Tips for landlords for Renting Property

India’s cities are growing and creating opportunities in various fields. This means that there are a lot of people flocking to these cities in search of jobs, higher studies and for many other reason.
The sky-high property prices in the cities are keeping the ‘buy’ option out of the reach of the common man, so the rental market is booming.

When property owner thinks of giving their flat for rent he/she has so many questing roaming around say rent to be charged, document verification, Police verification, security deposit, agreement registrations, tenant’s background check and many more.

There are few more problem which landlords may encounter after giving it to tenants are late rent pay, misuse of property, refuse to vacant the property, not paying maintenance fees on time.

Points which first time landlords has to keep in mind while renting property:

Permission from the building society:

Some builders won’t allow property/flat owners to give their property for rent. If some do, then they have restriction to give it to family not to bachelor. They even have restriction to give rent for personal use not for commercial. It’s better to take permission from building society committee members before deciding to give it for rent.

Rent Amount:

Important point to remember is if more people interested in locality or property the property price becomes high then rent amount too. Usually the rent amount is 4-5% of the current property value. You can charge for other facilities and include in rent amount such as furnished flat, amenities, maintenance fees, water bill.

Listing the property:

Once rent amount is decided list your property online to various real estate website and provide details of flat and all other facilities included in rent amount. Landlord can also do it offline by contacting reputed local agents.

Written Legal documents:

Property owner should make sure to have required legal documents verified which will be helpful in future to avoid a confusion if problem arrives.
It includes-

1. Term of Lease
2.Amount of Rent
3.Purpose of Tenancy (Bachelor or family, commercial or personal us)
4.Security and other additional charges (if applicable)

Police Verification:

Sometimes landlords don’t think to do police verification on priority basis. It will be helpful to the landlord as police do proper tenant’s background check.
If not done some tenants can fraud to landlord after renting the property because tenants have more control on it than landlords.

Property Tax:

Landlords should have words and clause in rent agreement with tenant that if in any case the property tax is increased then landlord have right to increase the rent amount as well.