It is not uncommon for a renter to ask for a long-term leases. These types of leases can be beneficial, but they can have their draw backs, too. Below are 3 tips on handling a long-term lease;
1. HOA rules have to be followed. It is vital that you ensure the sub-division where your home is located is zoned for the type of rental you wish to pursue. Some home owner associations don’t allow vacation rentals or long-term rentals; others have to approve your tenant’s application before you can rent your home. Always check these rules before you enter yourself into a contract with a third party.
2. Neighborhood- is it built for a long-term rental? Check out your neighborhood’s crime rates on Google. It’s easy to find statistics and compare local amenities such as schools, distance to industry, hospitals, major roads and shopping. If you think your neighborhood will be a place someone wants to rent for a long-term lease, consider how you should build in raises in rent throughout the lease.
3. What’s the deal with furniture and have you considered this? Yes, long-term rentals rent faster and in most cases tenants stay much longer when they’re unfurnished. You are going to have to consider this and then think about the financial end, too.
There are many other reasons why you should and shouldn’t enter into a long-term lease. Please call us to discuss your specific concerns and situation. We’d love to have coffee!