Renting Home With Pool

[Burgeis]

How do I protect myself as the landlord when renting my home to a tenant?What am I liable for?What do I need to include in lease and who is responsible for daily up keep?

Thanks

Brenda

ANSWER: Brenda, thanks for the question.  First, I have to point out that these are very general questions and will be hard to answer in a single post.  So let me give you some advice on the specific questions, followed by general advice pertaining to your being a Landlord.

1. How do you protect yourself?  First, you have to have the proper insurance.  Most insurance companies provide different coverage for a rental property than they do for a property you reside in.  Contact your insurance company, explain what you're doing, and have them drum up the correct coverage types and amounts.  Second, you need to get similar quotes from several companies to ensure you're getting proper coverage at a fair price.  By checking with other companies you can verify that the first company isn't offering bogus coverage and that they're giving you a fair price.

2. What are you liable for?  That depends on several factors.  First, you have to have a strong rental agreement that limits your responsibilities and liability.  Second, you have to screen your tenants carefully to limit the possibility of getting a bad one that will cause problems down the road.  Third, you need the proper insurance to protect your weaknesses.  Fourth, you need to fulfill your obligations as a Landlord(keeping the home in safe, working order) to avoid any lawsuits from a tenant.  You can also consider creating an LLC to place your rental property under; if someone sues, they'll sue your LLC and your personal belongings will still be safe from any litigation.

3. The Landlord is typically responsible for any maintenance classified as "normal wear and tear".  This includes anything that happens no matter who resides in the unit, such as toilets plugging, dishwashers breaking, leaks in the roof, etc.  Again, you have to spell this out in the contract or a tenant might try to take advantage of you.

Brenda, my recommendation is that you do some reading.  There is a book that I've used for nearly eight years now called, "Every Landlord's Legal Guide" and it covers all of these topics and much, much more.  You can find it on Amazon or at NOLO.com.  It tells you everything you need to get started.  I currently manage over 130 rental units and still refer to this book on occasion and use a lot of the forms.

I hope this helps get you started.  As you learn, please come back with any specific questions and I'll be happy to help answer them!

---------- FOLLOW-UP ----------

Hi again,

Thanks for your last information it was very helpful.I do have another question I have an above ground pool at the home I'm trying to rent I have been told by a number of realtors and property managers that I need to remove the pool because of the liability and high risk of being sued if an accident should occur what is your advice and do you know how I find out the requirements for fencing it etc.

Thank You,

Brenda

[Leyti]

Brenda,

A swimming pool can definitely be a source for increased liability.  Please read the following article, then contact an attorney and your insurance company for their guidance.  My personal recommendation is that you just remove it.  Any additional income produced could easily be eaten up by higher insurance premiums or the impact of a lawsuit brought by your tenant.http://personal-injury.lawyers.com/Personal-Injury-Basics/Swimming-Pool-Safety-a

Nathan