 |
How to Rent Your Property When Your Neighbor (or Complex) is Doing Construction
Christine answers a question from a vacation rental owner about rental rates while a neighbor is remodeling their property.
| Q: Our question is this, the neighbors next door to us are planning a remodel and at the current time they will be allowed to build from 7:00 am to 7:00 pm. We feel we are priced slightly below the market, in your experience, do you think because of the noise and the disturbance going on next door we will have to make refunds/discount or lower our price? The remodel is on the first and second floors and our condo is on the second floor, so it will be intrusive.
How do you feel is the best way to handle this situation? To make matters worse, the family doing the remodel has been planning it for 6 years, and is acting as their own contractor, so this disturbance could/can go on for a very long time.
|
| A: I have actually experience almost the same thing at one of my condos…except it was the WHOLE complex being renovated (not just one unit).
Since you already “discount” your market prices, I would clearly inform the renters that this is “why” the price is discounted. I wouldn't play it up, I'd just offer the information in passing…don't open any doors…It's tough for you to make any concessions because the whole matter is out of your hands. If the work doesn't get started at all, or the contractors take a few weeks off, then you'll be discounting for nothing.
|
 |
|
The good news is they do indeed work from 7am to 7pm every single day, the whole job should be finished in a snap. If they don't work those hours and it takes a long time for your neighbors to complete it, then the “noise” will be sporadic and likely not be bothersome to your renters.
I think it's good for you to give some thought to this. It's always best to have a plan than not.
Happy Renting!
Christine
|
|
|