Do you want let your house on rent? Are you apprehensive about whether the tenants will keep your house safe? What matters most to you? Is it prompt payment of rent or proper maintenance of the property? So how do you go about finding the right tenant? Here’s some help!
Most house owners find it a challenge to get the ideal tenant. If you get a good tenant, you get good returns.
Have you thought about all the trauma a bad tenant can cause you? For starters, a bad tenant can default on monthly payments or simply not pay up on the fixed date each month. If you depend on the rental income to meet your expenses then this is real bad news for you. So who fits the bill? Well, typically, going for a company lease surmounts this problem since they are likely to meet their commitment, especially if it is a large, reputed organization. The other thumb-rule is to pick someone who works in one of those big, established companies – she or he will have a steady income and is likely to not have financial problems.
Even if money isn’t your biggest concern, imagine if someone ruined your beautiful home by drilling holes in the walls or spoiling the fine woodwork you had put in with your hard earned money? Your home is an expression of who you are and you’d want your tenant to care for it too. So you’ll need to find someone who won’t cause damage to your property. Who do you pick? Would a family with small kids be careful enough? Will the kids ruin your walls or play with the fancy fittings and spoil them? This one is subjective, but by and large a family of adults is likely to take better care of the house – though some adults can be messy too!
The other big nightmare which many home owners have to face is tenants who won’t vacate your home!
But you cannot afford to leave the house vacant. Right? So do a background check on the person you are renting the house to, ideally find someone who knows a friend or relative of yours. Another option is to rent out to people who are in transferable jobs and are unlikely to want to establish roots in your city and your home!
Here are a few simple steps that will help you protect your interest and your home!
Screen your tenants – Check the tenant’s professional and personal background and his capacity to pay the rent regularly.
Rent to someone you know – Your best bet would be to rent your house to people you know or through a friend who can vouch for them.
Get the paperwork right – Prepare a rental agreement on stamp paper, outlining the terms for using the property. The agreement should be clear about the term of lease, renewal options, advance rent, costs on damages and repair and maintenance of the property. This agreement should be signed by the landlord and the tenant.
Use a professional – Registering at real estate services can save you time, and the hassles of showing the house to potential tenants or calling on the tenants to collect the monthly rent. The real estate agent will do it for you.
Be nice! Maintain a cordial landlord-tenant relationship. Try to be nice to your tenants and make them feel at home. If nothing else, their conscience will guide them in keeping your home safe!
It certainly pays to do some homework before you rent out your house.
What checks do you do before letting out your house? Do you have any pointers on ‘good profile’ tenants? Share them with other home owners right here!
You may also be interested in :