Your home is your pride and joy, you’ve lived in it for some time and have to rent it out now for reasons. Or you are probably renting the home you purchased as an investment. In India, many homeowners are not able to occupy their homes due to the nature of their professions. Either way, renting out a property is a complicated journey that needs a fair amount of preparation. You worry if the tenant will take care of your home the way you would. From hygiene and cleanliness to keeping the tiles and switches damage-free, a landlord’s worries can be many. That said, preparing your property cosmetically and keeping all the documents you may need ready could go a long way in keeping the entire process hassle-free. Here are some steps to follow through before you put up that ‘To-let’ sign on your property to attract good tenants and enjoy a smooth way forward.
Conduct repairs if any Conduct a thorough inspection of your home when it is empty. Leaky faucets, taps, creaky doors, leaky roofs, pest infestation if any are all things you need to check thoroughly before renting out your property. Take a good look at electrical outlets, plug points, and other appliances if they work well.
Is your home safe for your tenant? Safety should be on the top of your mind whether you occupy it or a tenant does. If you are renting out a portion of your home, then make sure to separate your home from the rental portion securely. Install gates, check locks, ensure your doors are installed properly and cover open areas if any on the property. Note that a safe home is easier to rent out and your tenants will feel safe and more at ease in your property.
Clean up before renting This is a no-brainer, yet not a lot of landlords take note of it: clean your home before a potential tenant comes to look at the property. No matter how beautiful your home is, or however desirable its location, a dirty home turns off tenants very fast. Make your home look presentable with clean floors, doors, windows, and shelves. Ensure that your previous tenant has cleared out clutter from lofts and other cupboards. Invest in a cleaning service to brighten up bathrooms and kitchen for a sparkly new home that everyone will want to live in.
Take a good look at your furnishing If you are renting out your property on a semi-furnished or fully-furnished basis, make sure the furnishing and appliance you are leaving behind are spic and span. Curtains, beds, carpets, sofas, and other upholstery you leave for rent need to be clean to attract premium tenants. Appliances like geysers, chimneys, fans, and lights can experience wear and tear from continuous use. So make sure all the appliances in your property are clean and in good working condition.
Consider getting a landlord insurance Landlord insurance will help put you at ease during the tenancy period. Landlord insurance, a relatively less known cover, is a great way to recover any minor or major mishaps in your rental property. Natural disasters, injuries, accidents, etc. are liabilities that the landlord insurance can cover. Some landlord insurance policies cover damage and repairs that you may incur when a tenant vacates your property. The landlord insurance cost depends on the size of the property, its geographical location, climate conditions of the area, etc. The security systems you have installed on your property like burglar alarms, CCTV cameras also factor in when you opt for landlord insurance.
Getting a rent agreement ready A rent agreement is a legal document that details specifics of the tenancy like names of the tenant and the landlord, addresses of both parties, the monthly rent for the property, the duration of the tenancy, penalties if any on rent default, and maintenance of property if applicable. A rent agreement is an important document for both the tenant and the landlord in case any dispute arises between the two. Some of the reasons that may lead to disputes are if the tenant tries to sublet your property, the landlord increases the rent without notice, the tenant sets up a commercial business in a residential property, or if there are issues in the receipt or return of the security deposit. Rental agreements also come in handy for landlords if a tenant causes damage to the property.
Decide the rent and security deposit To decide the rent you want to charge for your home, you need to first dig deep and do your homework. First, inquire about the rental cost in your locality. Factor in the size of your property and the amenities you provide to your tenant if your home is a semi-furnished or fully furnished home. Most homeowners add the maintenance cost of the property to the rent too. Additional charges may include electricity, water, etc. Arrive at a final cost and check with other landlords in your locality if that is price tenants are willing to pay.
When you think your home is ready to be rented out, take your time to screen tenants who approach you. Hand over the keys to your home only after you make sure of the credibility of your tenant. After all, renting out a property isn’t just for its monetary returns. Your home is still yours and finding the best tenant who will treat your home like theirs is important too.
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