First, thanks to all who take time to reply to posts like this; I appreciate it.
I’m buying a rental propertu (single family house) which has a large swing and slide set for kids in the back yard. it is in good condition and I’m considering leaving it there (it will cost me $200-300 to remove and dump it, it is big). I have few questions for the gurus here:
Does it add value from rental prospective? I suspect anyone with kids will like it.
Liability: This is what I’m mostly worried about. I’m thinking about getting the tanents to sign a release. Will it work? Cna someone suggest a sample release form. It will cost money to ahve a lawyer write one, and I have very thin margins on the property.
finally, thanks to all who read, and to those who reply.
Does it add value? Only if the potential renters have children/grandchildren that will use it. If they don’t, then it actually could devalue the property in their mindes.
Liability, will a release work? In a word, no. The intents of releases is to inform the person signing of the hazard, etc. and that you won’t be held liable. However, it’s really up to the courts to decide if that release actually releases you from the liability. The release is designed to prevent the lawsuit from happening, not really to protect you during a lawsuit.
Can someone suggest a sample release form? If you want a sample call your insurance agent and see what they have available. They can also tell you the risk potential and if having it will increase your insurance premiums or not.
As far as the “attorneys cost money” thing, yes they do. It’s money well spent if it keeps you out of court or the winner in a lawsuit if it gets to court. I’m sure that it would seem to be a very reasonable expense compared to what a lawsuit settlement would be, don’t you think?
release forms will only slow a plantiff’s attornery down for about a milli-second. Is it a defense?, sure, but will not prevent you from getting sued.
Hopefully you are carrying umbrella liability insurance on top of your homeowners/fire insurance. I would have at least $1M and perhasp $2M. Again this does not prevent you from getting sued, but this policy will cover the attornery fees to defend yourself and (hopefully) cause a potential plantiff to settle with the insurance company.
Have you considered to give it away? Place an ad or post signs: Free playground set…u-haul. Certainly it would be a shame to trash something that is still useable, consider this:
It will not enable you to get extra rent and it has BIG downside liability.
Excellent point. Thanks for the input, I appreciate it. I’ll place an ad to give it away, if no, I’ll yank it out myself.
…as a follow-on idea to that, if you donate it to a non-profit (day-care, school, church, etc.), you can take a tax deduction…
Just a thought and it might create a liability of a different kind…
Some of the renters policies have a liability rider in them. Have them get such a policy.