Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We are thinking of renting out our house for 6 - 12 months while we go traveling.
The house is a relatively expensive home in close to mint condition and can get a high rent.
We have a couple interested in the house - they have kids but all are in or already out of college, so the kids wouldn't be living in the house.
My biggest concern is the fact that we will not be available to check any damage or issues that they have while we are away.
I am planning on having our builder/ handy man who has an office less than a block away on retainer in case anything goes wrong. I do NOT want any unresolved issues in this house causing damage.
The tenant says he is more than happy to take responsibility for calling our guy if anything goes wrong in the house and we will pay assuming it is not something that the tenant did themselves.
Ie if there's a roof leak, or the washing machine dies... the tenant will contact the roofer or repair person that I have given them, and we will pay.
But I want to make sure we are covered in case the tenant does damage themselves.
Any thoughts on good language to put in the lease for this - and any other 'must have' clauses I should be aware of??
I have been a landlord in the past, and have always had an excellent relationship with tenants - but this house is our primary residence, in great condition and they may want to take it furnished, so I want to make sure I have my i's dotted and my t's crossed.
I thought I would do a detailed inventory of each room with pictures - we do have a few scratches on the hardwood floors and some nicks here and there that I want to note down so they don't worry about being blamed for pre existing conditions. I guess that would also be good protection for us if the house gets damaged while we are away?
Any comments and suggestions would be greatly appreciated. We are in Philadelphia, PA.
You take chances when you rent out your house. I would look at where the tenant is coming from. that is, where do they live now? Would you live there? I always do a drive by of where a person is moving from before I let them rent any of my properties. If there are 4 dogs and six cars up on blocks in the front yard, no way. If they are moving from a nice, clean, well kept looking place, then it;s good.
As for damage or maintenance issues that you do not want to be responsible for, out it in the lease. If any maintenance issue or damage is caused by the tenant's negligence then the tenat is responsible for repairs. I have it in the lease that no repairs are to be made without notifying the LL. If repairs are the tenant's fault, the tenant will pay the bill. Example: clogged drains, broken windows are the tenat's responsibility.
I'm sure if the tenant appreciates the house and it's contents, you will have no problem. I hope this helps.
I could be wrong, but it sounds like you are financially secure and not struggling to get by.
Do you NEED to rent the house out? If you go travelling for 6-12 months, are you going to be worrying about your house so much that you won't be able to enjoy yourself as much as you should? Could any potential damage to the house, problem getting the tenants out when you want to return, etc...make it seem like a bad decision in the end?
If you are worried about the house being alone, maybe you could hire someone to come by once/twice a week to look over things, maintain the grounds, etc...
If you NEED to rent out the place for financial reasons, I would have a lawyer draw up a lease and make sure all of your concerns are covered in it.
They are relocating from their own home in Ohio. I wondered about asking to see pictures, but worried about that being rude?
The house will bring in a significant income and will pay for both the house expenses and the trip expenses (more or less). Without the rental income we could still do it but would be rolling through our savings which I'm not really crazy about it.
We will almost certainly move forward with the rental, and I am just researching as much as possible to make sure we are as covered as is possible.
Have you considered using a property management company? They'd be responsible for the lease and the maintenance of the property while you were away. They charge 8-12% of the rent, but it doesn't sound like you're hard up on money so that might not be a big deal.
The benefit is you would probably worry less if you knew a company local to your home was looking out for your interests. Just a thought.
Take some reading comprehension classes and then feel free to make some kind of useful suggestion. K?
Not renting is the best thing you could do. Sorry that is the truth like it or not a lease will not protect you if a tenant goes bad.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
LOL.
