Often we find pointers for people looking for a rented house or property. How to find the right property, how to determine the rent you can pay are common queries of many of us. But for those renting out a property it can be quite a thankless job with hardly any advice or help being offered to prospective landlords.
So for a change below are 7 tips to protect your property and yourself before you let it out for renting and become the reluctant ‘landlord’.
Top Tips Before You Rent Out Your Property:
Make Note of the Responsibility Attached
If renting out a property comes with its share of benefits such as ease of tax breaks, generation of income that could pay bills or create a profit and chiefly protect the empty property from vandalism, there are also responsibilities attached to being a landlord and you need to decide whether you are up for it or not. As a landlord you have to be diligent on the maintenance and repair of your house or property, collect rent and keep track.
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Talk to Professionals
Clear out legalities, property rules and tax related laws by either talking to or hiring professionals such as attorneys and agents like Nirmal Lifestyle Mulund.
Prep up your house
With the market being down, tenants have an upper hand owing to increased choices. In order to prepare for prospective tenants ensure the house or area to be rented is thoroughly cleaned and straightened out. Check the paint, furniture if any, gadgets and plumbing. Make a note of attractive terms featured in the house that can be used while advertising, such as “stainless steel appliances”, “granite”, “state of the art” or “vaulted ceilings” etc., to highlight the distinguishing aspects and features of your house.
Look out for a good tenant
Once you have decided to rent out your house, you can choose to advertise on various mediums such as local newspapers and also online ads which are more effective and cheaper than newspaper ads. Property owners can even spread the word via colleagues, friends or relatives.
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Get an application filled by potential tenants where basic information such as name, proof of ids, references, employer, salary, previous landlords is listed. Perform thorough background checks of likely tenants and even check their credit records and histories.
Decide the rent to be charged
Determine the rental amount by checking the prevalent rental rates in the area via online sources or ads. Also don’t charge exorbitantly rather decide competitive rent amount as it is wise to be realistic. Also determine a reasonable security deposit and a payment schedule that is appropriate.
Get a written lease
Get written leases spelling out rights and obligations for the landlord and the tenant such as due date for rent, security deposit, repair responsibilities, rules of behaviour etc.
Get the property appropriately insured
Get an appropriate rental insurance policy to protect your property and also encourage your tenants to get an insurance property for their belongings in the house.
Author’s bio: The article tries to discuss some tips to rent out property in a successful way. Dealing with property and real estate needs wise knowledge to get the best profit out of the same.
