Being an accidental landlord in Boston can come with its own set of challenges. You might have become a landlord by chance, perhaps due to an inherited property or a home you couldn't sell. While renting out your property can be a great way to earn extra income, it also means taking on new responsibilities.
Understanding the local rental market and the laws that come with it is important. In this article, you will learn about four common challenges that accidental landlords face in Boston and get some helpful tips on how to manage them effectively.
1. Navigating Complex Tenant Laws
Massachusetts is known for having rules that often favor tenants, which means you need to be extra careful. There are special rules about when and how you can ask a tenant to leave, called the "just cause eviction ordinance". You must have a good reason, like not paying rent or breaking lease terms, to ask a tenant to move out.
It's important to know these local laws to avoid legal trouble. For example, you need to follow strict guidelines about security deposits and provide a safe, habitable home. Staying up-to-date with these laws can feel overwhelming, but it's a key part of being a successful landlord.
2. Property Maintenance and Repairs
Keeping your rental property in good shape can be a big job in Boston. The city's harsh winters and hot summers can really wear down a building. You'll need to be ready for sudden repairs, like fixing frozen pipes in winter or air conditioning units in summer. Finding trustworthy contractors who can respond quickly is important. Balancing cost and quality is another challenge of real estate management as an accidental landlord. You want to keep your property nice without going over budget.
3. Tenant Screening and Management
Boston's rental market is competitive, so you need to be thorough when choosing who will live in your home. Conducting background checks and verifying references can help you find responsible tenants. You should also meet potential renters in person to get a better sense of who they are.
Moreover, managing tenants doesn't stop after they move in. You'll need to handle requests and resolve any issues that come up. Clear communication and setting expectations early can make this process smoother.
4. Financial Landlord Challenges
Managing the money side of being a landlord in Boston can be tricky. Property taxes in the city are quite high, which can eat into your rental income. If you still have a mortgage on the property, you'll need to make sure the rent covers your monthly payments. Creating a detailed budget that includes all your expenses is key to avoiding financial stress.
Support for Accidental Landlords in Boston
While being an accidental landlord in Boston comes with its own set of challenges, you don't have to face them alone. PMI Bay State offers a range of services to help accidental landlords like yourself manage your property effectively. We even provide a free rental analysis to ensure you're charging the right amount.
With PMI Bay State, you can benefit from our expertise in maximizing your property's value and legal landlord advice. If you're looking for professional support, contact us for a free consultation today.
