Tenants want my basement finished
I'm not sure where to turn but I really need you're assistance everyone.
I have potential tenants who want to lease my whole house and they're willing sign a year lease and to pre-pay for 12 months as long as I agree to have our unfinished basement finished.
What are the pros and cons to this agreement?
I spoke with my real estate lawyer and he said to look out for complaints from tenants about noise and the inconvenience of having contractors coming and going.
The tenants have a toddler and an 8-month old.
The only pros I think would be to lock them in for at least a year and the finished basement would increase my house value.
Cons would be that the money they give would be allocated to the finishing of the basement and I would need to set aside money to pay down my monthly operating expenses.
Any feedback would be appreciated.