Things to consider when you are giving your house on rent
Most people share a common consensus that giving a house on rent is not an easy task. Even you might have the best single room for rent in Delhi, but if not handled properly can lead to serious complications. There are a host of problems that might spring up, so before you are planning to give your house on rent flip through the following points
Figuring out the rent
The first step is to figure out the rent amount. This is a critical component as in the competitive market you cannot ask for more than what the market demands. Doing so is going to push off clients. But in case if your house is maintained well, then you can charge a premium service. When it is a group housing society you can figure out the best price when you ask others. With independent houses it poses to be tricky but you can check out the prices of a luxury single room for rent in Delhi nearby your location. Even the cost of rent can be figured out by flipping through the recurring rate in the area. The capital value along with amenities has a share in deciding the figure of rent.
Advertising the house
How it is possible that you let others know that you plan to give your house on rent. In the modern world of today this is an easy task as a host of websites present in the market make this task to be an easy one. Just you have to upload the details of the property along with photos on the website. The best part about such sites is that no charges are levied on both the owner and even the tenant. Even in the online portals you can locate the list of brokers in your area.
Residential leasing is mainly handled by the local brokers. Being a local business expectation is for the locals to be involved in this line of business. It also makes the task of inspecting the property to be an easy one.
Basically a lease agreement is a legal document where both the tenant and owner have to adhere to certain terms along with conditions. When a dispute arises between both of them it works out to be a crucial document. Because of this a lot of care has to be taken in documenting this document. All the terms along with conditions need to be clearly specified so that no form of dispute might arise in the future. In order to draft this agreement you can take the help of a legal expert. Undertake a reference check done or even a police verification undertaken of most of the tenants. This works out to be in the best interest of all the stakeholder involved.
All the details including the amount of rent that needs to be paid has to be clearly mentioned. The period of lease agreement also deserves a special mention. In fact things do become clear when such an agreement is in place.