Know How You Should Rent Out Your Property

Know How You Should Rent Out Your Property

Before handing over your bunch of house keys to your new tenant, there are a few things that need to be given due consideration. Be it with location, securing safe tenants, or lease types, if you are renting out your property for the first time, you are bound to face a couple of unforeseen challenges. Before you decide to take in tenants, here is a first-time owner’s guide for How To Rent Out Your Property.

Points To Consider Before You Rent Out Your Property

1. Make your Property Rental Ready

It is important to get an understanding of what type of tenant the locality attracts. For example, if your property is close to a major IT hub, chances are that it will draw in working professionals.  These potential tenants will have specific criteria when looking for apartments. Much the same way, depending on the kind of tenant you want to attract, you will need to customize your offerings. However, the first step to keeping your house rental ready is to buy ensuring you have furnished it.

Since the property is the main point of attraction, it is important that it looks well maintained. Your home should appear neat and clean and all appliances you are providing your tenant with should be in good working order. This lends a good impression and adds to the rental value in the longer run.

2. Choose Tenants Wisely

It’s important who you ultimately decide on letting out your house. You definitely want your tenants to take care of the property like it was their own and leave it in good condition, as they found it. As a result, screening or verifying your potential tenant becomes imperative.

Things to consider when choosing a tenant are their background, their employment history, and the stability of their income which plays a part in ensuring you have a regular and steady rental income. Once you have zeroed in on a tenant, it is important to create a term of the agreement.

3. Stay Selective in Terms of Pricing

The right price draws the right tenant. Setting a competitive price comes with intense knowledge and a keen interest in the retail market. When it comes to pricing, it can be tricky, because furnished apartments are priced differently as opposed to unfurnished homes.

Considering that your property is semi or fully furnished. You can then, price your property on the higher end of the spectrum. However, you also have to have a fair idea about the cost per square area and property prices in general of the locality where your house is situated.

4. Prepare a watertight lease

Before letting out your house, you need a watertight contract that covers all the basic terms and conditions. A contract usually includes rental cost, a date by which the tent should pay the rent. It also includes the security deposit and a list of items provided including appliances and furnishings.

5. Utility costs

In case you are looking for a tenant, you should engage in a conversation with your tenant. It has to be regarding maintenance and utility costs that any property incurs. In most circumstances, utility costs such as electricity, gas supplies, and water are payable by the tenant. Also, maintenance charges or municipal taxes are paid by the landlord.

Rent it Out Online!

OVX India is one of India’s Largest Online Marketplace where you can find & sell almost anything. Just Log on to OVX India and click on Post Advertisement and fill out the details like Title of the Advertisement & select category as Rent Out Your Property. Proceed into filling all the asked details and submit the form. If you have an account the portal notifies you if someone is interested in becoming your tenant. Choose out the one that best suits you.

If you liked this article, check out another cool article – 8 Things To Check While Buying A Property In India

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