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Just signed a 5 year lease and a couple weeks after moving-in tenant asked if I can I install a fence and deckin order to make the property more enjoyable. Tenant is willing to pay additional rent to cover cost.
What is the best way to go about this if teh current lease does not now allow me to raise rent before it expires? should we:
(a) terminate current lease (how do i do this?) and draft new lease with new amount for rent that include the price of the deck and fence divided over the term of new lease?, or
(b) write and signed an addendum to current lease for the additional amount the new deck and fence will cost over the term of new lease?
Just curious as to why you would ever write and lock yourself into a 5 year lease. You are already running into issues with it and you have 5 more years of the possibility of running into endless other issues. I can't imagine there ever being a benefit to doing this especially if you are already raising the rent via an addendum.
Interesting that you'd bring that up. The current lease is actually a 3-year lease but I was thinking of extending it for 5 years to spread out rent increase over a longer period to pay for the new fence and deck. 3 years may still be too long but the tennant was carefully screened and will have no prob paying rent compared to the local tenant pool. Therefore I thought it was advantageous to lock them in as long as I can.
I have to admit though that tennant turning out to be on needy side and your point is well taken about potential problems this may raise down the line.
Just sign a rent addendum that you and the tenant both agree to increase the rent by $xxx in response to the tenant's request for a deck and fence to be built.
Personally, I stay away from tenants who aren't happy with tthe place like it is and start demanding upgrades. Well, too late now. Best luck to you.
Not too late for me to say no, but I did told tenant that i'd look into it and give them the estimate. It will be up the tenant the decide if they want to pay $250 more per month for these things. If they just wanted these things without paying for them then the point about future issues is a valid one. I am get the benefit of improving value of property at the tenant's expense, no?
Also I think the extra rent model will discourage future requests if they know they will have to pay for it in extra rent.
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