The Dos and Don’ts of Renting Out Property in Texas

If you are considering renting out your property in Texas, there are some important things you should know before you get started. Renting out your property can be a great way to generate extra income, but it can also be a significant responsibility.

We’ll discuss the dos and don’ts of renting your Texas property and how a Houston real estate attorney can help protect you from legal issues.

Do Your Research

Before you start renting out your property, it is essential to do your research. You should research the rental market in your area and see what similar properties are renting for. You should also research the rental laws in Texas and any local regulations that may apply to your property.

Do Set a Fair Price

Setting a fair price is crucial when renting out your property. If you set the rent too high, you may struggle to find tenants, while setting the rent too low could mean you are not maximizing your income.

Research the market to determine a fair price, and consider any additional expenses you may have, such as property taxes, insurance, and maintenance costs.

Do Screen Your Tenants Carefully

Screening tenants is important to renting your property. You want to ensure you rent to responsible tenants who will take care of your property and pay their rent on time.

Consider running background checks and credit checks on potential tenants, and ask for references from previous landlords.

Do Create a Rental Agreement

A rental agreement is a contract between you and your tenant outlining the terms and conditions. You should always have a rental agreement to protect yourself and your tenant.

Ensure the rental agreement includes all the necessary details, such as the length of the lease, rent amount, security deposit, and any additional rules or requirements.

Do Take Care of Maintenance and Repairs

As a landlord, it is your responsibility to take care of maintenance and repairs on your property. Regular maintenance can help prevent major issues from occurring, and it can also help keep your tenants happy. Make sure you have a plan in place for dealing with maintenance and repairs, and respond promptly to any requests from your tenants.

Don’t Discriminate Against Tenants

It is illegal to discriminate against tenants based on race, gender, religion, national origin, or disability. Make sure you are familiar with fair housing laws and regulations, and avoid any discriminatory practices.

Don’t Ignore Tenant Complaints

If your tenants have complaints or concerns about the property, it is essential to address them promptly. Ignoring tenant complaints can lead to bigger problems down the line, such as unhappy tenants and property damage.

Don’t Break the Law

As a landlord, following all laws and regulations regarding renting your property is important. This includes following fair housing laws, adhering to local zoning and building codes, and complying with any other regulations that may apply to your property.

Don’t Neglect Insurance

It is crucial to have adequate insurance coverage when renting out your property. You should have liability insurance to protect yourself in case of any accidents or injuries on the property, as well as property insurance to protect your investment.

Don’t Forget About Taxes

Renting out your property will have tax implications, so you must be aware of these and plan accordingly. According to the Texas property tax system, you may need to pay income tax on your rental income. However, you may also be eligible for certain deductions, such as depreciation or expenses related to maintenance and repairs.

Ready to Be a Landlord? Consult with an Experienced Houston Real Estate Attorney First

Renting out your property can be a great way to generate extra income, but it is also a significant responsibility. By following these dos and don’ts, you can help ensure a successful and stress-free renting experience for both yourself and your tenants.

If you have questions about rental agreements, landlord and tenant rights, property taxes, or any other issue related to being a landlord, The Titus Law Firm in Houston can help. We’ll ensure your rental business is legal and profitable.

Contact us for a free case evaluation.