A lease agreement is the most important document between landlords and tenants. However, not all leases are created equal. A good lease needs to be detailed, clear and contain a few fundamental elements in order for it to be binding and enforceable by law. Since the lease between you and your tenant provides guidelines for their tenancy in your property, you’ll want to make sure you draft a good lease on the first go. Here are seven fundamental clauses to include in your lease agreement.
1. Identify all parties
Every good lease agreement must identify all parties involved in the contract. If you’re leasing a rental property, you should identify all tenants over the age of 18, as well as the landlord or the landlord’s agent. The address of each party should also be included as part of the lease. Identifying the parties involved in a contract is the first step to creating a binding agreement.
2. Property description
Since the property being rented is the focal point of a lease agreement, providing an adequate description of it is important. Your lease should include the property’s address, unit/apartment number, the province and town it is located in as well as its postal code. You can also include any features or details you think makes the property unique from others.
3. Rental term
Another important clause to include in your lease is the rental term. This is the amount of time the lease is valid for. Here, you want to avoid general terms. Don’t state that the lease is valid for six months or a year. Instead, mention the exact dates that the agreement begins and ends. This ensures that the tenant knows exactly when to move in and out of the property.
4. Terms of rent
This section should provide the tenant with all the necessary information regarding their rent. Here, you should state the amount of rent to be paid and when its due. It’s also important to state where the rent should be sent and how it will be accepted – by cheque, direct deposit etc. Terms governing late rent should also be laid out in this section.
5. Security deposit
Most landlords require a security deposit before tenants move in, so, providing a security deposit clause is crucial. This should include the amount of security deposit required, how and when it should be paid, as well as the terms surrounding its return. You should also provide the tenant with reasons why deductions can be taken from their deposit. This is helpful in the case that he/she does not receive their full deposit back at the end of their lease.
6. Tenant responsibilities
Just as landlords have a responsibility to their tenants to provide a liveable space and fix problems around the home, tenants have the responsibility of taking care of the rental while they live there. They must follow all building and housing codes and must not cause excessive damage to the property. In addition to these, this section of your lease agreement should also include the specific tenant responsibilities outlined in your state’s landlord/tenant laws.
7. Renewal and termination
Finally, renewal and termination clauses. If you give your tenant the option of renewing the lease agreement, it should be stated clearly in the document. This also goes for lease termination. You should provide details about how and when both the tenant and landlord can terminate the lease.
A good lease agreement is the foundation of every landlord-tenant relationship. It helps each party know what they can expect from one another for the period of the agreement. With these seven fundamentals, you’re sure to draft the perfect lease for your next tenant.
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Renovating a rental property can be tricky. With different leasing terms and landlord demands, the extent to which you can add your personal flair to a rental property varies from one rental agreement to another. However, there are some simple renovations that can up the style factor and increase the functionality of your rental home. And the best part about it is that most landlords wouldn’t mind if you take on these projects as they can be easily undone when you decide to move out. Also, some of these remodels can increase the home’s appeal to future renters – so that’s an added bonus. Without further ado, here’s a list of some of our favourite rental-friendly renovations.
1. Create statement walls
Painting walls is one of our favourite go-to renovations. It’s DIY friendly, inexpensive and adds a ton of personality, design and dimension to any space. Painting the walls in your rental home should be fine, so long as you remember to repaint the walls back to their original colour when it’s time to move out. When you’re embarking on your paint job, it’s important that you consider how easy the treatment will be to cover up. Avoid paint jobs and designs that are difficult to undo. Also, to make this renovation even more successful, ask your landlord for the paint colour and brand beforehand. This will ensure that you have the right shade when it’s time to repaint!
If painting isn’t your thing, then you can always use wallpaper. If you opt to go this route instead of painting, we recommend that you use wallpaper that’s easily removed. More brands are coming out with wallpaper options which don’t leave any adhesive residue – making them the perfect options for rental homes.
