Things to Include in My House Lease
Renting out a home gives you an opportunity to create extra income, but if the lease is not written correctly, it could end up costing you much more money than what you bring in. Crafting the lease agreement for your home should involve careful consideration and some important rental terms.
Rent Terms
One of the most basic things to include in the lease is the rent and every landlord knows to do this. However, many do not include information about rent increases and when they might come into play. If you plan on renting a property to a tenant for the long term, you should include a rent escalator clause in the agreement. For instance, you might put a clause that says the rent can be reviewed every year to keep up with market factors.
Maintenance and Repair Issues
In the lease agreement, you should also spend some time outlining details about maintenance and repairs. As a landlord, it is your responsibility to maintain the property and repair any issues that come up that were caused by normal wear and tear. In the lease, you should also outline the responsibilities of the tenant. For instance, if the tenant causes damage to the property, it is his responsibility to get it back to the way it was before.
Deposit Issues
As part of the rental agreement, you should include information about how much the security deposit is. You should collect the security deposit on the front end when the lease is signed. In the lease, you should also outline the details about when the security deposit will be returned. For instance, you should specify exactly the condition that the property must be in for the tenant to get his security deposit back. You may also outline a tiered system for giving part of the deposit back if certain conditions are met.
Restrictions
When writing the rental agreement, you should also include any restrictions that are applicable to the tenant. For example, if you do not allow pets in the property, you should list this in the rental agreement. You should also outline potential consequences of breaking the rules. For instance, the tenant may have to pay a certain fee if a pet is discovered. You should also put restrictions on how many people can live in the property and what types of activities they can engage in.
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