Before you rent out your property, you will want to have a lease agreement drawn up that will have certain rules for the tenants that will be living there. If you do not do this, you may end up having to deal with a lot of difficulty in the future. The best way to make sure that you protect yourself, and your property, is to ensure that you have the lease agreement looked over by an attorney before anyone signs.
First and foremost you will want to make sure that the tenant understands that the rent needs to be paid on time. While the due date is generally around the first of each month, most landlords will give a grace period of about five days. Once the grace period has passed, you should strictly enforce some sort of a late fee that is added to the rent. This will give incentive for them to pay the rent on time every month.
Another common rule that you should give your tenants is that there will be no pets on the property unless it is authorized by the landlord. Usually, if there will be pets living there you will want to take a pet deposit up front. This is because pets are notorious for making messes on carpet and flooring, and it will require a special type of cleaning when they move out. This deposit will help to cover that extra cleaning cost.
A third rule that you should consider giving them is that there are to be no changes made to the home without first consenting with you. This will include painting, or altering anything in the home. You may choose to allow them to make updates as needed. Additionally, you should ensure that they take good care of the property and maintain the premises well. This will include keeping the outside nice and tidy, and keeping up with the yard work.
There is so much that goes into having a rental property. You must keep up with the maintenance issues, and also be there to answer any questions that the tenants may have. While you do have a big responsibility, the tenants also have a big responsibility. These rules should be included in the lease agreement so that they will be a legally binding contract in the event that rules are broken and you must go to court to handle the situation.
First and foremost you will want to make sure that the tenant understands that the rent needs to be paid on time. While the due date is generally around the first of each month, most landlords will give a grace period of about five days. Once the grace period has passed, you should strictly enforce some sort of a late fee that is added to the rent. This will give incentive for them to pay the rent on time every month.
Another common rule that you should give your tenants is that there will be no pets on the property unless it is authorized by the landlord. Usually, if there will be pets living there you will want to take a pet deposit up front. This is because pets are notorious for making messes on carpet and flooring, and it will require a special type of cleaning when they move out. This deposit will help to cover that extra cleaning cost.
A third rule that you should consider giving them is that there are to be no changes made to the home without first consenting with you. This will include painting, or altering anything in the home. You may choose to allow them to make updates as needed. Additionally, you should ensure that they take good care of the property and maintain the premises well. This will include keeping the outside nice and tidy, and keeping up with the yard work.
There is so much that goes into having a rental property. You must keep up with the maintenance issues, and also be there to answer any questions that the tenants may have. While you do have a big responsibility, the tenants also have a big responsibility. These rules should be included in the lease agreement so that they will be a legally binding contract in the event that rules are broken and you must go to court to handle the situation.
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