New Landlord wants to update unit and not lose current tenants. (lease, tenant)
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Hi guys! I bought a duplex few years ago and never got a chance to move in because I wanted to honor the existing contracts. This summer I am planning to occupy one unit that was updated by the previous owner. The other unit, the tenant been renting it for 10 years now. The first thing I did with this unit was to replace all the appliances including the sink. I figured for the rent money it was bringing, the tenant deserve better. My next plan was to replace the carpet with wood flooring on the main floor and giving this unit a fresh paint. When I advised my tenant of this plan, they told me it wasn’t necessary and they were happy with what I had already done. My issue is that I don’t want to lose this tenant and with the new marijuana law in Illinois, I don’t want to take chances getting a pot-head as a neighbor. I feel strongly about renewing this unit but I don’t really know how to go about it without the possibility of losing this tenant. The property is located at a highly desirable location with woods as part of the property. I read here that landlord will not renew a lease if they plan to do some renovations to a unit. I was thinking about asking my tenant to store is belongings in the garage for a number of days at the end of his current lease so that I can update the unit. After the update, a new lease will be signed with a slight increase ($25) on the rent. Any advice will be appreciated. Thanx!
Hi guys! I bought a duplex few years ago and never got a chance to move in because I wanted to honor the existing contracts. This summer I am planning to occupy one unit that was updated by the previous owner. The other unit, the tenant been renting it for 10 years now. The first thing I did with this unit was to replace all the appliances including the sink. I figured for the rent money it was bringing, the tenant deserve better. My next plan was to replace the carpet with wood flooring on the main floor and giving this unit a fresh paint. When I advised my tenant of this plan, they told me it wasn’t necessary and they were happy with what I had already done. My issue is that I don’t want to lose this tenant and with the new marijuana law in Illinois, I don’t want to take chances getting a pot-head as a neighbor. I feel strongly about renewing this unit but I don’t really know how to go about it without the possibility of losing this tenant. The property is located at a highly desirable location with woods as part of the property. I read here that landlord will not renew a lease if they plan to do some renovations to a unit. I was thinking about asking my tenant to store is belongings in the garage for a number of days at the end of his current lease so that I can update the unit. After the update, a new lease will be signed with a slight increase ($25) on the rent. Any advice will be appreciated. Thanx!
Why? If they are happy the way it is? To the bolded: that is a sure way to lose the desirable tenant! I would FREAK OUT.
You want to do an update that they do NOT want, AND you plan to raise their rent $25?
Yes, you will lose this tenant. Just leave them be is the best way to keep them.
Wait until they move out to do any more renovations. I would not like a landlord doing that to me, and displace me for even a couple days, I might move out just for being forced to do any of these unnecessary things that you are stating. And, I'd be wondering - What's next from you?
You could offer the already updated unit so they have one move, and you move into the other unit and update while you are there. Then you get the added advantage of the newest stuff.
Hi guys! I bought a duplex few years ago and never got a chance to move in because I wanted to honor the existing contracts. This summer I am planning to occupy one unit that was updated by the previous owner. The other unit, the tenant been renting it for 10 years now. The first thing I did with this unit was to replace all the appliances including the sink. I figured for the rent money it was bringing, the tenant deserve better. My next plan was to replace the carpet with wood flooring on the main floor and giving this unit a fresh paint. When I advised my tenant of this plan, they told me it wasn’t necessary and they were happy with what I had already done. My issue is that I don’t want to lose this tenant and with the new marijuana law in Illinois, I don’t want to take chances getting a pot-head as a neighbor. I feel strongly about renewing this unit but I don’t really know how to go about it without the possibility of losing this tenant. The property is located at a highly desirable location with woods as part of the property. I read here that landlord will not renew a lease if they plan to do some renovations to a unit. I was thinking about asking my tenant to store is belongings in the garage for a number of days at the end of his current lease so that I can update the unit. After the update, a new lease will be signed with a slight increase ($25) on the rent. Any advice will be appreciated. Thanx!
STOP!!!!!! Don't do anything. You already unnecessarily replaced appliances/sink. The tenant is happy, you are happy with them. Just live in peace and collect the rent. You can renovate/upgrade when the tenant someday leaves, or when you plan to sell the building if you want.
You want to do an update that they do NOT want, AND you plan to raise their rent $25?
Yes, you will lose this tenant. Just leave them be is the best way to keep them.
Wait until they move out to do any more renovations. I would not like a landlord doing that to me, and displace me for even a couple days, I might move out just for being forced to do any of these unnecessary things that you are stating. And, I'd be wondering - What's next from you?
The market value is higher even with an increase of $25. Rent was raised from $1,495 to $1,525 by the previous owner the month I bought the property. The other renter who had just moved in 4 months before the purchase, were paying $1,650. That’s a difference of $125 for the updated unit. I’m not trying to push them out. All I am trying to do is keep up with other property for rent in my area.
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