There are many joys that can come with renting out a home. Whether it is long-term or only for the summer, landlords generally find success and, not to mention, a little extra income each month. While the financial benefits are one aspect of this process, the tenants themselves can be an entirely different matter. What are some of the common issues Missouri landlords face when renting a property?
Last summer, CNBC News shared an article covering landlord basics and how to best prepare for the worst. Many new landlords mistakenly overlook aspects such as local zoning regulations, as well as homeowner association and insurance guidelines. The fine print to many of these regulations can include strict zoning laws and even special taxes on hosts and renters. Renters who decide to sublet without notifying a landlord could ultimately send trouble a landlord’s way; circumstances generally apply to subletting and can depend on the state. CNBC adds that liability insurance is another crucial factor in the renting process.
Sometimes, landlords do not realize the extent of an irresponsible tenant’s damage until after a rental process is well under way. Money Magazine lists some of the most common problems landlords face when renting out their homes:
- Failure to pay rent
- Breaking property rules or instructions
- Failure to communicate issues
- Disrespect or damage to property
Many landlords share a common frustration of tenants’ failure to pay rent, claiming that monthly fees often become last priority in relation to other monthly bills. Another major issue involves the lack of communication between the landlord and tenants; hidden issues can set the stage for a maintenance catastrophe down the road. Perhaps most importantly — and a factor within each of the aforementioned issues — is that of respect. Money mentions that a great number of landlords feel that respect toward the property and toward everyone involved usually make for a smoother renting process.