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Renting Out Your Natick Home: Initial Legal Concerns and Costs

Consider legal issues and the costs of becoming a landlord for the home you own in the Natick area before you take the plunge.  Guard yourself so you will make money and not lose it. 

Are you aware of the landlord/tenant laws that can affect what you can and cannot do within the rental relationship? How about local health codes and/or city or county licensing requirements for rental properties? Do you have to have carbon monoxide detectors or how many smoke detectors are required? When is rent due and what is the legal late fee? And then there is the question of security deposits: whose money is it and when does it need to be returned? How do you make a claim to be reimbursed for expenses incurred by the tenant?

You must have a working knowledge of these factors relative to landlording in Natick, Massachusetts.  You and your property are at risk if you do not follow the guidelines, rules, ordinances and laws pertaining to rental properties. Before renting out your home, make sure you have a working knowledge of these things and 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 home. Plan to spend three to seven hours familiarizing yourself with the various legal and insurance considerations before renting out your home.

Next you will need to have a way that the prospective renters can apply to rent your Natick property. Leases can be purchased online or at an office supply store for low prices ($30-$40). However, many times these leases are not compliant to your local laws, and expose you as a landlord to undue risk and liability. Use caution to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful to ask.  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 your state’s laws.   Plan to spend two to three hours finding a lease, as well as $100 to $300 for an attorney to review your lease to ensure that it complies with regulations.

You can rent your home with confidence and realize a profit when you rely on Real Property Management Metro Boston to professionally handle these issues for you. Would you like a free assessment of your rental property? Please contact us for more information.

 

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