Living in the Property:Renting a property is a privilege and every property should be treated with respect and care. Often times, tenants lose sight of the fact that the roof over their head has been provided by a real person. The property owner has purchased the property as an investment to fund a retirement account, a college education or an inheritance. People that purchase real estate, do so knowing that real estate is a sound investment with good potential for appreciation. It is up to the landlord or management company to ensure that the property is cared for to enable the property owner the maximum return on their investment.
We see tenants get themselves into trouble by failing to properly maintain their rental unit, both on the interior and the exterior. A tenant or tenants can be removed from a property for failing to properly maintain the dwelling and the grounds. It is a serious matter. The tenant may be responsible for mowing the lawn or shoveling the snow and failing to do so may also result in a fine from the city of Bozeman.
Properly maintaining the property will also make the transition out of the property much smoother, due to the reduction in inspection time, cleaning and repair. The likelihood for receiving a greater percentage of the security deposit also increases with the proper maintenance of the property.
Another maintenance issue that is of equal importance is maintaining relationships with the neighbors. Your neighbors are your greatest ally when it comes to watching over your property. If you know your neighbors and they know you, they will be far more likely to take an interest in what happens to your property. Be sure to introduce yourself to your neighbors, offer to help them carry groceries, offer to pick up their mail if they plan to be gone, be courteous and be respectful. Everyone has the right to “quiet enjoyment”, including you. Bad neighbors can make life miserable, so don’t be the bad neighbor. Your life will be much easier.
Do I need renters insurance?
To determine if renters insurance is needed (from the MSU worksheet)
- Add up the replacement cost of furniture, electronic equipment, and other personal property.
- Ask yourself: Can I afford to replace everything in the event of a burglary, fire, etc?
- Can I afford to pay to stay somewhere else while my rental home is being repaired? Can I afford the liability if someone is injured in my home?