Are you considering renting out your Charlotte property? If so, that can be a great and lucrative decision!
There are many benefits of being a property owner and renting out your space. For instance, you can enjoy stable income on a regular basis. This steady income can pay off your mortgage and increase your wealth. Additionally, real estate investment homes come with significant tax benefits.
So, evidently, renting out your property in Charlotte, NC can be a financially beneficial choice. However, if you’re feeling overwhelmed and don’t know where to start – we’re here for you!
In this post, the team at Dawson Property Management will offer you some tips on how to rent out your Charlotte home legally and successfully.
The State of North Carolina has established a number of laws that guide the landlord-tenant relationship. Before renting out your home, be sure you understand these specific laws.
For instance, know that if a tenant breaches the terms of the lease agreement, you cannot just immediately evict them. There are specific eviction rules and procedures to follow. In NC, you would have to issue a ten-day notice prior to the eviction.
There are also other rules and laws regarding security deposits, habitability, late fees and so much more.
As a landlord, not only are you responsible for understanding these laws, but you also have many other responsibilities. All responsibilities should be outlined in writing via the lease agreement. As the landlord, you must prepare a lease or rental agreement that states both your, and your tenants’, right and responsibilities.
Ensure that every clause within the lease meets the standards set by State law. Any deviation can lead to a lawsuit or penalties.
You should also be aware of the anti-discrimination laws. Whether you are crafting a rental advertisement for your home or whether you are questioning prospective tenants during the screening process, you must be careful!
As a North Carolina landlord, you should be aware of the federal Fair Housing Act of 1968.
This act states that a landlord may not discriminate against a tenant based on race, religion, national origin, sex, familial status or any form of disability.
In North Carolina state law, there is a legal doctrine known as ‘the implied warranty of habitability’. This law requires you to provide a space that is safe and livable for tenants, regardless of the amount of rent that is paid.
For instance, among other things, you would have to provide:
At the start of a new lease, your rental property has to be in habitable condition. A tenant who moves into an inhabitable space has a number of options available.
They can:
To avoid termination of the lease (and the possibility of a lawsuit), always ensure the property is renter-ready before the start of a lease.
Once you understand the laws and get your home rent-ready, you can start to market it to prospective tenants. Find the best features of your rental and highlight those. This will help it stand out from the competition.
Then, begin writing the ad listing. Here are some of the things you can include:
When a tenant lives in your property, you have many responsibilities. You have to abide by the lease agreement, collect rent, handle maintenance and repairs, and so much more.
If you’re a self-managing landlord, this can quickly become overwhelming and time consuming.
If you want more peace of mind, consider hiring the services of a premier property management company. At Dawson Property Management, we offer quality and professional services that are customized to meet your needs. Our team of experts can handle any type of property from multi-family units to bungalows to condominium apartments.
We have a wide range of properties in our portfolio. Once you share your investment goals, budget and other requirements with us, our team can help you succeed and reach all your financial goals!
So, if you want to rent out your Charlotte, NC property, you can rely on us to help you!
Charlotte, North Carolina has a thriving real estate market and renting out your property can give you long-term revenue! That said, managing a rental property isn’t always easy, and it is definitely a lot of work.
To help with this, hire the experts at Dawson Property Management. We know the dynamics and technicalities that come with property ownership, law and management. Our professional team can help you in all aspects of property management. As the premier management company in Charlotte, NC, we can guarantee that your property is in good hands.
Contact us today!
