We make sure that we make the most of our properties. If we acquire more than one property, it is vital to make good use of them. That’s why we rent it out to earn an extra fixed amount each month.
It is not always as simple as it appears. Before you rent your apartment and start looking for a long-term tenant to live there, here are some things you should remember.
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1. Your Budget
Different neighborhoods may have different rental rates due to the different amenities. Before you decide on the rent amount, find out what the current rent prices are for properties in your neighborhood. Rent can be higher if your property is well-furnished.
2. Advertise on the Right Channels
Advertise your property if you are looking to rent your apartment soon. Advertisiment play an important role in reaching the right audience who are looking to rent house. Upload photos of your property to online portals. You can then get inquiries from potential tenants.
Advertisements in newspapers can be placed by those who don’t have the technical skills to market their property. Both the options need to be explored. You can then advertise your property through a variety channels. Also get in touch with your local broker or real estate agents as they have lot of customers who are always looking for a place to rent.
3. Decide the Tenure
The tenure of the tenancy and the exact dates that the lease is valid should be included in the rent agreement. Some owners rent their flat for one year, while others agree to lease it for five years. You should consider settling down for a one-year term and renewing the agreement manually.
4. Get A Lease Or Rent Agreement Drafted
The best way to be cautious when leasing out your property is to use a rental agreement. It encloses all details of the lease contract in one document. Your rent should include all details such as the names of tenants, terms of lease, monthly rent, permanent address, address of tenant’s office or shop, security deposit, and the security deposit.
A rental agreement should be signed by both landlord and tenant. It should specify whether utilities such as water and electricity are part of the rent, or to be borne solely by the tenant. This will help both parties understand their rights, and obligations. The agreement should include a clause that allows for the extension of the landlord-tenant relationship and the expiry date of the rent agreement.
5. Register the agreement
You must register a rental agreement that is longer than 11 months under Section 17 of Registration Act at the sub-registrar office. In the event of a legal dispute between landlord and tenant, if it is not registered, it will be inadmissible at court. A registered agreement will allow the landlords to prevent eviction.
6. Get the tenant’s police authorization verified
Tenant verification provides many benefits, including the assurance that tenants can pay their rent on time and have no criminal history. Check for tenant history. This includes his address, shop, permanent home, references from previous employers, family background, and more. This will ensure that the tenants have a solid background. It is important that all information submitted by tenants be checked and verified. For your safety and security, landlords must now verify that tenants have been verified by police.
7. Amount Of Security Deposit
Determine the amount of security that the tenant must deposit with the landlord. A higher security deposit will help you avoid any loss and encourage residents to value your property. In high-risk cases, you may want to charge a higher security deposit.
8. Before you start, discuss the dos and don’ts
It is important that tenants know their responsibilities when renting a house. It is important to discuss your terms with potential tenants to avoid any problems or damages to your home. You may not want your tenant to have a pet in your apartment, or request that they keep the music volume low at night. These open and transparent discussions will ensure that each party is clear and honest in advance and won’t lead to any disputes later.
These tips can be very helpful if you’re looking to rent an apartment.
