Many people think of renting out their houses as a source of additional income. Renting out your home is a good source of extra income to pay off your loan or debt. In case of a market slump, renting it out is the best option.
But taking the role of landlord is not as easy as it seems. It could be challenging to manage rental properties.
Here are tips that can help you when you are renting out a property.
A new Business
Subletting your apartment or house is earning you some extra cash. Therefore you should manage your rental and treat it as a business. You must remain professional with your renter, and complete the formalities tenant verification process.
You must understand the responsibility involved in being a landlord. As it is one additional responsibility that you need to fit into your life. It is fair to assume you might face some problems, things might not go as planned. You need to do everything from collecting rent while taking care of repairs and maintenance.
Make it ready for a tenant
Nowadays, renters are more choosy and their expectation is high. You can rent out your property as it is. However, if you are subletting a refurnished house or apartment. The probability of subletting the apartment or a house is much higher. You can ask for more rent too.
FIND TENANTS ONLINE
Most people nowadays search online for their apartment or a house. Therefore, you must create an online rental listing of your house. You must double-check the contact details and definitely mention the time it would be feasible for viewing.
How Much Rent to Charge
Check out a few rentals in your area. Compare and analyze the rentals to get a better picture. You can estimate and find out if you should increase your decrease the rent depending on the location and facilities you offer in comparison to the other rentals.
A rental agreement is a must
Having a written agreement helps you communicate all the rules & regulations and your expectation better. It will also protect you in case of any legal disputes.
Vision India has developed multiple residential buildings in and around Kharar. In case you are looking to invest in a house or a commercial property even for rental purposes. Buildings that have SBI bank tie-up for loans. Get in touch with us.