Hello World! Welcome Friends! How’s life living in your home? I hope you’re enjoying your place of residence, whether it’s your own home or a place that you’re renting.
Speaking of rent, I recently read an article about the rights of renters to have a home. I agree that renters have a sense of uncertainty in their living conditions, because they cannot dictate the terms of the lease beyond what is stated in the contract. In other words, the success of extending a lease contract rests primarily on the unit owner’s willingness to do so.
I’ve shared with you some tips related to all things rental last year, and I want to share with you some considerations on the side of the landlord. If you are renting out your house or unit to a tenant, there’s a possibility that the idea of lease extension may come into play.
Here are five things that you need to know about extending your lease:
1. Assess your tenant’s behavior
As the owner of the home, the first thing that you should ask yourself is whether you want to accommodate the same tenant for a bit longer. Check if your tenant has fulfilled commitments related to the following:
- No late payments or bouncing checks
- Peace with neighbors
- Compliance to your specific instructions, such as having no pets or not driving nails onto the walls
- No damage in your property
In short, you can always accommodate a lease extension request if you like the tenant.
2. Review your existing rental agreement.
Look back on your rental agreement, and see if there are things that you want to change. You can always propose some changes in the contract, but the tenant needs to agree to these new items. Otherwise, you’re risking the possibility of losing a good relationship with your tenant.
If you want further help, you may inquire about property advice here.
3. Determine the worth of your property.
You may have difficulty moving forward to a lease extension if you don’t know the history of your property. If you are not the first owner of your residential property, make sure that you know the rent history.
It’s also a good idea to study up on local rent laws and policies. From these things, you can assess how much increase you can demand for the lease extension.
4. Try to arrange for upfront payment.
Some renters would like to have a guarantee that they can continue staying in the unit, without you looking for a new tenant. In this case, you may choose to ask for advance of upfront payment instead of increasing the monthly rent.
5. You have the last say.
No matter how much the current tenants want to stay long, it’s mostly up to you to extend the lease or not. The burden is actually on the part of the renter – not that you can exploit that, though!
What I’m trying to say is that you don’t need to give in to the demands of your tenant, or be forced to extend the lease. Let’s just hope that your discussion with the tenant won’t reach a point where you have to argue or sue each other.
These tips should be able to help you decide whether to extend your lease or not. Bottom line, as the owner of the property being leased, you have the right to decide either way.
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