Renting Real Estate – The Landlord (Long-term Rentals)
There are many property owners in Barbados who rent their properties. From lower-income to luxury, renting can be a profitable business when done the right way.
Property owners should always secure themselves with a contract when renting their property(s). This contract sets out the terms and conditions of renting and ensures that a legal basis exists in case the tenant does something outside the boundaries of the contract.
Important Terms and Conditions for Rental Contracts
Some important terms and conditions which should be included in rental contracts are:
- The monthly rental amount and due date
- Who is responsible for utilities
- Who is responsible for cleaning the interior and exterior of the property
- What furnishings are included, if any
- How much notice should be given to leave the premises
Challenges Landlords May Face
It must be noted that many landlords encounter problems when renting their properties. Not all tenants are honest; some do not pay their rent as agreed, or may damage the property and be unwilling to rectify the situation. Such problems can lead to long court proceedings to have these issues legally rectified.
It is therefore important to screen all tenants before they are allowed to sign rental contracts. Having a real estate agent do this, or doing it yourself, is recommended to avoid the problems stated above and any other potential issues.
Maintaining Good Relationships with Tenants
To keep happy tenants, landlords should ensure that they uphold their end of the agreement and always respect the tenant’s privacy.
Having said this, it is important to inspect the property from time to time to ensure that it is being kept in an acceptable condition.
