Renting out property you own but aren’t occupying is an easy and effective way to earn money. However, being a landlord can be a tricky endeavor. Here are 5 mistakes New York landlords should avoid making. Renting out property you own but aren’t occupying is an easy and effective way to earn money. However, being a landlord can be a tricky endeavor. Here are 5 mistakes New York landlords should avoid making.
1. Jumping in Prematurely
Before becoming a landlord, it is vital to take the time to fully understand the details of New York State landlord tenant law and all the guidelines landlords are required to follow. If you fail to do this and jump in too early, you could find yourself in legal trouble for failing to comply with details of New York tenant rights and New York State landlord tenant law.
2. Discriminating Against Tenants
First, New York landlords cannot discriminate against tenants in any way based on sex, gender and other criteria. In relation to this law, there are specific questions landlords are not allowed to ask potential renters during the application process, or at any other time. What you may do is run checks, as well as require references to make sure the tenant is more financially reliable and likely to pay his or her rent every month.
3. Failing to Provide a Safe Environment
In addition, New York renters’ rights protect their privacy with a statute requiring landlords to give tenants notice in advance to visiting a property. In addition, landlords have to provide their tenants with a safe and quiet living environment and complete any maintenance tasks that may come up to keep the property safe. If a landlord decides they want to evict a resident, they have to give the individual notice and obtain a court order before forcing the tenant to leave.
4. Failing to Get Insurance
It is also a wise idea to get insurance to protect all properties you are renting. In the event of a natural disaster or other damage caused by a tenant, you’ll regret not having insurance to protect you if a tenant files a lawsuit. Insurance policies can also provide you with financial protection if a tenant or guest is injured on your property.
5. Not Exercising Your Rights
While as a landlord you’re required to abide by New York State landlord tenant law when handling tenants, you have your own rights as well. You have the right to evict any tenants who fail to pay rent or damage your property. There may be some circumstances where you may want to involve a real estate attorney to handle a more complicated dispute with a tenant. By having an attorney in your corner, it will be easier for you to quickly resolve a conflict with a tenant, move on, get their space emptied and leased to someone else.
If you need advice or representation regarding New York rental law, contact us today. Gordon & Gordon’s attorneys can give you a free case evaluation and discuss the details of your situation.