Sub-Letting Your Apartment? Mind These
While the concept is gaining popularity across the country, rough estimates show that sub-letting is extremely prominent among tenants living in the national capital region. These are mostly people who are either living alone or have a nuclear family and want to better utilise the space. Now, there is a reason why sub-letting is gaining popularity among tenants across India.
Apart from having someone to share your monthly rental burden, you also get to enjoy the company of people for a certain period (which is a great thing if one is living all alone in a city). Sharing your premises with another person on a permanent basis could be a disturbing thought even if you can do much better if there was someone to share the monthly rental burden. Sub-letting is the answer to that. Interesting as it does sound, there are certain things to be considered before you decide to sub-let your rented accommodation.
- It is illegal to sub-let the property without informing your landlord. Hence, it may not be a good idea to invite another tenant without keeping the landlord in the loop, in hopes of pocketing all the earnings made through sub-letting. In case your landlord finds out, you may be in trouble and might end up losing your rented accommodation. It would be better to keep it legal and share the benefits with your landlord. In case they object to the idea, you will have to oblige them.
- It may not be a good idea to let a total stranger share your dwelling only because it would be monetarily beneficial. The best-case scenario would be to sub-let to only those you already know. You can also ask your real estate broker to find you a temporary roommate after doing a proper verification in case you are finding it hard to find a tenant.
- It might be hunky-dory in the beginning but discontent might arise with regard to maintenance costs. The person sub-letting might have agreed to pay you a monthly charge, but they could refuse to share the water and electricity bill as there was no mention of them when the whole discussion of sub-letting took place. To ensure a situation like that does not arise, call a spade a spade about the various other charges that the person sub-letting the premises will have to pay, along with the monthly rent. It may also be a good idea to get an agreement made in this regard.
Also Read: 7 Questions A Seller Should Ask His Broker