While most landlords would agree that they truly want their tenants to feel at home, just how far should you let them go if they want to embark on major remodeling or renovation projects in your investment property?
Typically, even if a tenant has been residing in a rental property for a long period of time, they should generally not be allowed to make any type of major renovations at all. This not only goes for adding or removing walls, but also for things like moving or changing out the appliances.
One reason for this is because, when the tenant moves out, the property could be well-suited to their particular tastes, but not to the majority of potential new tenants who may move in next. There can also be a fair number of liability issues involved – especially if something gets damaged in the process of the renovation work.
So, how can you help to ensure that your current tenants don’t make big changes to your rental properties?
One way is to inspect all of your units on a regular basis. When doing so, make sure that you keep accurate records of the property’s condition – starting with how the property looked on the day that the tenant moved in.
Depending on the number of properties you own, this can be a somewhat time-consuming process. Because of this, it may be much more time efficient if you work in conjunction with a professional property manager. In doing so, the property manager can keep track of your property records, and take the lead when a property has various issues that need to be addressed.
Want more information? If you’ve got investment property in Orlando and / or the surrounding area, we can help. Give us a call today for more details.