Easy steps for renting out your house and preparing it for new tenants

Your property might be rented out to get some extra money. It's a win-win situation if you have space that you can rent out to make money while keeping ownership! If you've never done it before, though, you might have some concerns about how to go about locating renters, figuring out rent, and creating a formal agreement, among other things. Here is a thorough tutorial on how to rent out the house that answers all of these questions and more to make things easier for you.

PREPARE YOUR HOME FOR TENANTS

As you might expect, the first step in this easy step for renting out your house and preparing it for new tenants. Depending on how old and well-maintained your house is, you might want to invest some money in making it look pristine and elegant. Fresh paint, repairing pipe leaks to prevent water damage, treating mould or termite infestation, installing some landscaping around the property, and having an electrician give it a once-over are a few examples of what this may include. Get the garage or parking area cleaned if your home has one. 

Simply put, you need to make your home as presentable as you can draw in more tenants. If at all possible, think about renting out your home with furnishings, as furnished rentals typically command a greater rate than those that aren't. If you decide to go with this option, be sure to include a list of everything that is in the house in your agreement to prevent damage to your furniture. The same is true for other household items including fans and light bulbs, microwaves, electric or gas stoves, and washing machines.

CHECK OUT MORE ABOUT THE MARKETS

You may find out what price you should set for your house by conducting a market study, either in person or online. You'll have a good notion of how much you should charge your tenant based on the rental demand in your neighbourhood. Be reasonable with the rent, though, taking into account the state of your property, its location, and the facilities and amenities that are offered. Make careful to take taxes into account when determining the rental price because you will be required to pay taxes on any income received from your home.

You can either go to a few rental homes for this reason or utilise a more effective and time-saving method by using online resources like Zameen.com, which happens to be the leading real estate portal in Pakistan. This will not only show you how much other property owners are earning from theirs, but it will also help you determine the features and amenities you may provide to command a higher price.

FIND AN ABLE AGENT OR LIST YOUR HOUSE ON THE WEBSITE

There are two methods you can utilise to quickly rent out your home.  Either post your home on a real estate website or rent it out through an agent. Consider all of your alternatives before selecting a real estate agent to help you find renters for your rental home. Consider their reputation, the services they provide, and the fee they charge. You can also look at some of the red flags that can make it easier for you to spot dishonest real estate salespeople.

However, as most people now look online rather than in print classified advertising for rentals, listing your home on a well-known real estate platform like Jaageer.com will increase its exposure. 

You must include a few details in your rental listing, like the property's size and covered area, its location, whether it is an east or west open house, the number of bedrooms, the total number of bathrooms, and whether it is fully or partially furnished. High-quality images of the property should be included in the listing as well. Discussing the amenities offered, neighbouring parks and schools, proximity to public transport and the main road, the security system, and other important details may result in a lower price. 

SELECT THE PERFECT TENANT

Finding the ideal tenant is perhaps the biggest worry for the majority of homeowners. Whether you rent a home out on your own or through an agent, be sure to ask about the tenant's preferred way of life. You might enquire about their occupation, the size of their family overall, their ages, and the circumstances surrounding their move from their current residence. Inquire about the guarantor's relationship with the tenant as well. A background check will offer you a good sense of whether a person won't cause you any trouble in the future and will pay their rent on time every month without fail. You can avoid hassles as well as financial loss and property damage by thoroughly screening and verifying your tenants. If necessary, you can also seek references.

It's a good opportunity for the landlord to speak with the prospective tenant one-on-one because most people plan a visit to the property before making a decision. 

A landlord must make their tenants feel as comfortable as possible to build a strong relationship. To prevent making these errors when renting out a home for the first time, be aware of the following common reasons why renters leave rental properties.

GO WITH THE TENANT DURING THE PROPERTY INSPECTION 

One of the most crucial aspects of renting out your home is the home inspection. The likelihood is that a potential renter who likes your property and wants to sign a rental agreement will want to conduct a thorough property inspection before handing over the security deposit. For this reason, it is generally advised that landlords accompany their tenants during inspections and address any concerns they may have. 

An inspection checklist for rental homes often involves looking at the flooring, ventilation and airflow, water damage, gas, and water supply, plumbing, painted surfaces, electrical outlets, light fixtures, doors and locks, and general cleanliness.

A prospective tenant might wish to stroll through the neighbourhood to get a sense of how secure it is. A potential tenant can also inquire about traffic and noise pollution if your house is close to a playground or a school. 

It's usually better to be as truthful as you can about such matters, especially if you want to establish a good working rapport with the folks who will soon be residing in your home.

CREATE A CONTRACT TO PROTECT YOUR RIGHTS.

In this guide to renting your home, this is the most crucial step. Once you've selected the ideal tenant, agreed upon the monthly rent, and established the security deposit amount, you must create a rental agreement that safeguards your rights as the landlord.  

Landlords and renters are free to negotiate the monthly rent amounts under the Pakistan Real Estate Landlord and Tenant Law. A tenancy agreement may be made for any length of time, as agreed upon by the parties, but if it is longer than one year, it must be registered by Section 17 of the Registration Act of 1908.

A tenancy agreement typically contains the names and contact information for both the landlord and the tenant, the length of the lease that both parties have agreed upon, a description of the rental property, the monthly rent, the security deposit amount, the due date for each payment, the method of payment, the bank account information, the rate of annual rate increases, and the advance payment made by the tenant.

You can also look for advice on how to choose a trustworthy landlord with whom to enter into a rental arrangement. Use this moving-out checklist for tenants if you're relocating to a new house to make sure the property is returned to the owner in good condition.

Send us an email if you have any queries about the subject or would want to offer any suggestions. Keep an eye on the Jaageer.com site, Pakistan's most popular real estate site, to learn more about efficient property management and the various property taxes that are applied there. 

 For more information about the most common rental affairs read our Blog,  who should pay for rental repairs, the landlord or the tenant? 

Head over to @Jaageer Blog to read more of our informative pieces covering different aspects. You can also connect with us on our Facebook and Twitter accounts.

Jaageer.com