Owning a house or a piece of land automatically grants you the title of a landlord, a title that places your ego among the high and mighty in no small measure. Being a landlord also comes with certain privileges within the society such as receiving a bank loan among several others, but it is sad to see that some few persons dread this lofty title especially when it involves them housing other occupants due to the unsavory stories of what some landlords go through in the hands of some mean tenants, but if you know your rights as a landlord then you have noting to worry about.
In a way, some persons believe that the Tenancy Act has been rigged in such a way to favor the tenants, but this is not true. Landlords have as much right as any tenant would have after all it’s his property in the first place. Here are some few rights a landlord can wield in his favor if, and when he chooses to.
Right to receive rent
The landlord has the right to receive rent from his tenant as at when due. Rents can be collected weekly, monthly, quarterly (every 3 months), half-yearly (every 6 months), and yearly. When a tenant fails to comply with the written agreement as stated in a tenancy agreement, the landlord has the right to evict the tenant, as long as he operates within the rights of the tenant as well. A landlord also has the right to forego a rent out of the goodness of his heart, and whichever route he chooses to take, the choice is completely up to him.
Right to inspect his property
At any given point in time, a landlord has the right to see how his tenant handles his property, and also make some necessary changes as he sees fit as long as it doesn’t intrude into the personal space of the tenant. In a case where the personal space of the tenant is threatened, the tenancy agreement can be adjusted to fit in the new change that has come into play, and it must be in agreement with the tenant. However, it should also be noted that the tenant occupying the property has to be duly informed before such an inspection takes place; not informing the tenant would be impeding on the tenant’s rights.
Right to make an increment or a decrements on the rent
A landlord has every right to adjust his rent based on what he feels is suitable and satisfactory. The adjustment could be made upward or downward depending on what the landlord dims fit. However, the landlord should apply caution when it comes to such sensitive matters, and if such an increment is to be made when a tenant is occupying the property, the tenant has to be duly informed ahead of time to move to another apartment if he won’t be able to meet up with the rent.
Right to compensation for compulsory usage
This right applies to government authorities when they feel there is a need to use a particular land space with a property erected on it. When this happens, the state is said to be operating within its right using the “overriding public purposes” in the land act. Nonetheless, when such happens, the government is required to pay a compensation fee to the aggrieved user of the land especially when the land has been developed to a very large extent.
Building a house and having tenants live in them is a great way to have a passive income, and the reason many persons don’t buy into this idea is because of the challenges involved in terms of collecting the rent, and getting the right people to occupy the building; and for this reason, BRENT HOUSING is here to allay any fear you might to invest in this huge market opportunity.
BRENT HOUSING will help you manage your property in every aspect it requires, from bringing in the right people to making sure that your due rent gets to you as at when due, BRENT HOUSING is your sure plug in all housing matters. Give us a call today.