Real estate is a lucrative option to earn some extra income. Who knows it better than house owners who give their house or property on rent! However, with financial benefits, here are definitely some worries of every landlord. The following article shares some useful tips for the first-time landlords. Read on to know.
Owing your own house and giving it on rent is a great option to earn a high rental income. However, apart from earning an extra amount, there are few things that keep troubling the landlords, such as how will the new tenant treat his lovely house? What will be the maintenance cost for a rental property? Whether I will be able to get the desired amount of rent? Will the renter pay the rent on time or will he vacate the house when asked to do so?
To address all such queries of the first-time landlords, here we discuss some important points to remember.
The following tips are even more important for the elderly landlords who are in their middle age to avoid any property issue with renters in the near future.
Deciding the Rent Amount
A right calculation of the house rent is important at the time of giving your house on rent. For this, you can easily check the several real estate websites and news to get an idea about the current rental charges for 2BHK or 3BHK apartment, depending on the size of your property or house. The calculation of the suitable monthly rent amount is necessary to rent your house without much delay. Remember, the location and amenities offered in your house are the key factor in deciding the rental amount.
Maintain the Rental Property
As a homeowner, if you are planning to give your house on rent, it is important to keep it in a condition that makes it look new and attractive to the future tenant. Check for the minor repairs in doors, windows, leaking drainpipes, kitchen cabinets and wall paint, if required. Keeping your house clean and maintained will allow the landlord to get the desired rental amount.
Get Complete Detail about Your Tenant’s Background
Before you allow a stranger to live in your rented house, it is important to check his background. This helps you to avoid landing into any major trouble and selecting the right tenant. Gather the important information about the prospective tenant’s occupation detail, last residential address, number of family members, income details, etc. Do not forget to retain a copy of his id proof for future reference.
Get the Rent Agreement Signed by the Tenant
For a landlord and tenant, rent agreement is an important document. At the time of renting your property, it is recommended to mention all the important details such as renting period, rent amount, rent renewal rate, payment mode, maintenance cost, deposit amount, electricity bill payments and other important payments. It really helps the landlord to mention terms and condition in the rent agreement and get it signed by the tenant to avoid any future conflict.
Apart from all the above mentioned tips, one important advice for the future landlord is to be able to resolve any dispute with tenant in a right way. If the dispute is over any issue, say annual increase in rent amount, repairs or maintenance issues, it is advisable to resolve it wisely after meeting the tenant personally. Many such problems can be easily handled by entering into a healthy discussion with the tenant.
So, get ready to generate some additional income by renting your house or property in the right way!