Many people in Pakistan prefer to rent out their property. If you have a vacant place, renting it out will allow you to earn some extra money while maintaining the ownership of the property.
Since Pakistan is among those countries where real estate company is a highly profitable business, property rentals are extremely high. Also, because most of our population couldn’t afford to buy their homes, especially in metropolitan cities like Islamabad, Lahore and Karachi prefer to live in rented homes.
With this high demand for Property for rent in islamabad, many real estate developers are also investing their money in buying small home units and renting them out to different families. Even though it is a great business idea, there are so many things like getting the wrong tenant, or misuse of property that could haunt you in this process.
Here are a few important factors you need to keep in mind beforehand for being successful in this practice;
Get your Home in Shape
Only a well-constructed and nice-looking house could get you a good income boost in the rent. If your house is not in shape and has old construction, chances are you wouldn’t be able to get a high paying tangent. Your house should have fresh painted walls, doors and windows. Make sure to install new or at least properly functioning washroom accessories. Moreover, look and confirm that there is no electricity problem and all the lights are working perfectly. Also, make sure to clear all the utility bills till date.
List your Property Online
Those days are gone when you have to pay hefty commissions to real estate brokers and consultants. This is an online era, and people look for everything online. Tenants, as well as landlords, are using cyberspace, so all you need is to list your property with a well-known and reputable property management services provider online. Click some attractive pictures of your home and post them on an online portal. Many people oversee the importance of putting their property images on the portal, not knowing that it may discourage the tenants to contact you. So, get some pictures of your home exterior along with the interior and upload them on the property portal.
However, if you are feeling problems in listing your property online by yourself. You can always take help. No matter, which ever city you live in, you can always find property management services Lahore or whichever city you live in.
Don’t Oversee to Complete Legal Requirements
Now if you have found a good tenant for your home, you need to consult some legal expert to complete all the legal obligations. Prepare a rent agreement so that you stay safe from any legal problems in the future. The rent agreement basically enlists all the obligations and authorities of both the tenant and the landlord.
Also, don’t forget to take a police clearance certificate from the tenant, so that you know that person going to live in your house is not involved in any wrongdoing. You need to collect all the important identification details like CNIC from the tenant. Here are a few important points that must be mentioned in your rent agreement;
• Landlord & Tenant personal details
• Address of the Property
• Agreed monthly rent
• Security deposits usually 3-4-month advance rent
• Agreement period usually for 11 months, terms of eviction, penalties, costs of maintenance, etc.
Keep Constant Check on Utility Bills Payments
Now when you are done with all the necessary documentation and have handed over the house keys to the tenant, it's time now to keep a check on the monthly payments of all the utility bills including electricity, water & sewerage, gas, telephone, and security. It is important to keep check because many tenants are irresponsible in doing timely payments of utility bills. This eventually becomes a big problem for the landlords when they get their homes evacuated afterward.
These are some of the key points that need your consideration while renting your property. You should also visit the property occasionally to assure that it is being retained properly. Enjoy the rent and rest assured that your investment is making the maximum return. If you have any questions, write us in the comments section.
No comments yet