7 Tips Before Renting Out Your Property

The prime aim of investing in a property other than dwelling in it is to earn good amount of rental returns. Renting out of a property has its pros and cons. For those who speculating to rent out their property, the experts suggest them a short term leasing out of the property to companies. This option negates the scope of the property being misused. This is a conservative option for people who are not living near their property. The companies take full responsibility for the property and use it for accommodating the employees who will be posted in the area for a span of atleast three years.

Here are seven tips you should consider before leasing out your property:

• The tenants need not be individuals always, corporates can also be considered

• Research about the rental values prevailing in the area and the rental trend. Decide the rental value of your rent property, accordingly

• The agreement has to have clause in detail about the renewal and exit clause

• The rental value for furniture (if any) has to be conveyed to the tenant and mentioned in the agreement

• Details about water and electricity expenses and payment must be talked about and mentioned in the agreement if necessary

• The amount of security deposits has to be included in the agreement

• A clause on repair and maintenance is mandatory in the agreement