Posted on July 5, 2014

Renting out property checklist – Part II

Renting property is an attractive option for many people for many reasons. Renting a home affords a more flexible lifestyle and less responsibility. Moreover, in times of falling economy, renters may well be saving money. Mentioned below is some helpful information on problems you may have while renting.

Choosing a tenant –

Picking the right tenant is the tricky part. A complete check into your prospective tenant’s antecedents is required to ensure a clear and safe deal. Even if a well-paying tenant comes forward, a background check might seem essential.

Ensure to obtain documents such as:

  • Police Verification: To ensure that the tenant is genuine and not involved in any illegal activities, verification of the tenant is now mandatory. As one would not want a situation arising later rendering you punishable.
  • Certificate from employer: Obtain a letter from your tenant provided by the tenant’s employer certifying that he/she is indeed working with the organisation for at least three months in the same firm.
  • References: Collect as many references of the tenant as possible. This could be very useful in selecting/eliminating a tenant as previous landlords could reveal critical aspects such as payment history, lifestyle and behaviour.
  • Permanent Address: In case the prospective tenant is a migrant bachelor/spinster ensure to have a valid identification, permanent family address and cross-verify the same.

  • Security Deposit –

    Kept as a safety feature, security deposit is taken at the beginning of the term and is returned to the tenant when he/she moves out at the end of the term. However, if the property is damaged, the landlord will use some of the security deposit for the repairs. It is a good idea for landlords to give their tenants a written statement about the condition of the property. Security deposits are a valuable tool that can help protect landlords against damage caused by tenants, and they come with a certain level of responsibility. Handling them correctly will keep things running smoothly and ensure that landlords stay on the right side of the law. It is essential to have this documented and get a receipt for the security deposit or any fees paid to the landlord.

    Furnished or Unfurnished –

    One of the important decisions you have to make is whether to rent the house furnished or not. While every tenant looking for a house would ideally prefer it to come along with basic furnishings, it is up to the landlord to make a decision. Furnished houses also tend to appeal to tenants. It’s ready-to-move-in feature make tenants feeling invited.

    Vacating the property –

    By the rule of law, the property needs to be vacated by the tenant within the pre-defined day. But it is not uncommon to see that tenants continue to occupy the premises even after the expiration of the period. And then, upon unsuccessful persuasiveness, the landlords, in many of the cases, resort to coercive steps to get their leased premises vacated. Thus, it becomes the duty of the tenant to vacate on time and the duty of the landlord to re-possess the property thereafter.

    Bangalore being the silicon valley of India, is a home to many IT and ITeS giants. The rising population of Bangalore is a major contributor for the real estate market in Bangalore. To satiate this increasing demand, many builders are launching projects in the city. Mulberry Woods is one such project developed by Saran Developers. These are 4 bedroom condos located off Sarajapur road. Finished with serene landscapes and set with state-of-the-art amenities, these apartments make a great option to rent. The quality and amenities are truly worth the price.