Planning to earn extra income
by renting out your home in San Diego, California? Before you take the plunge, here are some important considerations you need to take note of.
Are you familiar with the landlord/tenant laws that direct the do’s and don’ts within the rental relationship? Do you know about local health codes and/or city or county licensing requirements for rental properties? Do you need to have carbon monoxide detectors? How many smoke detectors must be in your property and where? When should the rent be due? What is the legal late fee? When it comes to security deposits, who owns the money and when should it be returned? How do you claim for reimbursement of the expenses incurred by the tenant?
It is clear that there’s a lot that you need to know about San Diego property management. Remember that there are many ways to put your investment property and yourself at risk if you don’t follow rental property guidelines, rules, ordinances, and laws. Prior to renting out your home, acquaint yourself with these guidelines. Not only that, communicate with your insurance provider to make sure you have an investment property or landlord policy. Never forget that a homeowner’s policy will not cover loss, damage, or injury once you are not the primary resident in the home. You must be able to budget three to seven hours to acquaint yourself with the different legal and insurance considerations before you rent your home out.
Next, you will need a method for your prospective renters to apply to rent your property. Leases can be purchased at low prices ($30-$40), but these leases often don’t comply with local laws. These may even expose you to unwarranted risk and liability. Aside from that, don’t unknowingly violate renter’s rights by asking questions that may be improper for a landlord to ask. So hiring a legal counsel to review your lease is advisable to protect your rights and guarantee that the lease complies with the state laws. You need to spend around two to three hours in looking for a lease. For the expenses, prepare around $100 to $300 as payment for the attorney reviewing your lease to make sure that it complies with regulations.
Realevate Specialists have all your answers for managing rental property in San Diego. Please contact us for more information.
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