Protect Your Rental With a Washington Hard Money Loan
The rental market has grown in recent years as higher interest rates and competitive prices have made buying real estate more challenging. Even would-be homebuyers and investors are increasingly choosing to rent for the long term.
Rental property investors know that being a landlord comes with both benefits and challenges. When it comes to rental property maintenance, even ideal tenants can make costly changes or overstep a lease agreement.
Following are some common rental property issues that can put a tenant’s security deposit at risk – and strain your landlord-tenant relationship. Check out our practical tips on how to handle typical tenant “home improvements” while protecting your investment.
7 Common Rental Upgrades Tenants Make
Tenants want to make their rental feel like home, but even small changes can create headaches for property owners. Set clear expectations for renters from the start:
- Painting: Require approval before tenants paint any walls, cabinets, or other surfaces. Make it clear that anything painted must be returned to its original color before moving out – or the cost to repaint may come from the security deposit.
- Wall décor: Pictures and wall hangings can make a rental feel like a home, but picture hooks and nail holes can cause cumulative damage. Recommend that tenants use removable adhesive hooks or other hanging options whenever possible.
- Window treatments: Provide window blinds or neutral curtain rod options to provide privacy so tenants don’t have to install their own window fixtures.
- TV installation: Keep the rules simple. If you don’t want to deal with patched drywall or damaged studs, prohibit wall-mounted TVs and require tenants to use TV stands.
- Landscaping: Require permission before tenants plant anything in the yard. Or simply allow only potted plants instead of any permanent landscaping changes.
- Appliances: Any appliance swapped during a lease should be approved in advance. Require tenants to reinstall and reconnect the original appliance prior to move out.
- Light fixtures: Make it clear that if any lighting fixture is changed out the original must be returned and in working order at the end of the lease.
Put all rental rules and responsibilities in writing and keep lines of communication open. Clear guidelines help prevent misunderstandings, protect your property, and create a better rental experience – which is ultimately good for ROI.
Costly Rental Repairs? Our Washington Private Money Lenders Can Help
Successful rental property investors in hot real estate markets like the Pacific Northwest are prepared to handle tenant issues. Sometimes the unexpected still happens. Need a financial boost for major repairs or upkeep of your rental investment? Our Gregory M. Russell private money lender team has the experience to help see you through. Call us at 1-888-477-0444 about our hard money loan services today. We look forward to partnering with you.