If you’re looking to rent your home in India for some additional income, there are certain steps you need to take first. Here are 5 easy steps before renting your home in India.
1] Ensure your house is in a condition to rent
The first step you need to take is to make sure that your house is rentable and meets specific standards. Get the house cleaned by professionals. Check the gas line, electricity, and plumbing in the house. Paint the house.
All home owners repaint the house before renting it to give it a new feel. If you’re renting a furnished house, make sure the furniture is in good condition.
2] Make sure your asking price is as per rental standards
Before you fix the rent for the house calculate the expenses you have incurred and take into consideration the location, the size of the house, the age of the house, the amenities included, and more. With the right calculations, you could turn a profit very soon.
3] Certain amenities are favourable
Many tenants look for certain amenities when house-hunting, without which they don’t rent. For instance, a UPS or a back-up generator for when the power goes off. Also, having a car-park may be required because most tenants drive or ride to work and they’ll need a parking space.
Other amenities are more location-specific. For instance, when tenants rent a house in Chennai, they expect ACs to be installed because the summers get too hot, over 40o Celsius. The same expectation arises to rent houses in Hyderabad, Delhi, and other locations.
The upside of providing such amenities is that you can increase the rent or the security deposit because people may be willing to pay more for these amenities.
4] Make your house more desirable to rent
If you’re renting an apartment, is it easy to get a maid? What about laundry service? Or home delivery of groceries from a nearby supermarket? Make sure you add all these additional benefits on your list, so people know that all their necessities can be taken care of. This will make your house more desirable to rent.
5] Make your rental agreement and ensure it is error-free
Your rental agreement is a legally binding contract, and it will come in handy in case of any altercations between you and your tenant.
Make sure you include the security deposit instructions and amount, eviction terms, rental period, late payment condition and fees, rules for your house, the responsibility for repairs and types of repairs, and legal names of your tenants.
Renting your home is an easy way to have an additional income. Renting has also become more popular today with people moving to different cities to work. If you don’t have a whole home that you can rent but have a spare bedroom, you consider renting that too to earn an income.