How to rent out your house (complete guide):
Renting a property can be a great source of extra income.
It may include car, home, apartments etc.
In this blog I am going to tell you the whole procedure how to rent out your house.
It is obvious that that in renting a house there is always win-win situation.
If you have never done it before you might have some questions on how to go about and found the right person,
determining how much rent you should set for the person who is going to live there and also about some other legal agreements and paperwork.
To make things easy for you this blog is written.
As it is a complete guide on how to rent out your house or apartment.
Steps of how to rent out your own house:
If you are renting your house first time or you have done it before these are some basics steps you should follow for a problem-free property rental.
- Get your house completely ready for the people who are going to live there
- Surely do online or physical market research
- Put the add of your house online or find a good real estate agent
- Finding the right tenants for your house
- Protect your rights by doing legal paperwork and agreement
Now I am going to discuss all the steps in detail.
Get your house completely ready for the people who are going to live there:
The first step in renting out your house is preparing well your place for the new occupiers.
It depends on how well you have maintained your house.
If it is not in a good shape first bring it in a good shape by painting its walls and completing
all other maintenance work for example fixing water pipes clearing the windows etc.
In short if you are willing to get profit or to set your desire able rent you need to make the place look attractive.
Moreover, in your agreement if you are including furniture
as well you should keep in mind every thing and if it is damaged you should get paid and that point should be added to the agreement.
Surely do online or physical market research:
You should do market research either physically or online.
This will help you in knowing the market rates in your area.
It will also help you to set the perfect rent for the property upon which both you and the renter will be satisfied.
On the other-hand you should set the rent according to the condition of your property.
By research you will be able to get the tricks and the methods of getting higher rent by providing different amenities.
Put the ad of your house online or find a good real estate agent:
You should put an ad online to find a good tenant.
On the other-hand you should visit and find a good real estate agent.
In putting an Ad online you should give all your description about the property you should tell all the facilities to the public.
While consulting real estate agent you should study them and find the better them for you who got a good reputation.
If your property has good facilities it will get a better price.
Finding the right tenants for your house:
It is the most basic step in renting a house and it is a big concern for most of the people.
You should get every information possible regarding to the tenants and make sure that they are according to your requirements.
People often visit property before shifting and it is the best time for judging the tenants.
There are lots of uncertainties when the tenants are not good to be trusted and give them your property for rent so avoid these mistakes.
Protect your rights by doing legal paperwork and agreement:
This is the most important step during the procedure of renting your house.
Once you have found the right occupant, you have fixed the rent and other security charges
the last step is that you have to prepare a rental agreement that protects your rights as a landlord.
According to the Pakistan Real Estate Landlord and Tenant Law,
landlords and tenants are free to talk about the monthly rents among themselves.
Although a tenancy agreement can be made between the landlord and tenant at any period of time,
it needs to be registered under the Registration Act, 1908, section 17.
Generally, a tenancy agreement includes the names and contact details of both the landlord and the tenant,
the period of tenancy they have both agreed on,
a description of the rental property,
the monthly rent,
the amount of security deposit,
monthly due date,
mode of payment,
bank account details,
rate of annual rate increases and the advance amount paid by the tenant.
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