Deciding to lease out your property all of a sudden may appear a bane and not a boon. You need to take a look at the consequences before you start with the process to avoid any stress in future.
Possibility of Expensive Repairs
Whether massive or inexpensive, there is enough possibility for damages in that have remained unchecked in your absence. Find out what it is for evaluating the costs involved so that arranging for it isn’t a bolt from the blue for you.
Purchasing a new home and renting out the former without a single tenant available, could leave you in the lurch. Even before earning a single rupee of the rental income, you will end up paying the utility and mortgage bills for both the properties.
Long Distance Disturbance
The effort put in renting a house increases with the increasing distance from the core location. Consider this before deciding as to whether you would buy a separate home for earning a steady rental income or get tortured by the complaints of renter concluding to the sale of the property. Imagine how heartbreaking it would be if the home has been inherited by you.
Ensure Timely Payment
If and especially, a tenant has been referred to you by someone else, then a thorough checking of his rent-paying habits is a must. Otherwise, you might be left brooding over any unpleasant incident of the tenant leaving your payments due while shifting elsewhere, more so, if any of the utility bills are left unpaid and you have to bear the brunt.
Secure Your Home Interiors
Stains, nail scratches or paw marks can be devastating to your prized architectural features and furnishings. A screening before selecting the tenant without pets isn’t enough since what is the assurance when you are not present there? At least, charging a heavy security deposit would resolve your damage repairing costs.
Take What You Deserve
Attractive low rent for the tenants might not suffice the expenses involved in mending massive damages such as those caused by sudden pipe bursts or gradual water seepage. With the responsibility entirely resting upon you, demand an amount that is justified or you shall be at the losing end.
Don’t Miss a Chance
Did you know that the receipts of raw materials used in making the home rent-ready could allow a deduction in taxes to a certain extent of saving? You should be very careful with these small pieces of paper that would prove valuable at the right time.
Verbal Agreement isn’t Enough
Develop a sense of impartiality for both the known and strangers when renting out your house. There are past incidences that have established that it is a serious mistake to allow habitation of tenants without a formal rental agreement bearing the latter’s signature.
Assured Peace of Mind
Your tenant shouldn’t be a nuisance for its neighbours or else you will have to suffer sleepless nights in attending all those complaint calls. Gather information on the background and lifestyle before making the final call even if you don’t have to share the same house.
Acting by the aforementioned steps would make you happy as a landlord but under the guidance of a professional since experience does matter. Do you have a 3 bhk flat at Rajarhat to rent out? Contact us at transventor.com for a quick, easy and hassle-free solution.