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What You Must Do before Renting out Your Property?

31/01/2020

What You Must Do before Renting out Your Property?

A number of people mull over the ideal of renting out their property when they need generating extra money to fulfill their monthly expenses and pay down bills or else when they require selling out their property in a down market and there is not customer to offer them reasonable amount against their property. Since Pakistan is one of the countries in the world where real estate business is highly profitable, property rentals are exceedingly high. A wide majority of people in Pakistan especially in the cosmopolitan cities like Lahore, Karachi and Islamabad, live in rented homes.

Therefore if your home lies in one of Pakistan's cosmopolitan cities, the chances are that you'll be getting sufficient rent out of it. Although it is undoubtedly a great idea to rent out your home and get monthly profits out of your investment in the form of rents yet for being successful in this practice, you require keeping in mind a few important factors beforehand. Read below for details:

Get your house in shape

Only a nice looking and well-constructed house would get you the rent that may touch your expectation level. If your house is old and not in shape, the chances are that you won't be able to get tenants; and in case you get one, the offer would be too low for you to accept. Therefore the foremost thing you need to do is to shape up your home. The most important things include completing all the accessories in the washrooms and making sure that they are all in perfect working condition. The doors, windows and walls should have a fresh paint. Moreover, you need to make sure that the lights are all functioning and there is no electricity problem.

Get advice from a real estate consultant

After getting your home in shape, it is time for you to get in touch with a reputable and experienced real estate consultant. A professional consultant would visit your house and would evaluate the ideal rent you could get for your house, according to the latest market situation. Moreover, a professionally qualified real estate consultant would guide you in case you need doing more renovation or alteration to your home before it is ready for rental.

Get your property listed online

Gone are the days when you had to pay hefty commissions to the property brokers for getting your home rented. The tenants as well as the landlords are available online over the cyber space so all you need to do is to get your property listed on a well-known and reputable online real estate portal such as HomesPakistan. Many home owners oversee the importance of placing their property photos on the portal however it discourages the tenants to contact them. You should get some good snaps of your home exterior as well as interior and upload them on the property portal so that no time is being wasted

Hire a professional for legal documentation

After you have found an apparently compatible and nice tenant for renting your property to, you need to consult a real estate consultant and pay him/her the fees for all the legal documentation regarding the rental agreement. Get complete documentation done in presence of a legal consultant who's also going to be the witness to the rental agreement. This is necessary and overseeing its importance can cost you a great deal in the coming days.

Keep a check on utility bills' payments

Now that you have done all the documentation and have handed over your house's keys to the tenants, you should intelligently keep a check on the monthly payment status of all the utility bills which include electricity, gas, water & sewerage, security and telephone. Many tenants are irresponsible when it comes to the payment of utility bills and this ultimately becomes a big hurdle for the landlords when they get their homes vacated afterwards.

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