Real estate is a safe investment as it tends to increase in value over time, as well as being fairly easy to manage. If you decide to rent your apartment, you will receive income on a regular basis.
You should know that there are several conflicts that can arise when renting a property, generally due to non-compliance with payments, damage to property or incomplete contracts that do not protect you as a landlord.
However, if you are clear about the steps to rent your apartment, you can avoid many bad times. Take into account the following points to avoid losses in your investment.
1.- Check the Conditions of the Department
It is important to know what state your department is in to draw up the contract and define the rental price. This includes finishes and furniture, as well as electrical installations and plumbing.
An apartment in good condition may be listed at a higher price in the market, if you are live in Caribbean, you can get luxury Caribbean villas at best rates without paying high rates like other.
2.- Take an Inventory
Attach a document with the inventory of things inside the department. Even if it is not furnished, there are elements that you can register and, above all, have a written record of the state of the property. You can also add some photos.
3.- Create a Lease Agreement
The lease must stipulate everything related to the rental of the home, such as the lease term, details related to the renewal of the contract, type of use that will be given to the home, prohibition of subletting, periods and amounts of readjustments, allowed improvements or complete condition of the home at the time of leasing.
In addition, when you have decided to rent your apartments in London, it is very important to set the frequency of the visits to corroborate the state of the property and the criminal clauses in case of any breach of the contract.The contract gives you security as a landlord and prevents future problems.
4.- Background of the Lessee
When you have a potential tenant, it is very important to verify some information such as their identity, references, current address and proof of income. The above is also important for the endorsement of the lease. It is recommended that you can check the background of both before signing.
5.- Request a Work Contract and Guarantee
To ensure that the future tenant has sufficient financial solvency to pay the rent, it is important to request the employment contract and even a guarantee that can support it -in case of inability to continue paying-, with a salary of at least one 30% above that of the future landlord.
6.- Signature Before a Notary
For the contract to lease your apartment to have legal support, it is essential that both parties sign it before a notary public, keeping a copy for both. This is one of the most important steps to rent your home, so you must be very careful when writing the document.
7.- Use a Good Collection System
A large part of the defaults in payments are born due to lack of attention and monitoring of the owners to the collection of their property.
The ideal thing when renting your apartment is to have a system where a few days before the payment date they remind their clients of it and in case of not receiving it in the first 5 days contact the tenants to notify the default interest that they will have to pay and request, as a bank would literally do, a promise to pay (tentative date of payment).
Finally, define how much time you have to finalize the lease. If you want to supplement your income, then you can quote a higher price and wait until you find the offer that suits you best. If you live on your rent or need money urgently, you have less time and need to adjust the price that is more competitive.
These steps to rent your apartment will give you the peace of mind you need to rent your property, enjoy the benefits and avoid later legal problems.