Month: May 2017

Tips to rent out your new home with security in Bangalore

Tips to rent out your new home with security in Bangalore

Sarjapur Road is fast becoming a well-known residential area with close proximity to Electronic City and the IT hubs. It comes as no surprise then that the good infrastructure development is attracting people to make investments in property for rental purposes. We offer some common sense tips for rental property keeping security in mind.

2 BHK Apartments for sale in Sarjapur Road

The chosen tenants should have steady job in the vicinity

Leasing out a luxury property requires a lot of diligence. The chosen tenants should be equally interested in keeping the property safe.

The rentals of real estate property is on the rise in Southeast Bangalore. If you have worked hard to get a property with a view to lease it and make a monthly income then security and safety matters.

Right now, there are luxurious upcoming apartments in Sarjapur Road that are being purchased with rental income in mind.

Whether you have made a choice to invest for rental or reside here ensure that tenants you choose should be decent and have a steady job around so that they can pay every month on time. Professionals are particularly keen on renting homes here as the locality is strategically placed near industrial hub and Whitefield.

Home investors feel that they are likely to get good returns on their investment with the growing demand for rentals from the white collar population. They can also afford to pay the rents and are decent folks who will take care of the place.

Renting out a new apartment is never as easy as ABC

If you have become a proud owner of one of the ready to move in flats in Sarjapur Road and are now looking to generate some passive income then discuss the security and safety points with the tenants.

If you have furnished the property then it is all the more necessary to discuss everything with the tenants. Apart from the building security they should always lock the home properly when they go to work. It is also a good idea to keep communication channels open once the keys are given to the lease.

Even if you live far away, it is useful to know their contact numbers and call once in a while. If the tenant has job that makes him travel then ensure that the home is locked for those days. Responsible tenants are a boon for your property.

Address non-payment and utility billing issues

If you are renting out to student then ensure they pay deposits on time.

The rental market in Sarjapur Road has good prospects because of students from the nearby engineering college or working couples seeking a modern lifestyle flock here. There are prospective tenants of different nature.

A number of issues can creep in like delay in payment of rent or non-payment of maintenance fee or electricity bill, misuse of premises leading to breakages. A police verification of the tenant is now an essential process.

Verification forms along with ID proof of the tenant must be submitted at the local police station. Not getting a police verification is a punishable

Not getting a police verification is a punishable offense under Section 188 of the Indian Penal Code. Your rental income also should come on time otherwise the purpose of renting is defeated.

Being a landlord is not easy

Investing in rental real estate can be profitable only if, you, as a landlord have acquainted yourself with all the nitty-gritty of the kinds of rental situations you could have to face.

Since you wish to have an income from your investment the rent you decide on must be competitive but at the same time realistic. The rent of your property will be dependent on whether you have bought a luxury apartment or one of the 1 and  2 BHK apartments for sale in Sarjapur Road.

Once you have decided on the rent the next step is to draw up rental agreement, which must contain details about the terms of the lease, monthly rental amount, security deposit as well as terms and conditions for paying water, electricity and maintenance charges. The lease agreement needs to be registered as it can have legal standing only on registration.

Another important aspect that you must not overlook is to get your property fully insured for maximum liability coverage. Only when the property insured should you get it listed on the market for rent either with a local property agent or a well-known property portal.

Does this information make you feel more secure in renting out the property? As an additional tip, ensure these few more things:

  • Windows and doors should have secure locks.
  • Regular maintenance in monsoons and otherwise is recommended.
  • Security system inside is upgraded.
  • A watchman or any other person keeps you updated for any untoward incident.