Rent your home

Renting out your home can be a great way to generate income, but it requires careful planning. Here’s a step-by-step guide to help you rent your property successfully:

1. Prepare Your Home

  • Clean & Repair: Ensure the property is in good condition—fix leaks, repaint walls, and clean thoroughly.
  • Furnish (Optional): Decide if you want to rent it furnished or unfurnished.
  • Safety Checks: Install smoke detectors, check plumbing and electrical systems.

2. Set a Competitive Rent

  • Market Research: Check rental rates for similar properties in your area.
  • Consider Extra Costs: Factor in maintenance, property tax, and amenities.

3. List Your Property

  • Online Platforms: Post on websites like 99acres, MagicBricks, Zillow, or local rental groups.
  • Real Estate Agents: They can help find tenants for a commission.
  • Social Media & Word of Mouth: Share details in local community groups.

4. Screen Tenants

  • Check Background & Employment: Verify income and employment status.
  • Ask for References: Previous landlords can provide insights into tenant behavior.
  • Collect Necessary Documents: Such as ID proof, salary slips, and rental history.

5. Draft a Rental Agreement

  • Key Terms: Include rent amount, security deposit, lease duration, maintenance responsibilities, and notice period.
  • Legal Registration: Get the rental agreement notarized or registered as per local laws.

6. Collect Security Deposit & Rent

  • Usually, landlords ask for 1–3 months’ rent as a security deposit.
  • Decide the mode of rent payment (bank transfer, UPI, cheque, etc.).

7. Maintain the Property

  • Arrange periodic inspections.
  • Clarify who handles minor repairs (tenant or landlord).
  • Maintain good communication with the tenant.

Posted: 2 April, 2024