Landlords more often lend their properties to people for a living. Making money from renting the property is a good way of earning money and safe too, unless you take precautionary measures to tackle any unavoidable circumstance. The responsibilities of landlords are vast and often tiresome. Here are some of the steps you can take before lending your property to anyone for a living.

Renovate the flat

The appearance of the flat is what catches the attention of the tenants while selecting their living place. The flat should look well furnished and maintained. The flat should look attractive, adopt a few simple measures to make the space look harmonious. A tenant checks the surroundings first. Make sure to keep clean and perfect surroundings.

Fix if anything is broken or looks old. Place everything at their places; it leaves a good impression on the tenants.

Prepare an advertisement

After renovating the flat, post an advertisement on some reputed websites and local newspapers about renting the flat. Usage of appropriate words in the advertisement might help. Develop a list describing the prime features of the flat and mention them in the advertisement. Mention the location with all basic facilities surrounding the place. It will increase the rent rate and demand for the flat. Advertising at different platforms will help the landlords find genuine and realistic tenets.

Spread the word to relatives and friends also. They might find some tenets interested in renting your property. Use every source to inform people.

Screen tenants carefully

After the advertisement, you get to choose your tenets which is a risky process. It is tough to select tenets based on their face value. The tenant has to live on your property; that is why it is important to check every past event carefully. This can be done by police check Links to an external site.to tap into the criminal record of the individual. It would help us to find if any charge sheet was filed against the person for any criminal activity or heinous crime. This is the most important step to take before letting anyone live in your flat.

Keep a check on the social behavior of the person, which includes paying dues in time, taking care of the property, maintaining harmony with other tenants in the building. Try to make a bond with your tenants; it will help you to understand their behavior. This is necessary to eliminate any issues later on.

Fix the rent

The rent should be mentioned to avoid chaos later on. It comes under the rental agreement, which covers the mutually agreed rent per month. The agreement should be drafted in the presence of the two parties to clarify each clause properly. The period of tenancy should be mentioned and the security deposit too. Be realistic about rent levels. How the amount will be refunded or whether it will be adjusted in the advance rent should also be mentioned. All these measures avoid problems in the future.

Register the lease and save your property

Prepare a lease agreement and get it registered. A good lease complies with fair housing, rental, tenant, and insurance laws. A lease should include lease terms, rental details, security deposit, maintenance responsibility, number of tenets, and association rules. This keeps a safe track of your property while you are not around.

Keep a copy of documents safe to disqualify any proxy if it happens in the future. Do not use the blank leases from the internet. They might vary from your area. The written lease helps each of the parties to understand their duties and obligations towards each other. The list is not limited. The tenets and landlords can add as many conditions as they want to add.

Apply for an insurance policy

An insurance policy will help you to protect your property if any damage is inflicted on it. As a landlord, you would need the rental home insurance policy. This would ensure a safe escape in dangerous situations. This policy includes the home's structure, legal costs, medical expenses, and loss of rental income if repairs are needed. You are not responsible for the tenant's belongings; ask the tenants to buy renters insurance also.

Visit your property

Visiting your property monthly or periodically ensures satisfaction to both tenants and landlords. You can take notice of everything that belongs to your flat without invading their space. You can collect the rent personally from the tenant, creating a friendly bond with them, which would enhance the relationship between the two.

All the above tips were for lending your property to tenants; visit it often because it is still your property.

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