Many natives of Mumbai ponder over the thought of renting their flats in down-market. Renting out flats in Mumbai brings in additional income which helps to pay utility bills, and also add on to the amount of savings. It’s a great time to buy property in Mumbai. Here are more than a handful of advantages of renting out flats, but it is also possible that this might lead to eventual troubles if certain things aren’t kept in mind. There are lots of risks associated with renting out properties which include bad maintenance, not receiving the rent on time, not vacating the flat at the right time as per the written agreement etc. Renting a flat is like a full time job which requires great management skills and responsibility .It can be more difficult task if you are not staying in the same area where the flat is situated. Here are some tips to the owners who are letting out their flats,
Getting the home ready
In a down market tenants will be more thoughtful and selective because the rental homes are abundantly available, and expectations are on a high as well. Prepare for your new occupant by cleaning the house and making sure all the wirings are proper and also the fans are in working condition. Once the flat is ready, make a list of features that makes you flat stand out and find adjectives that describes these features when you post an ad in various online portals.
A tenant is not only a person whom you depend on for receiving rent but, also for taking excellent care of your flat. So once your flat is ready, Select your tenant carefully. Always get a police verification done and also understand the habits, credit history etc. IT is also advised to take safety precautions as this new person will be total stranger! Once you have finalized the tenant, demand for the appropriate security or caution deposit and also fix the monthly payment date.
Post the background verification of the tenants, the rental agreement needs to be prepared. This document can be used in case of any disputes in the future.11 month is the period for which the agreement is written. Post these 11 months it can be renewed or dismissed. The things to be included in this agreement are the monthly payable rent, occupancy period, right for termination, caution deposit or advance, maintainence billings and also an amount for escalation
Once, when the flat is rented the owner must visit the property at regular intervals to keep a check on the overall condition. If the owner finds that the flat is not properly taken care of, he can always ask the tenant to vacate according to the rental agreement. If there is any damage or bills unpaid the owner can deduct it from the caution deposit. Sometimes there will be tenants who refuse to vacate at the right time, in these situation the owner can get in touch with the welfare association of the residents and give a complaint against the tenant. The owner must be aware what he is getting into when he is renting out his flat. At the time of vacating the owner is supposed to give back the caution deposit deducting all the outstanding expenses. The paint job needs to be done either by the owner or the vacating tenant as per the rental agreement. It is always better to start looking for new tenants a month or two before the rental agreement expires, this way the income from the rent would not be stopped all of a sudden. Sometimes some tenants wants to renew and continue the stay, in this case the agreement will be renewed in the eleventh month.
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