If you are thinking about renting out that apartment you have outgrown here in New York, there are several important considerations you should mull over before deciding to take the plunge. Being a landlord is not for the faint of heart.
Being a Landlord is a 24/7 Job
Being a landlord doesn't mean you earn a little extra income every month. Issues will come up, and unfortunately, they always seem to happen at the least convenient time. Appliances break, accidents happen, and Mother Nature can cause havoc. You need to consider that a tenant might call to report that the basement is filled with water after a heavy rain or that the old furnace has quit working when it's in the middle of a cold February night.
Repair and Maintenance Funds
Speaking of broken furnaces, you will need to have an emergency account available when something does go wrong (because it will). Renters may not care for your property the way you would if you were living there, and they can cause unbelievable damage either because of negligence or simple oversight.
You might also find that after one tenant moves out, you will need to either paint the entire apartment or replace carpet or flooring. Just as you routinely maintain your own home, your rental will have maintenance costs.
Whether it's normal wear-and-tear that causes a middle-of-the-night emergency or something a tenant breaks, you are ultimately responsible to cover the costs.
A New York Landlord's Job Has Many Aspects
As a New York landlord, you will wear many different hats. You will need to
- Advertise and market your rental;
- Investigate and screen future tenants;
- Understand real estate laws;
- Collect rent and balance your books;
- Make repairs yourself or hire a contractor to make repairs; and
- Become an expert negotiator.
Understanding New York Landlord Laws
Are you prepared to understand the legal complexities of your rights as well as those of your tenant? Being a landlord means you will want to be very familiar with New York's landlord laws. You will also need to thoroughly understand state and federal Fair Housing Laws. The best way to protect yourself is to hire an experienced and knowledgable attorney like Melvin Monachan.
Melvin Monachan Is Here to Help
Melvin Monachan has a reputation for helping New York landlords for many years. If you are thinking about becoming a landlord and have questions about the process, or if you are already a landlord and are having problems with a tenant, Melvin Monachan can provide sound, trusted landlord/tenant advice. Initial consultations are always free, so either call 516-714-5763 or fill out a contact form today.