Share:

Owning investment property is a rewarding strategy for your portfolio. But your responsibilities as a property owner extend far beyond collecting the rent payments each month. According to the property managers at Realty Roundup in Stockton, CA, how you maintain the estate and handle tax, insurance, and legal matters all play a role in your future returns. They share some insight into crucial landlord duties.

What Are Your Obligations As a Property Owner?

1. Property Maintenance & Repairs

Performing regular maintenance keep residents safe and preserves the overall visual appeal of the property. Tasks should include cleaning the common areas, picking up trash, having regular exterminations, and regularly checking all fire and carbon monoxide detectors. In addition to this, you are responsible for all repairs. Whether it’s a leaky faucet or a faulty roof, your tenants rely on you for a sound structure.

2. Regulatory Requirements

Property OwnerDo you know how many smoke detectors are required for your property? What is the maximum number of people per square feet allowed on your property? These are just some of the regulatory requirements you must stay up-to-date on and follow. Others include getting rid of mold, avoiding lead paint, establishing proper lighting in stairwells, as well as rules about snow removal. 

3. Insurance & Taxes

As a property owner, you have certain financial obligations too, like maintaining proper insurance and paying taxes. You will need a policy that covers not only liability, but also protects against water, fire, and flood damage. Further, you are responsible for paying all taxes whether the property is currently rented or vacant. You must also pay taxes on the rents received. 

Being a property owner comes with many responsibilities, and you must take them seriously to protect your investment. For a team of reliable property managers, turn to Realty Roundup. With over 2,000 properties in their management portfolio, they have the expertise to help you maximize your investment. Give them a call at (209) 477-1594 to schedule an appointment. You can also find more information about them on their website.

tracking