5 Things Landlords Should Do To Guard Their Interest
If you happen to have watched 1986 Bollywood film Kirayedar, you would have many apprehensions before you rent out your property. The film narrates the story of a Lucknow-based man who rents his Mumbai-based house to a family and ends up knocking the court's doors to get the possession back. After many twists and turns in the narrative, there is a happy ending of the plot, but the man is not able to get back his property as a matter of fact. Even if you did not have the good fortune to watch the movie and take tips from it over renting your property, it is your responsibility to guard your property as firmly as you can being its owner.
MakaaniQ lists five ways in which you can ensure that:
- Who would not like to get the best of money as rent? To do this, we often tend to ignore the paperwork if the tenant is ready to pay us well. What we do not take into account is the fact that this monthly amount may cost us dearly in case of a conflict with the tenant. If your paperwork is not done properly, you will be at the receiving end of things.
- You live in Noida and bought a property in Mumbai, planning to cash in on the potential of the rental housing in that city. Do not forget that leaving your property unchecked for a long time just because you are receiving the monthly rent on time may not be a good idea.
- You thought it was rude to make the gentleman, who came to take your property on rent, go through a police verification process. After all he is your friend's friend, and there should not be a need to do this. This approach, too, can land you in trouble. Do remember that police verification of the tenant is part of the process and has nothing to do with your politeness or the lack of it.
- Based on your assessment of the tenant, you should renew the rent agreement. In case you find your tenant's behaviour suspicious or unpleasant, there is no reason why you should let them occupy your property. The reason that your tenant pays you more than your neighbour's tenant should not blind your vision here.
- Changing tenants from time to time is another good way to ward off legal complications. A longer period of occupancy works in favour of the tenant in case any complications arise. Changing tenants from time to time would also help you raise the rent amount periodically.