We own a two flat, live on one floor and rent out the other. In the rental flat, we've had long term tenants (15+ years) who have been wonderful. It's an informal arrangement on some level (no lease, no security deposit) but it is a legal, registered rental unit, we report the income on our taxes, etc.
Due to changing circumstances, we're considering taking over the whole house, but want to do right by our tenants. I have questions!
How much notice would be reasonable? I'm inclined to give them 6mos+
Should we offer to help them with (some? all?) of their moving expenses or their security deposit at the new place?
Are there any legal pitfalls to be aware of here? This informal arrangement has been great, but sometimes the loss of a privilege below market rent] can feel like oppression. People get attached to their homes. I trust them, but I also don't want to be totally naive and leave us open to legal drama.
What would be the best way to break the news?
Additional context: we're most likely a bit better off than they are, but there's not a vast financial gap (i.e. it's not like we're multi millionaires and they're Section 8 tenants.) The proposed financial help with moving expenses or a security deposit won't be a hardship for us, but also wouldn't be chump change for us. We are definitely on friendly terms, but do not do much socializing together. |
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