Do you have any idle property? And are you thinking to give that property on rent? Then, what are you waiting for, rent it now! There are many benefits of becoming a landlord. If you rent your property or house then you can earn extra income form that idle property or house and you can enjoy tax benefits also. So, here are some tips or ways that helps you in becoming a successful landlord.
Have a read!
1. Make your mind
The very first thing is to make up your mind for becoming a landlord. Make yourself ready for letting your property or house on rent.
2. Do complete research
Complete research is very necessary before giving property or house to the tenant. Do complete research on your part before approaching any tenant for property letting or house letting. You can research about the legal consequences. You can also research about the safety points that must be followed by a landlord before letting its property to someone.
3. Property valuation
Another thing that you have to do before becoming a landlord is to valuation of the property or house that you want to give on rent or lease. Valuate your property or house first. Valuation of the property or house gives you an idea about the rent. Valuation of property or house helps you in fixing the amount of rent. So, valuation of the property or house is must for reasonable rental rates.
4. Be reasonable
Once you get the idea about the rent, fix rent accordingly. There are many factors that determine the amount of rent like:
• Value of the property.
• Location where the property or house is situated.
• Availability of other facilities like water, electricity, lifts facility etc.
• Safety norms are also considered to be an important factor for determining the rent. The more safe your property is, the more rent you charge from the tenants.
• Prevailing rates of rental property in the market is another factor that influences the amount of rent.
So, these are some factors that influence the amount of rent. All these factors should always be considered before fixing the amount of rent. Always remember, be reasonable with the rent.
5. Verification is must
Ask your tenant to submit all the necessary documents. Do not lend your house or property without the legal documents. Once the documents are submitted, verify all the documents keenly. Make sure documents that are submitted by the tenant are real and not fake.
6. Be professional
If you are letting your property of house to relative and friends then be professional. Ask your friend or relative to fulfill all the formalities that is necessary from legal and safety point of view.
7. Respect tenant
Respect is must for good relations. Respect your tenant and try to maintain professional relationship with the tenant.
So, these are some tips that always help you in becoming a landlord. Always keep these tips in mind while making contract with the tenant. So, follow these tips and lent your property or house and enjoy extra income!
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