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4 Tips for Making Your Lease Protect You

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Real estate investor Jason Cohen Pittsburgh provides a few tips to help landlords that want to make sure the leases they write are secure and protective.

Publicado en: Sector inmobiliario
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4 Tips for Making Your Lease Protect You

  1. 1. 4 Tips for Making Your Lease Protect You JASON COHEN PITTSBURGH
  2. 2. A well-written lease is worth its weight in gold. Real estate investors can make a profit off of rental properties - but if they aren't detail-oriented, they may end up paying out more in expenses than they make in rent collection. Mind your p's and q's when you write a lease! The document can help you protect yourself against tenant-caused upkeep costs.
  3. 3. Include a Guest Clause The largest cause of property damage is people. The more people you have occupying a unit, the greater the wear and tear on the apartment. For this reason, it’s important to have a clause that designates just how many people can live in the unit. You can and should also add a clause limiting the number of guests that can stay overnight in the unit. As a part of that guest clause, include a note that states that the tenant is responsible for any damage or other liabilities caused by guests of that tenant.
  4. 4. Put a Cap on Utilities If you’re paying for the utilities, be sure to include a clause in the lease about the tenant’s privileges. The best way to handle this situation is to designate a number, such as $50 for gas, and state that the tenant is responsible for paying overages. If the tenant knows he’s responsible for paying the difference, he’ll be much more concerned with conserving resources.
  5. 5. Include Property Inspections While most leases do have a “right to entry” clause, you might want to consider specifying routine inspections. This is the best way to protect yourself as the property owner. By making a routine inspection occasionally, you can ensure there are no serious damages to the property, unregistered tenants, or unapproved pets. This is your property and you have the right to ensure it’s being cared for in a proper way.
  6. 6. Specify Restrictions This means going into detail in the lease on how the property is to be used. If you don’t want tenants using the fireplace, state that in the lease. Also point out that using utilities in a way other than intended is prohibited. This way, if their son throws a toy down the toilet and that creates a costly plumbing repair bill, the tenant will be held responsible for paying it. This is added protection against damages caused by the tenant.
  7. 7. If there’s anything that concerns you in renting out your property, you should make a point to mention that in the lease. This is your opportunity to let your tenants know what is and isn’t acceptable. By providing detailed clauses in your lease, you can ensure your property will be well tended and you’ll be spared the costs of paying for damages. J A S O N C O H E N P I T T S B U R G H . N E T
  8. 8. Thank You!