So, you have made a decision to make some extra cash by becoming a landlord in Clearwater, FL. Before making the leap, there are a few things you need to consider.
Are you familiar with the landlord/tenant laws that can affect what you can and cannot do within the rental relationship in Clearwater? How about local health codes and/or Clearwater FL or county licensing requirements for rental properties? Do you have to have carbon monoxide detectors or how many smoke detectors are required? When is rent due and what is the legal late fee? And then there is the question of security deposits: whose money is it and when does it need to be returned? How do you make a claim to be reimbursed for expenses incurred by the tenant?
As you can see there is quite a bit to know about having a rental property in the Clearwater area and many ways to put your investment property and yourself at risk by not following guidelines, rules, ordinances, and laws pertaining to Clearwater rental properties. Before renting out your home, make sure you familiarize yourself with these items and talk with your insurance provider to make sure you have an investment property or landlord policy as a homeowner’s policy will not cover loss, damage or injury once you are no longer the primary resident in the home. You will need to plan to spend three to seven hours to familiarize yourself with the various legal and insurance considerations before renting out your home.
Next, as a landlord in Clearwater, you will need to have a way that the prospective renters can apply to rent your property. Leases can be purchased online or at an office supply store for low prices ($30-$40). However, many times these leases are not compliant to your local laws and expose you to undue risk and liability. Use caution to ensure that you are not inadvertently violating renter’s rights by asking questions that may be unlawful as a landlord to ask. It is a good idea to have your lease reviewed by legal counsel to ensure the lease protects your rights as well as being compliant with Florida laws. You should plan on spending two to three hours finding a lease, as well as $100 to $300 for an attorney to review your lease to ensure that it complies with regulations.
Would you like to learn more about our Clearwater property management services? Please contact us online or call us at 727-400-4722 for further information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
