An applicant with a unique request, wants to sign 5 year lease.
I have a unique request from an applicant for my SFR, who is an artist, and wants a five year lease.
His justification is he is an artist, wants a long term lease, to lock in the rent. He and wife, both artists, are handy people (which remains to be seen) and wish to decorate, renovate the home - the current home is a 60s art deco style home and have not had a major upgrade (think pink and blue tiles in the bathroom).
He does not want to risk my selling the home next year to someone else and the lease expires, nor me raising rent or wanting to rent to someone else. He is willing to sign a 5 year lease in exchange, use his creativity to upgrade the home, will agree to repair and take care of maintenance on anything except structure, roof and air conditioning. Appliances break, clogged tub, lawn mowing, landscape, etc...he would take care of free of charge.
Husband wife and 1 cat in a 3 BR/2B house. Give them the key and turn them loose.
Now, I am not a fan of long term leases, as it does not benefit the landlord, and early termination has the same penalty as a short term lease. I can't raise rent. Giving them the liberty to "upgrade" scares me. I don't know what will happen. We are not talking about new drapes. We are talking about changing counter tops, ripping out backsplash, redo tiles in the bathrooms etc...
HOWEVER, I can't say I am not intrigued.
IF IT WORKS. Five years of minimum maintenance calls, no more paying the lawn mowing, and possibly at the end having a better and improved home to rent.
On their end they get security of a long term lease, no rent increases, and "some" freedom to make it their home.
What are your thoughts? GO? NO GO? MAY BE?
What should I watch out for? For one thing I have to see their portfolio, what their current and previous homes look like. I also need to approve the work they will do.