outlined below.
• Residential. Is the property for residential purposes only? This might seem like a no-brainer, but times have changed, and more and more people are working from home, whether operating their own businesses, telecommuting, freelancing, etc. You will have to determine precisely what you will and won’t allow, such as running businesses, allowing customers/clients into your home, and guaranteeing quality of phone and Internet. For example, a tenant can’t file a formal complaint about poor Internet access for their business if you’ve stipulated in your lease that you will not guarantee it. • Fixing cars in the driveway. Determine whether you will allow tenants to fix/work on vehicles (cars, trucks, RVs, etc.) on the driveway, in the garage, front yard, backyard, or not at all, whether they’re permitted to allow acquaintances to do the same, or if they can charge strangers a fee for parking. Yes, you need to be that specific. You’d be surprised at what some tenants try to do — and ultimately get away with, if it’s not properly outlined in the lease. • Subletting. Figure out whether you’ll allow subletting, such as Airbnb situations, on a short- and/or long-term basis. I don’t recommend allowing sublets, since you don’t know the new temporary “tenant,” and you could put yourself, your home, and your property in jeopardy. Further, Airbnb might not be legal in your area. Please do your due diligence to limit risk and avoid unnecessary trouble.
96
Powered by FlippingBook