When you are in the business of leasing property to tenants, your lease is the contractual agreement that sets forth what is expected of your tenants as your customer. Therefore, the stipulations and information that you include in this lease agreement should be carefully selected and the contract should be professionally created. Unfortunately, a lot of property owners who opt to make lease agreements on their own or do not work with a property management company often forget to include some pretty important conditions. Take a look at some of the often-forgotten stipulations that really should be included in your lease agreements. 

The duration of guest stays that you will allow. 

Guest stays are a tricky thing to consider as a property owner. When you draw up a lease agreement, the agreement is between you and the people you have already vetted, so you know who these people are. If the tenant then allows a guest to come to stay in the unit, you have someone living in a unit that you do not know anything about. If you prefer that guests not be allowed for overnight visits or if guests stays must be limited to a certain duration, make sure this information is included. 

If the interior of the property can be altered during the lease. 

Most property owners prefer that tenants do not alter the interior of a rental unit at all while they are occupying it. For example, you may not want the tenant to paint the walls, change light fixtures, or replace the flooring. If you do not want to allow any alterations to the unit, make sure you clearly state this in the lease. If alterations will be allowed, state which alterations you will permit and how that will affect the terms of the lease. For instance,  if you don't mind if a tenant paints the unit but it has to be returned to its original state upon vacating, this should be noted. 

What your expectations are where utilities are concerned. 

Your lease agreement should firmly outline who will be responsible for the utilities in the rental unit or whether any utilities are included in the lease price. However, there should be further information included, such as if there will be repercussions if a tenant fails to pay their utilities. For example, if a tenant is unable to keep the electricity paid for the usage in the unit, you may wish to terminate the lease. 

For more information or help with renting out your property, get in touch with a property management company.

Share