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Rules to Consider for Tenants in Your Denver Investment Property


As a landlord, you want to make a great experience for your tenant to have a home, all while making sure you are doing what is best for your Denver investment property. Whether you are getting ready to lease out your first property, or you are a seasoned veteran, it is important to know the guidelines for your tenants—and which ones to set. Learn about some of the top considerations to make including how to handle home modifications, go-to tips for pets, and other ideas for the property and payments.

Home Modifications

Ultimately, it is up to you, the property owner, to decide what modifications a tenant can make. You can categorize them by changes the tenant can make on their own, changes they can make upon approval, and changes they are not able to make under any circumstances. When making considerations, normally hanging items, such as art, pictures, or mirrors, on the walls is typically something that is relatively low when it comes to damage. You can make it clear in the lease what type of damage may result in part of the security deposit being retained, but they can take that risk on their own. Making larger modifications such as painting or other renovations or fixes must be discussed with you. Lay a list of examples out to them when signing the lease. Then, you also need to make a list noted in the lease on what they cannot do with the property.

Pets

As a property owner, it is your choice if your property can be rented by pet owners. If you are looking to expand your availability, this is a good option to have available. Regardless, you must discuss in your lease. You can set guidelines on the type of animal, such as dog, cat or both, as well as size. For instance, you may want to set rules on the size of dogs if you are renting out a small unit. Next, if allowing pets, it is best to have the tenants pay a pet deposit in the event of damage caused by a pet. It is up to you whether you would like that to be refundable. Learn more about the four steps for a great rental pet policy from The Balance for a more in-depth list.

Others in the Property and Payments

While finalizing your lease for new tenants, it is important to make stipulations on others in the home. This can include how many can be living in the home at one time, who is responsible for the property, and more. Next, paying is important to review for tenants. In addition to setting a deadline for rent, make sure to lay out the options for pay. Keep in mind that many can be relied on to make payments when online and re-occurring options are available

To assist you with any step of being a property owner, DenCO Property Management and Sales has a variety of services. As your premier local property management company, we help you by providing our expertise in all areas of property management. From helping with a few small things, to completely managing a property, we are here to provide quality property management service to you. Be sure to know what to know before buying your first Denver residential rental property and call us today at 303-722-9688 to see how we can help.