A landlord is person who owns real estate, such as a home, apartment or office space, that is rented for a fee to another person. A renter pays rent money to the landlord, in order to live at the property or have business there in case of office space.
The landlord uses rent money to pay real estate mortgage, taxes, up keep, maintenance and making the repairs. The landlord has to save money every month just in case property needs some major renovation. Don’t forget the times, when there is a vacancy at the property, so the landlord has to make mortgage payment from his savings.
Landlord is using rent money for:
- paying real estate mortgage
- paying real estate taxes
- up keeping
- making repairs
- in case of vacancy
- emergency fund if something major needs to be repaired ( roof, etc).
The landlord is responsible day to day details and management of the rental property. He is responsible for rental advertising, repairs, rent collection, selecting renters, running their credit,terminating the lease.
Some landlords hire the property managers to be responsible for managing of the rental. In this case the renter might not even know who the landlord is.
As a renter, you are responsible to pay rent on time and keep the property clean and safe
A landlord is responsible to providing needed repairs and performing property maintenance.