If you own a rental property but had a tenant trash it when they leave then make sure you read this article because we’re addressing the all-too-common problem that landlords have when they say, “Help! My last tenant trashed my COLUMBIA house!”
Do you own a rental property? Did you have a tenant leave it in less-than-perfect condition? It happens! In fact, it’s an experience that probably every landlord has faced at least once. If you looked at your empty rental property and said, “Help! My tenant trashed my COLUMBIA house” then here are some things you can do about it…
Is it worth going after the tenant?
You need to first assess the damage and decide if it’s worth going after the tenant. Unfortunately, it often isn’t worth the hassle because it may be a time-consuming and even expensive effort to get the tenant to pay you back. However, if the damage is significant enough, you may choose to do this. Before deciding whether to pursue a tenant for damages, it’s essential to conduct a thorough assessment of the situation. This includes documenting all damages and calculating the repair costs. Legal consultation can help determine the tenant’s liability and the feasibility of seeking reimbursement through legal channels. However, it’s crucial to consider the tenant’s financial situation and the potential costs and challenges of legal proceedings. Alternative solutions, such as negotiation or mediation, should also be explored. Additionally, landlords should check their insurance coverage to see if damages caused by tenants are included. Balancing the desire to protect property and financial interests with the potential impact on relationships and reputation is key in making the decision to pursue reimbursement from a tenant.
Is it worth repairing the damage?
From holes in the walls to missing toilets – we’ve heard of just about everything you can imagine! Sometimes a bit of drywall and paint will fix the problem, in which case you may want to fix it up and rent it out again, and then just accept the inconvenience as the cost of doing business. From holes in the walls to missing toilets, landlords encounter a wide range of damages caused by tenants. When faced with such situations, the decision to pursue reimbursement depends on the severity of the damage and its impact on the property’s livability and rental value. For minor damages that can be easily fixed with some drywall and paint, landlords may choose to handle repairs themselves and accept them as part of the business’s operational costs. However, if the damage is not worth repairing yourself then you might be interested in a couple of other options:
You could rent your house to a handyman
One little-known option that is actually really helpful is to find a handyman who wants to rent the house. In exchange for a discount on rent (or even free rent), they can fix up the house for you to make it a nice rental property again. Make sure you have a timeline all spelled out, though, to avoid then staying too long without a lot of work getting done. An often overlooked yet beneficial option for landlords dealing with significant property damage is to seek out a handyman who is willing to rent the house. In exchange for discounted or even free rent, the handyman can undertake the necessary repairs and renovations to restore the property to a rentable condition. This arrangement can be mutually beneficial, allowing the landlord to save on repair costs while providing the handyman with affordable housing.
However, it’s crucial to establish clear expectations and a detailed timeline for the repairs to avoid any misunderstandings or delays. Both parties should agree on the scope of work, deadlines for completion, and any other terms of the arrangement before proceeding. Regular communication and oversight may also be necessary to ensure that the repairs are progressing according to plan and that the property is not left vacant for an extended period without significant progress being made. By leveraging the skills of a handyman in exchange for reduced rent, landlords can efficiently address property damage and minimize the financial burden of repairs while maintaining a steady rental income stream.
You could sell the house
Another option is to sell the house and move on from owning a frustrating rental property. However, be aware that if you try to sell the house on the open market, you may have to fix it up first for the agent to list it. Another option is to sell privately to a house-buying team like ours. (We buy houses in as-is condition and we’ll fix them up ourselves).
Selling the rental property and moving on can be a viable option for landlords dealing with a frustrating situation. However, it’s essential to consider the potential challenges and requirements involved in selling the house, especially if it has significant damage or maintenance issues.
One option is to sell the house on the open market through a real estate agent. However, this route may require investing additional time and money into repairing and improving the property to meet market standards and attract potential buyers. The cost of repairs and renovations, as well as the time it takes to complete them, can further delay the sale and prolong the landlord’s frustration. Alternatively, landlords can explore selling the property privately to a house-buying team that specializes in purchasing houses in as-is condition. These companies, like ours, offer a convenient solution for landlords looking to sell quickly without the need for repairs or renovations. By selling directly to a house-buying team, landlords can avoid the hassle and expense of fixing up the property themselves and expedite the sales process.
Before deciding to sell, landlords should carefully consider their financial goals, timeline, and priorities. Selling the property as-is to a house-buying team can provide a hassle-free exit strategy and allow landlords to move on from a challenging rental property with minimal stress and effort.