How Explaining Could Save You Money
A long-term tenant who came with a property I bought several years ago just moved out.
Turning the unit over reminded me I need to make a disclosure and acknowledgement list for the next tenant. I say this because I truly think most residents don’t intend to cause damage. Rather, they simply do not understand the consequences of a seemingly small thing simply because they’ve most likely never owned a property themselves.
Running water. Water is one utility bill that is almost always paid by the housing provider, as it follows the property, not the resident. Therefore, most residents have never seen a sudden spike in cost associated with a running toilet or dripping faucet. Simply explaining why it’s important to notify the landlord of an issue immediately, and having the tenant acknowledge they understand why could help me solve high water bills.
Hardwood floors. If a resident has never owned a home with hardwood floors, they may not comprehend the damage the legs of furniture can cause if they do not have pads on them. Again, an explanation of the why and acknowledgement of it may have saved me a lot of money.
Plumbing and light fixtures. Tenants may prefer a different shower head to the one provided, or want to upgrade a light fixture. They should know they have to ask permission first, and it needs to match everything in the rest of the rental unit.
Basement. If a basement is shared and doesn’t have assigned storage closets, define the area the tenant may use and what the consequences of sprawl and/or abandoned items may be.
Garage. Whether renting a stall or the whole garage, it’s important to not only say which stall or portion of the garage is theirs, but also where their stuff needs to be confined to. The same holds true for assigned parking.
Stuff in the yard & number of cars. There’s nothing worse than having to mow a lawn with all kinds of stuff in it. I have one property where the tenants have a garden. Hoses, shovels and rakes left out cause lost time in picking them up, or when the grass is long due to excessive rain, can even cause damage to mowers. Excessive cars either in the driveway or parked in the yard can also cause unnecessary challenges.
Snow removal and lawn care. Define who is responsible. If the tenant is, state what the expectations of timeliness and frequency may be.
Early termination clause. If you own rental property for any length of time, odds are at some point a resident will want to leave early due to either a change of life’s circumstances, or an opportunity to buy a home. Spelling something out where that option is available, for a fee, could help avoid a contentious eviction later. While this is more likely a condition of the lease than a disclosure, once again, tenants may not understand the consequences to an owner of them simply moving out early.
Emergency contact information. While not a disclosure, or acknowledgement of expectations, one of the most important things missing from most leases is who to call should there be a health or safety emergency and the resident be in need of health and safety assistance. I had a tenant pass away in a unit years ago, and had no expeditious way to notify his next of kin.
Call the list hard lessons earned in three decades of being a landlord. This time, by taking a moment up front to explain the why of things, I hope to save a lot of money later.