 3 to 7 hours of time to familiarize yourself with the numerous insurance and legal considerations prior to renting out the home.
Next, you will need a way for prospective tenants to apply to rent your home. You can purchase a lease online, or your local office store for around $30, but often times they are not compliant to local, county, and state laws. These can expose you to undue risk and liability if not careful. Also, ensure that you are not inadvertently asking any questions of your prospective tenants that could potentially violate their rights. It is a good idea to have your lease reviewed by legal counsel to ensure the lease protects your rights, as well as, is compliant with California and local laws. You will need to plan on spending a few hours finding a proper lease, as well as up to $500 for an attorney to review your lease to ensure that it complies with local laws and regulations.
Like to learn more about becoming a Pleasanton Landlord? Please contact us for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
