Things to Keep in Mind Before Giving a House on Rent
by Vimlesh Rai Content MarketerRenting out a property
involves promotion of your property, doing the paperwork and liability towards
tenants. Giving a property on rent comes with certain challenges, including searching for the right
tenant, ensuring the property is not misused by the tenants, keeping a check on
the damages and maintenance, and ensuring there are no delays in the payment of
rent.
Everyone dreams of investing in a fixed property, like a cost of land or a
house. Moreover, this vision is achieved after years
of savings. Once purchased, the property has the potential to create additional
profit by way of lease or rent. However, huge care wants to be taken while
doing this and many aspects have to be kept in mind while selecting the right
tenants.
It is essential to do a check up on the financial history and
social background of the tenants. Do not to take a quick decision and ignore a
background analysis easily because the party is willing to offer a superior
rent. This could lead to grievous legal difficulties regarding rent and
ownership. A bit of concern early on can prevent any abuse of your rented
property.
List of essential things needed before
giving a house on rent
Advertising
The conventional and most preferred way is to approach a
broker. In fact, on online portals, most advertisements are placed by brokers
on behalf of clients. This has many advantages. A broker gives personalized
services to both the landlord and the tenant. He can also save you a lot of
time and attempt by selection with the tenant's police verification,
preparation of lease agreement. On Rentxz you can select the broker based on
ratings and reviews.
Police Verification
This is a helpful procedure to check the tenant's background.
This minimizes the risk of giving the property on rent to a someone from a
criminal background. Just get the details of your tenant like the recognition
evidence along with the verification form which can be downloaded from state
police department's website and get it submitted to a police station close to
your locality.
Advance Rent
Make sure that you take two months' rent in advance. There is
a standard rule that every tenant has to pay a certain amount in advance. A
landlord is entitled to ask this amount as a preventive charge for any damage
to the property, or the tenant may not be capable of paying a month or 2 rent
by citing any suitable reason for that. It is also a universal practice to
boost the house rent yearly.
Many tenants these days use the rented
residential property for commercial purposes to avoid high rents. One
can easily open a small office or a tuition centre in a residential property.
To avoid such situation, a landlord should make it clear in the rental
agreement and also, give time-to-time visits to the house.
There are numerous touts who rent
a house in Noida on pseudo-names and use scheming means to avoid
paying rent or give up land control. They might execute illegal activities in
the rented premises and spill the blame on the innocent landowner. Be wary of
such clients and report any suspicious activity to the authority.
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Created on Feb 27th 2018 02:51. Viewed 530 times.