Home renting tips - owner

July 3, 2023
DD Planet

Renting a house has its own challenges. As an owner of the house, you need to be careful of a few things before handing over the key of your flat to someone.

Here are the tips and advice to help you rent out your house:

1. Keep your house maintained and get all the loopholes repaired before you place your advertisement.
2. Define clearly what type of tenant would suit you. This is very important since you should be aware of the pros and cons of renting your house to a family or a group of bachelors.
3. If you’ve some special requirement such as a tenant who is not a non-vegetarian, you need to specify it distinctly.
4. Be aware of the ongoing market price. Accept the fact that you may earn a bit less if you are choosy on the type of tenant you’re looking for.
5. Specify whether your house is pet friendly. If you do not want any pets like dogs in your flat, you should state it distinctly.
6. Be clear on whether you’re open to a company lease or are looking only for a company funded lease.
7. Specify whether you’re open to guests every day.
8. State clearly about the parking associated with your house and mention all the available facilities in or near your house, such as security guards, power backup, club facility, parks and so on. Do not forget to elevate your asking price if your house has more saleable facilities.
9. Unless you’ve no other choice, know the pros and cons of leasing your property to the professionals who further rent out your property to third parties. Better avoid it.
10. Choose a real estate agent wisely and negotiate the commission amount in advance.
11. Advertise your property on major portals and on social media. You may even put a small notice outside your house.
12. Do not go for furnishing your house and rent a furnished accommodation if you’re not prepared for it in reality. Understand the pros and cons apart from the cost.
13. Remember adding air conditioners has its own cost and is valuable only if a tenant is staying for a couple of years. On the positive side, installing air conditioners would save you from possible paint damages.
14. Do not close a deal hurriedly. Asking the tenant to leave within a short duration has its price. Therefore, take your time in understanding the prospective tenant.
15. Once you’ve found a prospective tenant, finalise the rent and discuss all the major terms and conditions of your renting agreement with your prospective tenant including rent escalation clause.
16. Obtain identity and address proof of the tenant.
17. Specify clearly how the common facilities such as water, lift and so on would be shared and who would pay in what proportion.
18. While finalising your renting contract, find a standard contract and modify it wherever you’ve your special conditions to add. Do not forget to convey those conditions to your prospective tenant. You may also visit this page for drafting a residential rental agreement.
19. Mention distinctly about cleanliness and basic maintenance of the house. Also, state about taking care of basic structure such as columns, beams and so on.
20. Do not hand over the keys of your house till you’ve received the security amount as mentioned in your contract and the advance rent for at least one month.
21. Get the police verification done for your tenant.

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