The Accidental Landlord

The Accidental Landlord

No doubt the Westport real estate market has shifted in some many ways over the past two years. The process has become more complicated and regulated than ever before. Leverage is with the buyers and there continues to be overall downward pressure on pricing and a build-up of inventory. Even though we are seeing the “discretionary” seller virtually disappear, many sellers are still motivated to sell due significant life changes including a need to scale down due to retirement, divorces, and deaths. With limited buyer activity in some price points, many sellers are also listing their home for rent, and becoming “accidental landlords”. Knowledge of what it takes to be a landlord becomes an overriding need. It’s important not to take it lightly. Gaining some knowledge will give you a better sense of control in this new realm of being a landlord. Start by working with a real estate professional who understands Connecticut Tenant/Landlord Law and can guide you correctly through the marketing process, appropriate pricing and give you assistance with tenant selection. Clearly, involvement from your local attorney is encouraged to make sure you and your home are protected during the term of the lease. Here are some resources to check out prior to making that big decision.

The state of Connecticut has some resources that are available to you.

Here is a link for landlord/tenant law: http://www.jud.ct.gov/LawLib/law/landlord.htm

Here is some additional information on how security deposits should be handled. http://www.jud.ct.gov/LawLib/law/securitydep.htm

Some frequently asked questions that will help guide you. http://www.jud.ct.gov/faq/landlord.html

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