This series gives you the real scoop on 10 things you’re likely to encounter while managing your own residential rental property.
#3 A home warranty won’t solve all emergencies
Some residential rental owners believe they can purchase a home warranty and voila!, all repairs worries are gone. Not so. While home warranties can sometimes be a good investment, in many cases, you as the landlord, will still need to be involved to resolve repair issues. Let’s say an Atlanta tenant calls you in the heat of July. The air conditioning isn’t working. You call the home warranty company, have the system inspected and learn the needed part will take 7 to 10 days to arrive. In many states, under tenant law, you, yourself, are required to find a solution for your tenant until the proper repair can be made. Plan on dropping whatever fab plans you had for the weekend. You’re now going to spend it buying and installing a window air conditioner for your tenant.
A property management company can be helpful because they bear the burden of coordinating repairs and ensuring your tenant is properly accommodated to match tenant law in your state with little or no inconvenience to you.