Look before you leap – 5 things to keep in mind before renting out a home

With the world witnessing a huge growth in the number of people renting houses instead of buying one, it has become more important to have a streamlined process when it comes to renting out your house! While the process might seem as simple as putting an ad and finding a tenant online, there are things that might put your investment in jeopardy.

So, here are 5 things that we believe are extreme essentials to adhere to before letting out your house

  1. Laws, Lawyers and Leases:
    Be aware about the laws pertaining to owner-tenant association and rental agreements/leases. The best way forward is to have every little clause clearly spelt out on paper. In addition, it is always a good idea to have a lawyer look over the paperwork to avoid any loopholes.
  2. Verification and Insurance:
    It is critical that you verify your tenants before renting out. A proper verification, right in the beginning can turn out to be a life-saver and be your insurance for a hassle-free experience. Unlike the USA or the UK, India does not have specific insurance plans for landlords as of now. However, With the Draft Model Tenancy Act 2015 finally going to the cabinet, both the tenants and the landlords can cheer.
  3. Bills, Bills, Bills:
    The allocation of who pays for what and the terms of use of any facilities provided by you should be listed on paper and not based on a verbal agreement. It is extremely important to keep the housing complex maintenance, repair bills and any other permanent or temporary expenses clearly demarcated and defined
  4. Know the Nos:
    Be extremely clear about the Dos and Don’ts that you allow the tenants. In addition to the legal instructions, a careful compliance to the housing complex rules and regulations is a must while drawing the agreement papers. This one step will make your entire experience completely hassle-free
  5. Write the Rights:
    In a rental setup, the tenants also have specific rights on the property. Therefore, it becomes essential for the owner to establish those in a contractual format. Everything from privacy to visitation rights is something that should be specified in the interest of both the parties involved.Once the rights are written, there’s no scope left for anything to go wrong!

Renting out your home is as big a responsibility as owning one. Little tussles between the owner and the tenant can sometimes result in extreme situations. A fairly new solution to this is hiring a property management company to deal with everything starting from finding the tenant to maintaining the property. Today, there are property management portals like www.portiqo.com that offer comprehensive solutions to all the needs of both the owner and the tenant while taking care of end-to-end paperwork and the rental process making their life infinitely simpler.

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