7 Points to Remember Before Renting Your Property

7 Points to Remember Before Renting Your Property

7 Points to Remember Before Renting Your Property
(Dreamstime)

In most cases, we decide to rent our property to earn a fixed amount of money every month. However, do remember that renting a property is not as easy as it appears. Before you decide to rent your property, here are certain things that you must remember:

Decide the rent

Find out the prevailing rental rates in your area before you set the rent amount. You can charge a higher amount your property is furnished.

Advertise

Like all sellers and service providers, you, too, have to advertise to find takers. Online portals can be of great help here. Those who are not tech-savvy can post an advertisement with local newspapers. Another simple method to advertise your property is by approach a local broker.

Draft a rent agreement

A rent agreement is a must when you let out your property. Make sure your rent agreement has all the details, including term of lease, monthly rent, tenant’s permanent address and security deposit. It should also specify all the terms and conditions about other expenses like water and electricity bills and other maintenance charges and repair costs. The date of expiry of the lease should also be mentioned in the agreement, including a clause for extension of the lease.

Register the agreement

If you want your lease agreement to be valid and not void, get it registered. A registered agreement is considered an evidence in court in case of any legal dispute among landlord and tenant.

Get the tenant's police verification done

Police verification tenants is not only a legal obligation but also required for your own safety. This can simply be done by filling an online form on the portals of the state police departments. You should also check your premises from time to time to ensure it is not being misused.

Ask for security deposit

A security deposit is an important mean to protect your property. It offers an assurance that your property is left in a good condition when your tenant vacates it. The amount can be used as an arrear rent or for required repairs. It is also a security in case your tenant absconds without informing you.

Discuss dos and don’t

Do discuss your terms and conditions with your prospective tenant. For instance, you may not like your tenant to keep a pet or play loud music late in the night. Such open and clear discussions in advance will not lead to any disagreements at a later stage.

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