2. Install extra shelving
Not only does shelving help with organization, they can also add a ton of interest to your home. Depending on the unit your pick, installing shelves can be pretty easy. All you need are a few simple tools like a drill or maybe some wood adhesive. Since extra storage is always a draw for new tenants, your landlord may not require that these be taken down when it’s time to move out. However, if that’s not the case, just spackle and repaint that section of the wall, and it’ll be good as new. If you’re thinking of hanging a few shelves yourself, here’s a great how-to to get you started.
3. Replace your bathroom mirror
This remodeling project has the ability to breathe life into your bathroom. Replacing a boring bathroom mirror with one that’s more statement-making can completely transform the look and feel of your space. A quick trip to Ikea and a collection of easy-to-use tools, and you’re all ready to take on this simple renovation. Here’s a great step-by-step guide to help you replace your outdated bathroom mirror.
4. Plant a home garden
Last but certainly not least, planting a home garden. This is an easy addition that can really change the mood and look of a room. Your home garden can help you spruce up your space with vibrant colours and relaxing scents. The best part of this renovation is that with a small investment in basic gardening tools, a little TLC and some patience, you’re sure to end up with a flourishing home garden. Also, don’t forget to pick the perfect spot with just enough sunlight to let your seeds sprout.
Thinking of renovating your home? Get in touch with us today!
Renters can be quite picky when on the market for a new home. As they’re coughing up their hard earned money and getting into a long or short term agreement, it’s no surprise that they’ll be looking for a space that’s worth their dollars. While there’s tons of competition in the rental market, there’s features you can incorporate into your rental to help it stand out from the crowd. To help get your property off the market and new tenants moved in, we’ve come up with a list of features renters look for in a newly renovated home.
1. Open floor plan
Renters love an open floor plan. It gives the space a 21st century feel, creates a seamless flow and helps put every square foot of the home to good use. Not to mention, an open floor plan can make a small home seem much larger than it is. It might be worth getting rid of some non-load bearing walls to create a more open space in your rental. Most importantly, you’ll want to get rid of any barriers between the kitchen and the living room. Instead of having a wall to differentiate these two areas, you can make them distinct with the type of flooring you choose. For example, you can install tile flooring in the kitchen and carpet or hardwood floors everywhere else. This will create a better space for entertaining guests and will allow easier movement throughout the home – all of which renters love! But make sure you don’t embark on these renovations yourself. Making big changes like these require the help of a professional!
2. Natural light
When it comes to the home, lighting is everything. If your rental property doesn’t have enough natural light, it might be a turn off for potential renters. So, it’s probably not a bad idea to call your contractor and look into getting a few more windows installed. An abundance of natural light will help your property look warm and more inviting. It’s also proven that sunshine is a great mood booster, so you’re sure to have a happy tenant.
3. Stainless steel appliances
Who doesn’t love shiny new things? New appliances, and better yet, stainless steel appliances are a great draw to potential renters. This gives them assurance that everything in their new home is in tip-top shape and is functioning properly. If you can’t afford stainless steel appliances, you can always opt for stainless look appliances – these are much more affordable and still have a polished look. The next important factor here is making sure your appliances match. With today’s picky renters, a blue dishwasher paired with a black stove simply won’t cut it. Matching the appliances makes your space much more visually appealing.
4. Lots of storage space
Renters usually have a lot of stuff. So, they appreciate homes with tons of space to store everything they’ve collected over the years. Thankfully, if your rental property doesn’t have enough storage, this can be fixed quite easily. You can install new shelving units in the kitchen, bathroom and living room. If you’d like to go a step further, you can look into adding new closet space or possibly expanding an already existing one.
5. A fresh coat of paint
There’s nothing worse than moving into a new rental and seeing traces of the tenants who lived there before you. Whether its stunning wall art or scuffed up cabinets – as a landlord, you’ll want to get rid of it! Repaint the walls and cabinets, if need be, with a neutral colour. Neutral tones tend to appeal to most people as they’re easy to work with when it comes to interior design. The simpler the colour scheme, the wider the appeal.
The competition on the rental market is fierce, and it all boils down to how well you meet your potential tenants’ needs. When you incorporate these features into your property, you’re sure to be earning rental income in no-time!
Want to renovate your rental property? Get in touch with us today!