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Updated almost 7 years ago on . Most recent reply
Neighbor wants to sublease property behind lot - thoughts/advice?
To make a long story short, I have a couple of acres behind one of my properties. I take mediocre care of it because - well- why do more than the minimum. Its behind a tree line and stuff so my renters don't even know it exists.
A neighbor expressed concern that they would like it to look nicer and expressed interest in this land as a long term lease. They can use it and care for it, and then I don't have to care for it or worry about it. I checked with insurance, checked with my loan note, and checked with the county zoning. No issues on any of those fronts.
So their agent said, "name your price and we'll talk".
I don't know where to start! How much to charge for something like this? How long should the lease be? what should I spell out on requirements?
I know I won't be getting much for it, but not caring for it is a plus too. Their agent suggested "Maybe a low dollar 99 year lease", but that they will discuss pricing.
I was thinking of keeping it short to make sure I can move the property if I need to, like a 10 year lease?
Then I didn't know if it was appropriate to charge $1 for 10 years or if asking for like $250/yr per acre was reasonable.
Anyway, it seems extra challenging BECAUSE there's no real money in it and because its pretty flippant. Is there anything I should be concerned with? And what should I charge?