Most people invest in property to get a good return on invested money. Renting your home is a safe and hassle-free way of getting additional income and return on investment. Renting home is definitely a smart way to perk up your income and savings, however; you need to be a smart landlord to get your home rented to right tenants. Whether you own an individual house, villa, flat or floor, there are some important things that you need to understand before renting your house. So without any further delay let’s have a look at some important things to consider before renting your house.
Review the condition of your property
A review of the house you intend to should be the first step before stepping ahead. Sometimes a well-built house doesn’t get proper rental value owing to small issues like rugged paint, uneven floor, damaged taps or pipes etc. These small shortcomings can make a big impact on the rental value of your house. Check for all the corners of the house for any repair work. Improving the look and presentation can help you find a tenant faster and also fetch better rental amount.
Special Tip: Apart from basic painting and repair, some improvements like getting trendy paint to highlight a wall, latest hardware and sanitary fitting etc., won’t cost you much but drastically change the look of your property and help to get a higher rental value.
Explore Prevailing Rental Rate
This is the most important step in the course of renting your property. Everyone who wishes to rent the property is looking for an additional source of income thus an accurate idea of current rental rates in your locality is very important. Working on rough ideas may lead to lesser rent value or if you ask for more than current rental rate you may have to keep waiting for responses. So getting a clear idea of rental value in your locality is a must.
Special Tip: You can get the idea of current local rental values from the blogs and forums where people discuss the rent values. On property portals, you can find insights about current rent trends in India. You can also have an idea on ideal rent amount by exploring your neighborhood areas and getting inputs from other property owners.
Advertise Your Property Well
To rent your house you need to either contact a real estate broker or find ways to promote your property. A property portal like realestateindia.com can help you in, either way, there you can find the list of reliable property dealer and real estate agents in your area and also get potions to list your property for rent. Brokers can help you to find tenants and also help in other processes and formalities of renting your home. They save a lot of time and energy which you have to invest if you don’t take services of a real estate broker. However, if you wish to save the commission amount and do it at your own, you can register on property portal and post advertisement your house for rent, to get responses from tenants.
Special Tip: While posting your property on property portals use right keywords like “Individual Houses for rent in India” or flats for rent in Delhi so that your advertisement gets exposure amidst potential tenants. Moreover, try adding maximum details like size of property, number of rooms, expected rent and floor number along with clear pictures of the property. Also use social media to spread the news, by posting it in groups created for property owners and tenants.
Some other yet important things to keep in mind, before renting your home
- Getting a police verification of tenant-to-be, is very important. Considering the increasing crime rates and terrorist activities, it’s always safe to get a police verification before you finalize a deal.
- Take advance rent for at least 2 months. This will save you from trouble in case your tenant damage anything or try leaving without paying rent of the month.
- Get assistance of a legal professional who is specialized in property related matters. Take his services to draft a rent agreement. Pay special attention to all the clauses to avoid any clash in future.
- Keep the tenure of rent lease for 11 months which is beneficial for tenant we well as landlord. This will allow you to change the tenant if you don’t find him good enough to renew the contract. Moreover, you get a freehand to raise the rental amount in sync of latest rental trends.
- Keep “lock-in clause” in the agreement to ensure that your tenant can not terminate the agreement and even if he leaves the property he has to pay the rent for the period specified in the agreement.
- Tell your tenants in advance that you appreciate punctuality and would not like to remind them for rent paying. Ask them to adhere to the rent payment schedule as discussed and drafted.
Your house is one of the most valuable assets, which you have purchased by investing your hard-earned money, so any negligence in finding the right tenant can invite financial as well as legal troubles for you. Points discussed above can make you a vigilant and smart landlord and save you from unnecessary tensions as well. Never proceed on the basis of verbal commitments, stay safe by getting it drafted in a rent agreement. Also, try maintaining a harmonious relationship with your tenants and pay attention to their requirements as well. Treat them well and they will keep your house well. Keep visiting this page to get more updates and information about the latest trends of property renting.