Nowadays, owning a home is better than renting. However, renting is an excellent option for those who expect to move into a new location after a few years. Now, if you haven’t done it before, then renting a house or an apartment will present you with some unfamiliar issues.
Choosing an excellent place or a location for a house in Mumbai is, of course, the very first step. You can also rent a house in Mumbai from Nobroker.in or similar property finder websites. Either you can rent a bigger house or simply rent a cheap place to save money. If you’re considering renting a home, here are some of the tips which you’ll need to do:-
1. Find a Good Tenant
You can find tenants by advertising in local newspapers, both in print as well as online. Spread the word through friends, relatives as well as coworkers. Ask your tenants to fill out an application form, listing their necessary information such as- Employer, Salary, Previous Landlords as well as References.
In case you want to get a tenant simply find on nobroker.in. You must also check the social security number and signed an authorization to verify the credit reports as well as their criminal history of your selected tenant. For assisting you in finding a good tenant, digital tenant referencing process is a present-day option than the traditional tenant selection process.
2. Determine Comparable Rents
Radically, you want to rent your house as quickly as possible for as much money as possible. One of the best ways to establish your home’s rental potentially is comparing it with your home and find your area.
You can get an idea of rent amounts by checking newspapers, online resources or neighborhood rental signs. So, try to be realistic about rent levels.
3. Try to get Everything in Writing
To avoid any disputes or misunderstandings with your landlord, you must get everything in writing. Make copies of correspondence and follow up an oral agreement with a letter.
4. Make value adding Improvements
Before trying to rent out your house, you might feel like you’ve to fix up every problem whether it is major or minor. Try to focus on repairs and improvements that bring your house or a flat in line and add values to get higher rents.
Try to make improvements to meet the requirements of your local building codes. It can also save you from legal trouble down the road. Now, if you can’t make the significant changes then simply focus on short term value additions like cleaning carpets, touching up paint, and replacing broken window blinds.
5. Purchase renters “Insurance.”
Essentially, the landlord’s insurance policy will not cover your losses due to theft or any damage. Further, the renter’s insurance helps you in case you’re accused by one of your tenant who claims to have been injured in your rental due to your carelessness.
The cost of the renter’s insurance starts from $350 a year which gives you the coverage of $50,000. In this policy, you’ll get covered by loss due to theft, or damaged caused by other people, or natural disasters.
Note:- If you don’t need that much coverage then there are much cheaper policies that you can avail.
6. Protect your Rights with a Lease
To protect your rights have a written lease so that each party understands their rights and obligations. A good contract complies with fair housing, rental, tenant as well as insurance laws of your region.
Furthermore, these laws differ from state to state, country to country and city to city. Dianne Coscarelli says that one must avoid using blank leases from the internet, because they may not comply with the laws of specific areas.
Here is an example which will help you that how your Lease should spell out:-
a) Lease Term
b) Security Deposits:- You can take one month’s rent in advance or more.
c) Late penalties as well as rental due date.
d) In case repair is required who is responsible for what!
e) Rules and regulations of behavior, include noise levels, neighborly conduct, and smoking.
f) Mention pet policies and related deposits.
g) Eviction terms, such as not paying the rent or damaging the property.
7. Try not to Ignore Extra Income Opportunities
Here are some of the ideas which we think about earning extra money is as follows:-
Install Solar Panels and sell any excess energy generated to the grid.
Is there any vacant shed that you could rent out for self-storage?
Is there any room in your property which can be used to install a billboard and cell phone tower?
Most of the investors think one on one. It means if somebody buys a house they simply rent the house and don’t look for several extra income ideas which can primarily improve your property return on investment. Here we have mentioned some of the ideas which can help you earn extra bucks if you’re a renter.
Perhaps one of the most significant mistakes which most of the landlords or investors make is that they’re not organized and they don’t keep proper records of revenue and expenses. Now, if you don’t keep appropriate records of income and expenses, then you might face difficulties in finding what you have earned from the property.
Indeed, rent a house in Mumbai is quite a difficult task; however, we have mentioned some of the most common as well as smart tips which can help you in finding a tenant for your flat or a house.
If you have any queries or suggestions, then do comment down below. Do you ever made a grave mistake or heard about a friend who has made a significant mistake as a landlord? If yes, then let me know in the comment section!