Tenant Upgrades: Good or Bad?
So your tenants want to change something in your home?
Tenants asking permission to alter the home is a dream come true if done right. Or is it?
So the answer to that question is YES as long as it is an alteration that adds value to your home. Then you have a Free Improvement!
Here is the issue:
The issue is when the improvement subtracts value and ultimately costs you money!
Ask yourself the following questions:
- Will this alteration add or keep the value of the home neutral?
- Will this alteration at all limit future interest?
- If either of the above are true can the alterations be removed as if it was never there?
Based on the above questions do you want to approve the alteration?
If the answer is no, then say no. If the answer is yes, then say yes but make sure you CYA yourself.
Therefore if I say yes then I was always add a follow up with the following caveat:
Yes, This is written permission granting you permission to do x. As discussed in the lease in section X1, the installation and removal must be done in a professional manner. The tenant assumes all liability and expenses for both the installation and removal (if applicable). If any damage occurs because of this install and the tenant does not fix it then landlord will repair the issue at the tenant’s expense. The landlord reserves the right to go after the tenant under the fullest extent of the law for all damages.
Please email me if you accept these terms and will install X.
Now you are covered. You have it in writing and if something comes up later you are CYA.0