Today, renting out properties is a common norm. Even luxurious properties such as Godrej Eternity Bangalore are rented out.
But before putting up display ads for flats for sale in Bangalore or anywhere else there are certain things you need to know as a landlord or property owner.
The property you rent out generates a monthly income in form of rentals. The amount depends on numerous factors, the most essential of which are the property’s location and the amenities available.
Also, rents are higher for properties in metros than Tier II or Tier III cities. The rent received acts as a secondary source of income.
Also, as a landlord, you have the liberty to increase the rent with each passing year. To avoid conflict, it’s better to discuss with the prospective tenant before a hike. At the same time, you must do a thorough background check of the prospective tenant.
Make sure to receive all the essential documents and submit them to the nearby police station for verification. It’s important for your tenant to have a clean background.
As a landlord, you have certain duties that you must follow to avoid complications. Make sure to documents the terms and conditions of renting on a stamp paper. Keep it safe and produce it in case of any violation.
While a practical experience of managing a property has its own perks, in case your rental property isn’t generating sufficient returns, it’s better to get in touch with a real estate management firm. Such a firm will manage your property for better yields.