It is a good idea to rent out your home in Delhi and make money as well. But along with being a landlord comes various responsibilities which you should know of. For example, you wouldn’t want to have tenants who would irritate the whole society and create a bad name for you. Hence it would be wise to conduct your background check before you allow anyone into your private space and pay you for the mess they can create. When someone is interested in the residential properties on/for rent you own, they don’t have a placard on them calling themselves “perfect tenants”, it is you who has to take the trouble by doing a check on their backgrounds before allowing them to have the keys to the house.
Landlords read this
Today we would like to tell you more about what you should and what you shouldn’t do, so pleas read on and be well informed for the same. This would ensure that you earn your profits and have no trouble whatsoever keeping your tenants happy.
The dos and don’ts
- When planning on renting out your property, check which area or location you want to zero in on. To rent out your properties in apt locations, choose places close to hospitals, schools, universities etc. Renters would be standing at your doorstep for such benefits around the flat for rent.
- Buy a home which is functional and can be rented out and not because it is aesthetically pleasing. Do your number crunching and ensure that you gain at least fifteen percent profits on your rental houseafter all payments are made.
- Apart from that you need to have at least five percent savings on a monthly basis from the rent you are paid. This would manage the repairs when and if they arise in the tenants home and you wouldn’t have to rip your bank accounts to manage it all.
- Before giving out your rental house, ensure that a reference check on the renter is done. Ask him to give you references and ensure you call those references before any further discussion is done. You wouldn’t want to have some Hayward renter around, now would you? A renter should be one who would look after your home as his own home!!
- It is important to get an inspection done on the your rental flats.And this should be done prior to any purchases being made. This would sort out any issues and attentive legal clauses if any.
- If the renter isn’t paying you on time, take course of the law and use action the legal way for them not keeping up with the responsibilities. You are in business and in business no heartfelt emotions come into play, but use your judgment wisely.
In Delhi, you may not be able to make huge profits from day one on the flats for rent in South Delhi, or any other residential property for rent in South Delhi because Rome wasn’t built in a day. However when you gain more information and apply that learning, you would be successful in renting residential; properties in Delhi.
Renting Residential Properties in Delhi