Making the best of being a Landlord

YOUR RIGHTS AND RESPONSIBILITIES

The accumulation and deployment of passive income has been identified as one of the means through which people build wealth; One sure way of achieving this is particularly investing in property for the purposes of leasing or renting out. This puts you in a position to receive periodic payments from an asset that will also appreciate in value. However, being a landlord has its own set of challenges which can cause problems if left unaddressed. The ability to tackle these challenges will depend on your knowledge or where you stand as a property owner, your rights and responsibilities, So, what are these rights and responsibilities?

RIGHTS

The right to own property in any part of the country subiect to the consent of the federal or state authority, as the case may be.

Right against compulsory acquisition of property by the government or another citizen for private use.

The right to compensation in the event of an acquisition of property for public use.

The rant to issue a notice to quit to a tenant

The right to issue a 7-day notice after a notice to quit has expired.

The right to enter a let property even though while it is occupied by a tenant.

The right to renew or not renew tenancy.

The right not to reimburse a tenant for repairs done while occupying the property.

The right to review rent at the expiration of an existing tenancy.

RESPOSNIBLITIES

The responsibility to not discriminate against potential tenants on the grounds of ethnicity, gender, race, religion and so on.

The duty to keep to the terms and conditions of the tenancy agreement.

The responsibility of keeping the property safe and secure.

The duty of ensuring that the property is vacant, safe, clean, and safe on the day that the tenant moves in.

The duty to make sure the property is free of health hazards of any type.

The duty to allow the tenant space and freedom to enjoy the property without frequent unnecessary visits.

The responsibility to insure the property.

The duty to pay taxes and any other fees that the tenant is not responsible for.

The duty to reimburse the tenants for any repairs they carried out on the structure meant to be carried out by the landlord

Working with agents

WHAT YOU NEED TO KNOW TO GET YOUR PREFERRED RESULTS

Why is there a sector identified as a real estate agency? Why do real estate agents exist, and why are they essential in real estate transactions? In reality, sealing a real estate deal is not as easy as it may seem. There are many steps, processes, and possibilities to consider before a deal is complete, and having a competent guide is a great idea if you are looking to avoid making mistakes that could cost you a fortune or a lawsuit.

WHAT DO AGENTS DO?

  1. Real estate agents act as intermediaries and negotiators between buyers and sellers.
  2. They provide realistic valuations of property based on the current trends.
  3. They can determine which properties will become more or less valuable over time.
  4. They find buyers that can offer more.
  5. They know the processes and regulatory policies.
  6. They take potential buyers on property tours.
  7. They understand real estate marketing and can vastly reduce the time it takes for you to find a buyer for your property.

Having established the need for agents, you must also consider ways that you can assist them in getting your preferred results. Here are some tips.

1. Verify. Ascertain your agent’s level of experience and aaexpertise before engaging their services. It is always aaadvisable to work with agents who are attached to aarespectable firms.

2. Co-operate. Open up on your needs and be open to receiving advice.

3. Be realistic. Don’t make your agent’s job more difficult aaby setting unrealistic targets or restrictions.
4. Control your emotions. Emotions can cloud judgment. aaAllow your agent to make informed decisions and aaprovide guidance on the eventual decision.

5. Be prepared to walk away. It can be disappointing aawhen a deal doesn’t pull through. You must be aawilling to take your agent’s advice if they are not aaconvinced that you are getting the best deal.

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misa limited

MISA Nigeria Limited is an integrated real estate and property development company specializing in the construction and delivery of high-quality bespoke housing. We also offer sales and lettings services, facility management and real estate advisory services (planning approvals, conveyancing and others).

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