|
The cities in India are growing and creating a number of opportunities for people to flock to cities in search jobs, higher studies etc. this has created a huge market for rents accommodation, since not everyone can but a house so the rental market is booming. Keeping this scenario in mind it is not at all surprising that there are many investors who are entering the real estate market with the sole objective of buying a residential property and then renting it out, which it all rounds very good, many first time, landlords are unaware of the potential risks associated with renting out a property. Some of the most common problems that first time landlords face are: 1) Finding the right kind of tenants. 2) Monthly rent not paid in time. 3) Tenants refusing to vacate the property. 4) Tenant’s not paying maintenance fees, if it is mentioned in the rented agreement. The finer points that landlords need to know before renting out their properties are: • Deciding on rent: Before renting out your property it is important that you get your property it is important that you get your property valued for rented value depending on the location you have the property depending on the rental value of the area and the condition of your property, whether it is fully furnished or semi-furnished that you can fix a competitive rent for your property. • Insure your property: A small landlord always insures his property. You can insure your property by hiring local agents. If you have the house in a upscale society which will fetch you a high tented, a property consultant would be very helpful to help you with the leasing. How to draft the rental agreement:- The rent agreement should be in writing and registered with the appropriate authority. The agreement should contain the term of lease, monthly rent and security deposited. It should have all the terms and conditions specified in a proper manner such as who will pay maintenance charges, electricity charges, water charges etc. the purpose of tenancy should also be clearly mentioned, such as whether the property is used for commercial and residential purpose. If the rent agreement is set to expire and you and your tenant agree to extend the agreement then the extension should be in writing. Registration of the agreement:- After you have prepared the rental agreement it is very important to get it registered. It is important to get it registered. It is important to register because only after proper registration it can be used in a court of law as evidence. The amount paid for registration can be paid mutually depending on the situation. Police verification:- One of the most essential part of the rental process which helps in the background verification of the tenant. Not conducting a background check is a punishable offence under section 188 of the India penal code. The landed has to fill a form obtained from the local police station. It must be then submitted to the local police station along with the required identification proof of the tenant. The police then docs the required verification and gives approval from rental agreement. Apart from all the above mentioned tips, a landlord should invest time and effort to make periodic inspection of his property to verify that his property is safe and not being misused in any manner. Investing in rental real estate is profitable but it requires you to be a smart and savvy landlord. Visit here http://www.skyscrapercity.com/showthread.php?t=1825747 for more information.
Related Articles -
mona city flats, tips for renting home, flats for sale in mohali,
| 
