Real estate is a very huge and quite a complex industry when you start to see houses for rent and houses for sale for yourself. In this industry the stakes are very high and people involved in this business get a chance to explore numerous possibilities and privileges. You always have a choice between renting a house or purchasing your own home depending upon the resources you have and the aptitude to buy or rent. Rental option is more suitable to you if you do not have enough amounts to buy a house of your own. Today there are also some options available in the market like rent to own or lease etc.
The centuries old kind of loan in the form of mortgage is also being provided by banks and other lenders till date for buying a house. In this you mortgage your property for definite period of time in which you are required to settle your loan so that your property is released. The outcome of this loan is generally very good and overall it remains a beneficial project. However, the high risk factor must also be considered in this case as your property is also at stake till the time you pay off your loan.
You also need to know your legal rights and duties as an owner or a tenant before you decide to own a house. Many a times there are taxes which you do not cater for in the overall budget of the house you tend to buy or rent. This single additional overhead or any other overhead like this can cause your complete plan to go in loss. Likewise if you offer apartments for rent to the general public then you must know the legal rights of a person renting property, like security, hygiene etc. If you as a landlord fail to provide the basic rights of your tenants then you may be penalized.
Some of the security features which are considered mandatory everywhere in the world are installation of sufficient door and window locks, latches and security bars. This ensures security of valuables and possessions to a reasonable degree. Generally home security system is not included as mandatory requirement under any law, but it can be added in the agreement by the renter if you as landlord doesn’t have any objection to it. Rest the interpretation of a reasonable security is always different at different places and among different people. The security features must be in good working order at the time of delivery of house and may be replaced if they become defective or are damaged with wear and tear.
Privacy is yet another requirement which is generally ensured by the landlord when offering apartments for rent. This would mean that you can not disturb your tenant in the rented house unnecessarily. Even if neighbors of some of your tenant are interfering with the routine life of your tenant, he might have a right to contact you and ask you to deal with the problem. Probably the only right landlords have is to arrange an inspection of his property at some reasonable times to check the condition of the property basically to arrange any needed repairs; before it is too late to repair that facility. However, no one can get a right to enter unannounced or without giving prior notice of intentions.