Top 4 Things To Remember Before Renting Out A PropertyMay 30, 2018
Renting out a property is considered a wise investment option rather than leaving it vacant after purchase. While doing so, there are many important factors to consider to leave any room for discrepancies in the process of giving the property on rent.
Take Care Of the Below Pointer to Ensure A Smooth Transaction
1. Transparent procedure
The process must be kept transparent so as to avoid any future dispute between the landlord and tenant. Inviting the tenant for a thorough property check beforehand ensures that he is aware about the state of the property, the fixtures and fittings that are already there, etc. This will avoid any confusion and also opens up the chance for a mutual discussion before going ahead with the process.
It is important to ensure that all the necessary documents are in place with clear mention of all the terms and conditions on which the rent is finalised. The lock-in period, terms for rent hike and the expiry of the agreement should be specified.
3. Background check
It is wise from the landlord’s part to conduct a background check of the prospective tenant to ensure that his property is going to be in safe hands. The landlords can also ask for valid references preferably from the same city to get an assurance about the tenant.
4. Income check
Verify that the prospective tenant has a stable income source to secure the annual lease. Documents of income proof such as payslips or bank statements can be requested for the same.
Ladder Mankav Greens is the premium flagship of Ladder Kerala, the builders of one of the choicest address in flats and apartments in Calicut. Offering luxury living spaces with most-modern amenities to facilitate a seamless urban lifestyle, the project envisages the concept of premium living to its fullest.