Usually, residents will start debating whether to extend their current lease or move to another home several months before the lease expiration. If you intend to rent out the property at the end of the current contract period, you should know that there are major advantages of renewing the lease with the same tenants. If you do not want to extend the contract, there are still legal conditions you must follow.
You will save the price of a vacancy if the tenants extend the lease. The costs of painting, carpet and window washing, for example, can be avoided. In comparison, you would not waste money on ads, meetings and tours with prospective tenants, all of which take time. To see what it would take to retain them, you may wish to bargain with the tenants.
The move-out inspection is an important activity that takes much time to conduct and evaluate the outcomes properly. The outcome would decide whether there are any substantive modifications to the property and whether the renters are responsible for the expenditures needed to keep the property rent-ready.
The inspection process is important because incorrectly reporting damage or failure to send the necessary legal documents may put you in a very expensive litigation situation that will theoretically absolve the tenants of all liability for damage they would otherwise be liable for. To make the property habitable, you will have to pay the costs needed.
This update is by Livo, a rental optimization platform aimed at providing you with a robust revenue enhancement tool. With Livo, you can maximize rental yields, accept and manage multiple offers and offers, and enjoy better retention. Livo targets rentals with the greatest odds of receiving a multitude of offers, and those with the best locations, features, configurations, and more. Please call 833.333.5486 today to learn more.
Comments