Going to rent out our current house this spring. It has a history of getting water in the basement but after some new landscaping and gutters this summer we got very little water even with heavy rains.
It is an unfinished basement, I plan on painting the walls a fresh clean coat of paint, and there has never been any mold. I do plan to add a tile system in a year or so but it didn't make the budget this year.
My question is, id like to disclose this somehow to the tenant and explain to them that it is not considered living space, and that they should use it at their own risk. Should i write this up and add it to the lease? How would you approach this.
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
7y
Open and honest communication is best.
"This is an unfinished basement. As such, please be aware that from time to time moisture and water may seep in. Our experience has been ________________. We have since improved the drainage system by doing _______________________. Please be careful in how you use the space and let us know if any problems arise."
Investor · Vancouver, WA · Member since 2013 · 3k+ posts · 4k+ votes
7y
Open and honest communication is best.
"This is an unfinished basement. As such, please be aware that from time to time moisture and water may seep in. Our experience has been ________________. We have since improved the drainage system by doing _______________________. Please be careful in how you use the space and let us know if any problems arise."
Rental Property Investor · Cleveland, MN · Member since 2017 · 518 posts · 354 votes
7y
If you are going to paint it, I recommend to use Drylock on it. We have used it in all if our properties and it, along with gutters, solved our problems. We do the walls and floors. If you have choppy floors, liquid leveler works like a dream.
Just be honest up front and in the paperwork, and have them sign it. We have a child with asthma, so we can't have moist basements in our house. Good luck.
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y
Be honest with full disclosure. Before you do any renovations on the basement, I recommend you find a specialist that can cover the options for sealing the basement. There are ways to prevent water from getting in.
Realtor · Boonton Township, NJ · Member since 2013 · 2k+ posts · 1k+ votes
7y
@Michael B. In addition to disclosing water you may want to include a line that says “store at your own risk” this may help you if worse case scenario happens and basement floods.
Real Estate Investor · Unionville, CT · Member since 2016 · 260 posts · 167 votes
7y
@Michael B. I know someone that rented a house with a basement got water on a regular basis. The rent was a little cheaper and the landlord only told him that it comes in occasionally. There was a sump pump as well as I water pump That sat flat on the floor and his pipe to the outside. It turns out the basement leaked when it rained,when it snowed and when things thawed out in the spring. The landlord never told him to store things up on shelves etc. and a lot of their possessions were ruined. It was a frustrating experience for them. Just as close it and let the tenants make a decision.
All great advice, thanks so much everyone. I going to write up something and have it in the lease just to cover my bases and warn any renters of the possibility. It really is very minimal, but I want to be upfront and honest.
Real Estate Broker · Hugo, MN · Member since 2016 · 688 posts · 596 votes
7y
@Michael B. Great answers from everyone. I would like to add that you should be sure to require renters insurance just to additionally cover yourself. We always recommend it anyway as a buffer between the tenant suing the landlord if they or a guest have a 50k slip and fall or sewer backup they can go to their own insurance before tapping into yours.