Renting your house to someone is undeniably a lucrative idea and many people around the world rent out either portions or complete houses to generate sound monthly income. Some do it as an addition to their monthly income whereas others are in a business of buying or constructing homes and renting them to generate profits. Although it is a great idea to generate profits out of your property yet you need to be really careful while choosing your tenants. You can find hundreds of prospective tenants by listing your property on the real estate portals like Homespakistan.com but you need to wisely pick the right tenants out of many interested ones. The real estate professionals around the world recommend taking care of some really important factors while renting out the home, some of which include:
Although a vast majority of people around the world are smokers yet it would be the best idea to rent your property to someone who does not smoke. Being so conscious about the smokers would undoubtedly cut you off from a chunk of the rental market but by doing so, you can minimize your cleaning up costs and minimize the risk of fire. Besides, regular smoking inside the home would give it an unpleasant tobacco odor which would become difficult for you to get rid from afterwards.
There is no doubt about the fact that pets destroy a home in many different ways. Majority of the house owners mention in their property classifieds that they do not require tenants who own pets. The pets are in fact not allowed at majority of the hotels as well as guest houses across Pakistan too. Therefore it would always be a better idea to hand over your property to tenants without pets however if you are a pet lover and feel comfortable with pets, you may be happy with the tenants who have pets.
It is really important for a property owner to inquire about the profession of a prospective tenant. Renting a home to a respectable and educated professional would increase the possibility of getting the rent paid on time. Many property owners across Pakistan, for instance, do not rent their homes to lawyers or unskilled workers since not all of them are considered cooperative and responsible. Therefore, it is necessary to inquire about the profession and job type of the interested person to make a better decision.
Did you know a tenant who moves every year is not the right one for you? The tenant turnover is known as one of the greatest cash flow killers when it comes to renting properties around the world. This is the reason why homeowners across the world prefer renting their homes to tenants who intend to stay for long-term. Inquiring from the tenant would get you the idea about how long they stayed at their previous home and how long they intend staying in your home.
Written by: Khadija Aslam
Courtesy of: realtytimes.com