Renting your property is not uncommon. When you have a property, which is unoccupied for any reason, it is best to give it on Lease / Rent. Unoccupied houses can lead to varied maintenance issues, pesticide problems and wear & tear. The following steps will ease out the entire process of renting your apartment: Involve a Consultant (Broker): Involve MumbaiResidentialProperties.com to enable your apartment to be rented out to the right client profiles. In this process, you can be rest assured that our realty expert will manage the entire process of finding an appropriate tenant for your property right from aligning inspections till successful closure of the deal. Some relevant terms:
- Carpet Area: This is the area of the apartment that does not include the area of the walls i.e. the area of the apartment that a carpet can cover.
- Built-Up Area: This is the area of the apartment that includes the area covered by the walls.
- Super Built-Up Area: This includes the built-up areas such as the lobby, lifts, stairs etc. This term is therefore only applicable for multi-dwelling units, such as flat complexes.
Check Background: After finalizing the tenant, MumbaiResidentialProperties.com will assist you in checking your tenant’s background. A reference from the previous landlord also helps. Though this practice is not prevalent, it is effective. A reference can tell you how long the tenant stayed in the previous property, how he / she maintained the house and whether the rent was paid on time. This will help you gauge the tenant & reliability, trustworthiness and honesty.
Check Bank Statements: Ensure whether the tenant will be able to pay the rent or not by knowing his monthly income. Also, ask him to provide an official letter, which includes date of joining and the type of employment contract.
Go For Short Renewals: Rent out your property for a shorter period. There are agreements where you can go for a 36 months’ rent agreement. However, experts say that the shorter the period of rent agreement the safer you are. If you do not wish to go ahead with the same tenant, this way you have a scope to re-think.
Document it – For A Successful Transaction: Every rental agreement should be in writing and registered. The rental agreement should cover the term of the lease, monthly rental amount and security deposit. It should specify all the terms and conditions such as who will pay for utilities – water, electricity and maintenance charges. The purpose of tenancy should be clearly mentioned, such as whether the property is being used for commercial or residential purpose. For renting to the right profiles and registry, take the help of MumbaiResidentialProperties.com – Our Realty Expert will get in touch with you & handle the entire process of Renting Out Your Property.