Planning to Rent Your Property? Keep These Points in Mind
Oct 28, 2017 Home Trading Steps
Rent a property is a common notion to earn some extra money every month. But the renting process is not as easy as it sounds. You have to be well aware of it. So, here are some important that you should remember while renting out your property.
Advertise it well: you have to make your property visible in the market. For this, you need to advertise to find tenants. Here online portals can be of great help as a majority of takers depend on the online medium today. For those who are not technologically advanced, you can advertise through newspapers. Or you can go through the most common method that is by reaching out to a broker.
The rent amount: research about the ongoing rental rates in the market and accordingly you can decide. If your property is fully furnished then you can charge a higher rental amount.
Rent agreement: it’s a necessary document if you are planning to rent out your property. Whenever you draft your rental agreement, make sure the legal document has all the important details like monthly rent, details about tenant’s permanent address, terms, and condition of water, electricity bills, maintenance charges, terms of the rent agreement and the expiry of the rent period including an extension clause as well. Also get your agreement registered, such that you can have evidence that you can use in court for any legal dispute.
Police verification of the tenants: police verification is as important as the rent agreement. This is for your safety as the landlord. This can be done by filling up online form available on the state police department portals.
Security deposit: the security deposit is a means to protect your property in terms that it gives you an assurance that your is in a good state when the tenant leaves. You can use the amount if any repair work is required or if there is any arrear rent. Also, if your tenant absconds without telling you then the amount acts as a security.
The do’s and don’t: clearly, mention the term and conditions or the do’s and don't with the tenant to avoid further misunderstandings. Make an open discussion with the tenant like you don’t like loud music or late night parties or late coming, such that the tenant is clear about their limits and how they need to handle everything.
Advertise it well: you have to make your property visible in the market. For this, you need to advertise to find tenants. Here online portals can be of great help as a majority of takers depend on the online medium today. For those who are not technologically advanced, you can advertise through newspapers. Or you can go through the most common method that is by reaching out to a broker.
The rent amount: research about the ongoing rental rates in the market and accordingly you can decide. If your property is fully furnished then you can charge a higher rental amount.
Rent agreement: it’s a necessary document if you are planning to rent out your property. Whenever you draft your rental agreement, make sure the legal document has all the important details like monthly rent, details about tenant’s permanent address, terms, and condition of water, electricity bills, maintenance charges, terms of the rent agreement and the expiry of the rent period including an extension clause as well. Also get your agreement registered, such that you can have evidence that you can use in court for any legal dispute.
Police verification of the tenants: police verification is as important as the rent agreement. This is for your safety as the landlord. This can be done by filling up online form available on the state police department portals.
Security deposit: the security deposit is a means to protect your property in terms that it gives you an assurance that your is in a good state when the tenant leaves. You can use the amount if any repair work is required or if there is any arrear rent. Also, if your tenant absconds without telling you then the amount acts as a security.
The do’s and don’t: clearly, mention the term and conditions or the do’s and don't with the tenant to avoid further misunderstandings. Make an open discussion with the tenant like you don’t like loud music or late night parties or late coming, such that the tenant is clear about their limits and how they need to handle everything.
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