Real estate experts give a list of do’s and don’ts while living in a rented property and while vacating the premises to stay away from trouble
Since the collapse of the Gerrard Road Tower (God rest the souls of the departed) – the ladies comprising of the Lady Realtors group have intermittently unleashed with their various levels of expertise. The loss of lives, property and investments there was a reminder that the success of our industry is our collaborative responsibility.
Most pertinent from this experience has been the realization that there is a need for continuous learning and relearning of best practices for managing real estate as a business and as a wealth generating tool for its owners.
On one hand, that’s the beauty of being in a community and on the other hand, it’s empowering to see women supporting women in their businesses and awareness of how to create wealth.
To say I love it is an understatement!
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One of the topics we have stumbled into discussion has been the issues around tenants especially when they need to vacate the premises. As a landlord whose property is meant to make money for you, doing this with the very least of hassles is going to be important to you.
Same also as a tenant who is responsibly looking for ways not to burn bridges but also doesn’t want to lose money to rental charges – there are better ways to get things as mundane as vacating premises done.
In some of the situations, we have had to discuss and share suggestions based on experience, the law and current best practices; these have included next actions by worried landlords who are being overwhelmed by their erring tenants and thus need to legally remove such tenants from the premises.
Here are 3 things to do when vacating a property you are renting:
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- Give proper notice:
Most leases require thirty to sixty days’ notice that you are vacating the property – before the end of your lease duration. This is done in writing as well as verbal. Tell the property owner of your decision and hand him or her a written letter as well.
- Protect your security deposit:
If there were fees, levies or items to be fixed, this would be the time to ensure that they are all rectified as was established in the lease agreement. You will still have to pay the monthly service charge as is due.
You need to leave the house in the exact shape or better, as it was when you rented it. After you vacate the property, the property owner has thirty to sixty days to return your security deposit or a portion of it with a detailed explanation of what was wrong.
If any security deposit monies are withheld, you are entitled to a detailed list as to why and what it was for. If you do not receive this, you can take legal action (consult your lawyer for confirmation).
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- Return all keys:
While renting a house, you are given a bunch of keys to the property, when vacating the premises, you are required to turn in all keys that are for the property or any other areas of the property. After doing so, you are no longer allowed to enter the house or visit the property.
You should also remember to change your mailing address and the utility bills.
You should take all garbage out and place it in the right area, the property owner or new renters can place it out for pick up.
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Never leave anything there that the property owner will have to pay to haul away, this will more than likely be deducted from your security deposit.
3 things you should not do when residing in a rented property
- Do not sub-let
You should never sub-let the property and give possession to the new tenant without a prior written permission of the landlord or its legal representatives
- do not additional structure
Do not put up an additional structure or make concrete changes to the original structure without the written permission of the landlord
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- do not convert the property to other use
Do not convert the use of the property to another purpose other than which it was rented for without informing the landlord (common examples are converting from residential to short let and administrative to retail)
The opportunity to earn an optimal rental income is a growing need for property owners and currently, too many landlords are unhappy in doing so because of how much damage they have incurred from managing their properties.
The value of properties will keep rising even if they remain empty – the risk herein will be infrastructural and if managed well can be minimal.
The alternate risk however is that if there is a scarcity of rental homes in the market then rent will go up some more – this is what we cannot afford as a people.
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Therefore, let’s learn and try to do better for the good of all – we are all but communal tenants in this world we are living in.
Have you had the experience to share as a renter or landlord? Please do in the comments section or via email here.