Things to keep in mind when Renting Your Property
Renting out your property is not an easy task. In addition to that, if not handled properly, then it can invite a number of problems. There are a few important things to keep in mind if you want to avoid common problems like misuse of the premises by the tenant, non-payment of maintenance fees on time, delay in payment of rent, etc. Hence, in this article, we present the checklist of things that will help you in avoiding the trouble later.
Here is a checklist which will help you in avoiding the hassle later:
Fixing the rent:
The first and the foremost step to ascertain is to fix the correct rent amount. It is advised to do the proper market research about the current trend before fixing the amount such as talking to the neighbours and contacting the professionals in that area. The rent is directly related to the capital value of the property. So, if you plan to fix a higher rent amount, make sure you justify it by offering premium services or extra furnishing.
A rent agreement is a legal document which binds both the landlord and the tenant. Both parties should comply with the mutually agreed conditions. In case of a dispute between the two, it plays a crucial role. So, the agreement should be drafted with the utmost care and make sure it is duly signed.
Hire a professional:
How can you let it be known that you want to give your house on rent? The traditional and most preferred way is to approach a professional. It smoothens the whole process by giving the personalised services to both the tenant and the landlord, thereby making the process hassle-free for you. There are companies which provide the reliable and professional assistance which one can avail as a part of their maintenance facility.
When it comes to the background check of the tenant, make sure you don’t miss out on this point. Not doing the police verification is a punishable offence under Section 188 of the India Penal Code. Moreover, it lowers the risk of renting out to a person with a criminal background.