With booming economy and hikes in salaries and incentives, having only one house has become a fad for the average middle class in India. They often have more than one flat in their name. People with wise realty sense stay in one flat and rents or lease out his second and third property. After all, real estate is a booming investment option since time immemorial, if you can take a steady and wise leap. However, there are several pros and cons associated with giving a property for rent.
Here’s a guide to know all about it:
Less Rental Income
If you have a flat for rent in Dwarka, the yield is not likely to increase every passing year; however even if the yield is less there would be a constant supply of income. The rental yield amount is also connected to inflation. Unless there is any issue with the demand and supply chain, it is possible to increase the rent every year at least with restricted amount.
Painting and Other Expenses
Every repair and work at your flat is directly liable to the owner. Hence, a big amount of your rental income goes in that way. Also, if you have a DDA flat for rent in Dwarka, and it is vacant for a long time, obviously maintenance and repairs would be required which can be pinching your pocket. This money can be easily availed if you rent that property.
Have a Great Rapport with the Tenant
Having a great rapport with the tenant is always important when your property is on rent. It also gives you an assurance that the rent gets paid on time and you don’t have to back-scratch them always. For instance, enquire with a few property dealers in Dwarka about the tenants’ way of dealing and it will help you in the long run.
Do Some Research before Renting out
Get quotes and opinions from experts in the field before you rent your property. For instance, if the property is for rent in Dwarka, enquire about the rent prevailing in the premises and fix the rent judiciously. Make sure you are aware of all the points that say about the merits of the location. Inform your tenant about all those and be technically informed before giving the property for rent.
Advertise In the Right Channel
Social media posts are the current ‘in-thing’. However, you can also consider flyers, outdoor notices, word of mouth through friends and relatives. As the last resort, you can also look out for a few real estate agents and property dealers in Dwarka, to get more connections.
Prepare the Rental Agreement with Care
This is one of the most deciding documents in rented property related matters. It should mention the various aspects of rental property – the most vital one is the starting and ending date of rental agreement. It should also be specific about the rights and guidelines of the landlord and tenants. Keep the documents and the details of house repair. According to legal experts, registering the rental agreement is better rather than getting it notarised.
Consider the above-mentioned points to consider while giving property for rent. Always keep in mind that it is your property bought with your hard-earned money. Keep an eye on the important points and make things transparent and wonderful.
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