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4 Things Every House-Owner Should Do Before Renting Out Their Property

  • Highlights

  • Renovate your home to earn higher rent

  • Hire a real estate agent to ensure you get the right amount

  • Draft and register the rent agreement

  • Avail a Bajaj Finserv Rental Deposit Loan for your expenses

Owning a property makes for an incredible financial asset. Given the fact that real estate is in demand across tier I, II and III cities alike, you can earn a substantial amount by leasing it to tenants. You can use the income from this source to supplement your salary or fund other financial obligations or goals.

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That said, renting out property may not always be easy given the competition in popular areas. So, you can stand out among other offerings in the market and secure a higher rental income by keeping these 4 factors in mind.

Invest in renovation

Before you rent your home, ensure it meets the standards that will satisfy tenants, be it professionals, small families, or large households. From getting the place re-painted so it looks clean and well-maintained to furnishing it with appliances and furniture, you can improve your home to add value to your tenant’s life. If possible, renovate the restrooms and kitchen as every tenant is likely to prioritise cleanliness in these rooms as well as pay greater attention to the facilities available here.

While furnishing and renovating a property can be leave a dent in your finances if you’re unprepared, the Bajaj Finserv Rental Deposit Loan offers a smart funding alternative. You can get up to Rs.5 lakh via this loan to meet all your expenses. Thanks to its flexible tenor of up to 36 months, you can use it to renovate your home and repay without stress.

Hire a professional broker or real estate agent

To receive rent that is consistent with the rate prevalent in your neighbourhood and for your property size, it’s best to hire a real estate agent. You’ll be able to filter applicants to find the best match for your property and get the best amount possible by doing so. If you’re unaware about how to negotiate a deal, a real estate agent will help you navigate the process with ease. However, you may need to pay brokerage of a month’s rent or more to the agent, which is another expense that you can meet with the Rental Deposit Loan.

Make inclusions to the rent agreement

The rent agreement is a vital document to both, you and your tenant. When drafting this agreement, ensure that the terms and conditions are clearly listed. Instead of using a standard agreement template, include any specifics that you’re keen on. Apart from the rent amount, the official address and security deposit amount, also mention rules with regards to notice period, dos and don’ts, increase in rent if it is a multi-year agreement, as well as the upkeep and maintenance of facilities and fixtures provided by you. This ensures that your investment in the interiors is safe, apart from the usual depreciation.

Get the rent agreement registered

After you and the tenant have come to an agreement on the terms of the contract, you must register it in order for it to be valid. This can be done online or at the sub-registrar’s office and makes your agreement legally binding. Besides the financial support, the Bajaj Finserv Rental Deposit Loan also provides doorstep assistance for drafting and registering the rent agreement. You can use this to simplify the process and complete it from the comfort of your home.

Carrying out all these tasks will not only help you earn a higher rental income, but also reduce the stress that comes with being a landlord. Also, you can avail an Instant Personal Loan upto 25 lakhs from Bajaj Finserv to fulfill your multiple financial needs. Furthermore, since a Bajaj Finserv Rental Deposit Loan offers disbursal within 24 hours, you can get started right away. All you need to do to is check your pre-approved offer.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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