You purchased your investment property, now it’s time to be a landlord. So do you know what you should be responsible to pay for when you rent your Colorado home? Do you include utilities in the rent? What about appliances? Maintenance of the exterior?
Landlord decides what to pay
What you decide to pay for as landlord, quite honestly, is up to you. Your decision should be based upon a few factors. First, who is your target tenant? If you are in a college town and want to rent to students, being as inclusive as possible with cost is a good idea. Knowing the college students aren’t going to be on top of exterior maintenance means you should include it in the rent if you want to be sure it gets done. Same with utilities.
Utilities and appliances
Don’t want to be on the hook for incredibly high bills? Set a certain amount you will pay over the term of the lease. For instance, if you know that a typical water bill for a month is $50 and the lease is a year, then say you will pay $600 total. That way overages are the tenant’s responsibility. College students might be too hard on appliances, and may have their own (like microwaves and small refrigerators) from their dorms. Not including them might not be a problem.
Have an executive Colorado home to rent?
Busy executives probably don’t mind spending more overall in order to keep their busy lives easy. That includes utilities, maintenance. They will, however, expect that all kinds of appliances, top of the line appliances, will be included in the home. Don’t disappoint them!
Generally, what you include in the lease is entirely up to you
If you worry about things being paid, taken care of or abused, include or don’t include in the rental agreement. That can all be changed from tenant to tenant as well. Protecting your investment is important, just don’t cut off your nose to spite your face! Change the terms of the lease according to what type of tenant is renting.