The turn of each season is a great time to remind yourself of some key property issues to be addressed. The spring season specifically is a crucial time to assess the damages of winter and address some exterior concerns that have been delayed. Most veteran landlords have developed a schedule for addressing their seasonal issues. Here are some tips for the tenderfoot landlords that are in the process of developing their maintenance schedules:
1. DRAINAGE. Massachusetts has some interesting terrain. A large part of which is either coastal or at sea level. Ponds, lakes, rivers, streams, vernal pools and neighboring water runoff and drainage patterns present significant concerns for property owners. Standing water and moisture in basements lead to mold, rodents, insects, property damage and rot. The flooding of 2010 presented a troublesome period for landlords who never experienced drainage issues in the past. Basement water issues are often caused by improper drainage and insufficient downspout directions and extensions. Assess your elevation, survey the directional runoff and extend your downspouts more than seven (7) feet from your foundation. Pay special attention to low corners of the foundation. If necessary, make or purchase pallets to assist tenants in the storage of personal property or elevating appliances from direct contact with the basement floor. An ounce of prevention is worth a pound of cure.
2. INSURANCE. Review your insurance coverage and limitations. Increase as necessary and research additional riders which may be worth amending to your policy such as sump pump failure coverage, loss of rents, theft, vandalism and landlord personal liability coverage.
3. INTEREST ON DEPOSIT ACCOUNTS. It's never too late to review your statements and issue checks to tenants for interest on their last month’s rent and/or security deposits. These issues, although monetarily small, often rear their ugly heads when tenants fall behind on the rent and an eviction action is initiated by the landlord. Penalties for failure to comply with the security deposit law include forfeiture of the security deposit, attorney's fees and costs, and damages.
4. INSPECT STAIRS, DRIVEWAYS AND WALKWAYS FOR DEFECTS. Premises liability is always an issue. Whether it may be the tenant or a guest of the tenant. Any fall or injury which may be attributed to a defective walkway or stairway is devastating. Inspect your interior and exterior stairs and walkways. Winter snow, rain and temperature are the elements which cause lifting nails, splitting wood and frost heaves. Check all the railings and make repairs as necessary. In the event any repairs are severe and may not be fixed immediately, issue notices to your tenants, post warnings and tape off suspect areas until sufficient repairs may be made.
5. ORGAINIZE EXPENSE RECEIPTS FROM WINTER. Organize and calculate the expenses of winter for your records. Snow removal, fuel expense, maintenance receipts and other minor receipts should be gathered and documented. You will thank yourself when tax time rolls around.
6. BUDGET YOUR REPAIRS. A Landlord's work is never done. There is always some capital improvement on the horizon. It may be a new heating system, roof, driveway or retaining wall. Plan your improvements for this year or the next, organize a plan, and execute on the improvement.
7. CHECK YOUR PROPERTY VAULE AND ASSESSMENT RECORDS. The value of the property is a constant interest. It is what drives the decision to sell or maintain the property. Most municipal assessments issue in January. In the event you missed the assessment on the February bill, check it on the May tax bill and compare it to the previous years.
Jonathan J. Moriarty, Esq.
Law Office of Jonathan J. Moriarty
53 South Main Street, Ste. 3
Randolph, MA 02368
Telephone: (781) 961-2200
Facsimile: (781) 961-0017
Email: jjmoriarty@verizon.net
Website: http://www.attorneymoriarty.com/
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