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How To Choose A Right Tenant For Your Home

How To Choose A Right Tenant For Your Home

How To Choose A Right Tenant For Your Home
Before you finalise a tenant, it is always important to know if he will be in a position to pay the rent every month. (Dreamstime)

Choosing a right tenant for the landowner is as difficult as a finding a right rental property as a tenant. Being a landowner, it is also important for you to choose the right tenant for your property as it can help you save your property and investment.

So, to ease the process, MakaaniQ lists some tips that will help you choose the right tenant for your property.

Check his credit worthiness

Before you finalise a tenant, it is always important to know if he will be in a position to pay the rent every month. In your first interaction with the prospective tenant, you can get a fair idea about his income and financial situation. For instance, a student may not have a regular income as compared to a professional or a working person. So, through conversations understand that there is a regular flow of income or money every month.

Advance deposit

Security deposit and one month's rent in advance will also speak about the financial situation of the prospective tenant. Deposit money varies in different cities, for instance, in Delhi the security deposit ranges between one to three months, while in some cities it might vary between six months to one year. If the tenant tries to negotiate over deposit amount or says he could not afford the same, then it could be considered as a hint about the tenant's financial position.

Type of tenant

Preference of a tenant depends completely on the landowner. While some prefer a family, others are fine with students or working individuals. While with a family the property might see time-to-time wear and tear, in case of individuals or students, the possibility of vacating the property too soon or without intimation could be a problem. Similarly, it is also important to consider the number of people living in the premises. Moreover, the kind of tenants would also depend on the size of the property. While a family would fit in a 2BHK or larger configurations, students or working individual if living alone would prefer a 1BHK apartment.

Stability

It is always better to have a tenant that would stay for a certain period of time. For instance, one year should be minimum. However, it also depends on you as a landowner, for how long you would want to keep a tenant. At times, landowners too do not want to keep the same tenant for long.

Verification and documentation

Police verification and background check is a must before you take your final decision. It is always better to keep a copy of the verification documents of the tenant with you, along with getting it verified with the police.

Don't discriminate

While choosing the tenant, practice the ethics and do not judge a tenant on the basis of caste, creed, colour or religion. Treat every tenant equally and consider a tenant on the basis of other parameters.

Last Updated: Wed Sep 07 2016

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