In India, many people mull over the idea of renting out their Property. They may want extra money to save money or to pull down their huge pile of bills. This thought process sometimes trap them in big problems. Renting out your house or apartment in Country like India needs an in-depth research and careful decision. When a landlord tries to rent out his or her property, many questions knocks their mind. Who will be the tenant? Will I get my rent on time? With that in mind, here is our advice for you:
Rental Rate – Think Over it
Before you make a strong decision of renting out your property, make sure that you think twice over it and check and compare the rental rates in your locality. The best way to make your decision safe is to ask for an Advance Security Amount from your tenant. Most importantly, never compromise in advance security amount if your property is well-maintained and fully furnished.
Home Insurance Cover
Don’t rent out your property if it is without insurance cover. Make sure that your property has the maximum insurance cover as your tenants will take change of your property. It is the best way to keep your loving property in the safe boat.
Tenancy Agreement
Written communication is a must. No work should be done without any written agreements. If you are renting out your property, first prepare a tenancy agreement, including important clauses like monthly rental amount, 10% increase after 1 year, security deposit, and more. In case, the rental agreement is about to expire and tenant wants to extend it, this extension should be renewed in written agreement.
Verification – Don’t skip it
Don’t rent out your property without doing complete verification of your new tenants. Make sure you do a police verification of your new tenants. God forbid, if anything bad happens, at least the process goes legally. Submit the form to the local police station along with the previous address proof of the tenant and the valid id card of the tenant.
Consider the above-mentioned important points before giving your property on rent. In case you are looking for a reliable and leading real estate builder in Pune, Karia developers is your one-stop source. They provide the best, spacious and luxurious projects in City like Pune
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