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My husband and I were not in a good position to sell our house last year when we moved long-distance, and as such, did a fairly hasty scramble to rent it out. After almost a year, the stress of owning a property from far away has taken over (although we do have a property manager), and when our tenants move out, we're determined to cut our losses and sell. Reflecting back, here's what I wish I had known. Not blaming anyone - just trying to learn from the experience and maybe this will help someone else who is about to embark on the landlord/lady journey:
-Require renters' insurance and have your name as an interested party so you're notified if it's cancelled. We went through a realtor to rent out our place. She did a great job marketing and finding good tenants but our lease agreement was very standard and didn't include this.
-Our tenants' dog has not been a problem, but I would also make sure any injuries related to the dog were covered in their insurance.
-Specify in rent agreement that there is no smoking in the house OR on the property. I know both of our tenants are non-smokers, but I hated to think of someone coming over, smoking outdoors, and bringing the smell in.
-The house is in an urban area, and we gave our tenants the option to keep the alarm system if they wanted to pay for it. They opted not to, as they have a dog. If I ever rented again, I would either require that this be maintained as a utility, or bundle it into the rent.
-Expectations about which appliances would be replaced. We didn't want to move everything long-distance and as such our tenants got some extra things that they may have otherwise had to purchase, like a lawn mower and gardening tools, microwave, and deep freezer. I would specify in the rent agreement that these are "extras" and will not be replaced if broken or defective.
-I would be much more conscientious about the end time of a lease. Ours was a standard 12 month (Oct to Oct) which then transitions into a month to month. Our tenants have indicated they'll move out in November, which is a difficult time of year to sell. We plan to put it on the market earlier, but trying to do showings while they still live there will be difficult. With hindsight, with the lease ending in October, I would have then asked for another 6-month lease or a move out, to put us in a better position to sell.
-I would bold and specify in the lease agreement exactly what is expected in the 90-days prior to move out re: showings of the home. Our agreement includes a clause that tenants will agree to showings provided they are given 24-hour notice, but that's about it. Ours are balking, and although I know I can hold them to the agreement, I obviously don't want to **** them off or put too many restrictions on them that weren't in the agreement. Things like: "Agree to a key box on the door," "confine dog," "allow showings by licensed realtor with or without tenant present," etc. are just some of the specifications I would add so we could get more people in once it goes on the market.
Well, as I stated, this was a learning experience and as such, we're LEARNING from it. Just like others shouldn't be in jobs where diplomacy or common courtesy is required.
My husband and I were not in a good position to sell our house last year when we moved long-distance, and as such, did a fairly hasty scramble to rent it out. After almost a year, the stress of owning a property from far away has taken over (although we do have a property manager), and when our tenants move out, we're determined to cut our losses and sell. Reflecting back, here's what I wish I had known. Not blaming anyone - just trying to learn from the experience and maybe this will help someone else who is about to embark on the landlord/lady journey:
-Require renters' insurance and have your name as an interested party so you're notified if it's cancelled. We went through a realtor to rent out our place. She did a great job marketing and finding good tenants but our lease agreement was very standard and didn't include this.
-Our tenants' dog has not been a problem, but I would also make sure any injuries related to the dog were covered in their insurance.
-Specify in rent agreement that there is no smoking in the house OR on the property. I know both of our tenants are non-smokers, but I hated to think of someone coming over, smoking outdoors, and bringing the smell in.
-The house is in an urban area, and we gave our tenants the option to keep the alarm system if they wanted to pay for it. They opted not to, as they have a dog. If I ever rented again, I would either require that this be maintained as a utility, or bundle it into the rent.
-Expectations about which appliances would be replaced. We didn't want to move everything long-distance and as such our tenants got some extra things that they may have otherwise had to purchase, like a lawn mower and gardening tools, microwave, and deep freezer. I would specify in the rent agreement that these are "extras" and will not be replaced if broken or defective.
-I would be much more conscientious about the end time of a lease. Ours was a standard 12 month (Oct to Oct) which then transitions into a month to month. Our tenants have indicated they'll move out in November, which is a difficult time of year to sell. We plan to put it on the market earlier, but trying to do showings while they still live there will be difficult. With hindsight, with the lease ending in October, I would have then asked for another 6-month lease or a move out, to put us in a better position to sell.
-I would bold and specify in the lease agreement exactly what is expected in the 90-days prior to move out re: showings of the home. Our agreement includes a clause that tenants will agree to showings provided they are given 24-hour notice, but that's about it. Ours are balking, and although I know I can hold them to the agreement, I obviously don't want to **** them off or put too many restrictions on them that weren't in the agreement. Things like: "Agree to a key box on the door," "confine dog," "allow showings by licensed realtor with or without tenant present," etc. are just some of the specifications I would add so we could get more people in once it goes on the market.
Those are good tips for future owners who want to rent. I think the not being able to smoke outside thing is taking it too far. I'm a non smoker and hate it, but my brother in law smokes but only outside including in his own house.
Those are good tips for future owners who want to rent. I think the not being able to smoke outside thing is taking it too far. I'm a non smoker and hate it, but my brother in law smokes but only outside including in his own house.
I ban it from the premises and it isn't abnormal to see that in a lease. The stink and poison chemicals never come out and even if you smoke outside you just track it all in with you on your clothes. The odd thing in the list is the alarm. Motion detectors can be set to allow for animals but it is weird to have it mandatory. I wouldn't allow one be installed unless I had a say in the installation but I would allow it, never require though.
I ban it from the premises and it isn't abnormal to see that in a lease. The stink and poison chemicals never come out and even if you smoke outside you just track it all in with you on your clothes. The odd thing in the list is the alarm. Motion detectors can be set to allow for animals but it is weird to have it mandatory. I wouldn't allow one be installed unless I had a say in the installation but I would allow it, never require though.
Thank you for the feedback. We already had an alarm system in place (standard ADT), our tenants just chose to not pay the monthly fee so it was disconnected. We've had a rash of break-in and burglaries in our neighborhood over the years and while I know a dog can be a good deterrent, I was concerned about times when they went away and boarded their dog, leaving the house completely unprotected.
Thank you for the feedback. We already had an alarm system in place (standard ADT), our tenants just chose to not pay the monthly fee so it was disconnected. We've had a rash of break-in and burglaries in our neighborhood over the years and while I know a dog can be a good deterrent, I was concerned about times when they went away and boarded their dog, leaving the house completely unprotected.
I think that your post will do exactly what you intended...It will serve as a knowledge base for potential "new" landlords. I think you will probably help folks in making that final decision to sell or rent out their homes.
Good luck on your home sale. I've always heard that Dec is a good month..so maybe that will help you sell faster, for those folks wanting a nice house in time for the holidays.
I think that your post will do exactly what you intended...It will serve as a knowledge base for potential "new" landlords. I think you will probably help folks in making that final decision to sell or rent out their homes.
Good luck on your home sale. I've always heard that Dec is a good month..so maybe that will help you sell faster, for those folks wanting a nice house in time for the holidays.
Thank you. We did have to make a tough decision last year and it was a steep learning curve. I'm not sure if selling would have been a better decision from the start, although it's not going to be easy to sell this year either. It's a tough situation but I'm keeping my fingers crossed.
This is helpful. We also rent out our place and something I'd add is to specify if you have any qualms about them changing the yard or landscaping. We didn't care what our renters did, but we wanted to make sure they didn't take out any of the native plants or trees we had put in.
Timing can be done by requiring 15-18 months lease
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