A property owner owns the property and is responsible to pay taxes for the same. He has to juggle between different roles and responsibilities that are a part of owning a property e.g. property maintenance, managing budgets, ensuring the property is safe and more.
Following is a detailed list of roles and responsibilities of a property owner:
- Responsibility To Keep The Property Reasonably Safe: Property owners have a legal responsibility (varying from state to state), to keep their property safe for anyone visiting it or residing in it lawfully. The property should be well-maintained, safe and visually appealing.
Property owner should conduct frequent property inspections, do regular checks for slippery floors, falling objects, security lapses, uneven steps and floors, etc. If any dangerous conditions are found, they should be repaired immediately & visitors should be informed.
The liability of the owner towards anyone injured on his property depends on the legal status of the visitor i.e. whether the visitor is an invitee, licensee or trespasser.
- Fulfilling Regulatory Requirements: A property owner should keep up with the property regulatory requirements of the state. Such requirements include maintaining a set number of smoke detectors in the property, a limit on the maximum number of people per square feet allowed on the property, getting rid of mold, lighting stairwells, not using lead paint and so on.
- Pay Taxes And Property Insurance: There are certain financial obligations related to paying taxes and maintaining proper insurance that property owners have to fulfill. A property owner should get an insurance policy that covers liability and also offers protection from damage caused by flood, fire and other unforeseen perils. Irrespective of whether the property is rented or vacant, the property owner is responsible for paying taxes. If there is rental income, taxes should be paid on the rent received.
Conclusion: In addition to protecting one’s investment; maintaining property, handling its tax & insurance requirements as well as adhering to legal requirements play an important role in determining future returns. It is advisable to hire an experienced and well-reputed property manager for assistance with the above-mentioned responsibilities and also to maximize return from investment as property managers are professionally trained to handle all the property related issues tactfully.
For more information on property management, visit REAL Star Property Management, LLC at 3901 E Stan Schlueter Lp Ste 100, Killeen, TX 76542 or call at (254) 693–7850.