Before giving a property on rent, crucial precautions include: thoroughly screening potential tenants through background checks, ensuring a detailed and legally sound rental agreement outlining rent amount, payment terms, security deposit, maintenance responsibilities, notice periods, and termination clauses, inspecting the property for any existing damages, and verifying the tenant's legal identity and financial stability.
Key points to consider:
Tenant screening:
Conduct thorough background checks on potential tenants, including employment verification, previous landlord references, and credit history to assess their reliability as tenants.
Detailed rental agreement:
Create a comprehensive lease agreement clearly defining the rent amount, payment schedule, security deposit amount, duration of tenancy, responsibilities for maintenance and repairs, and consequences for violating terms.
Property inspection:
Before renting, thoroughly inspect the property to document its current condition, including any existing damages, and ensure all fixtures and appliances are functional.
Legal documentation:
Verify your ownership of the property by reviewing relevant legal documents like the sale deed and property title to ensure you have the right to rent it out.
Security deposit:
Establish a reasonable security deposit amount to cover potential damages caused by the tenant, clearly outlining how it will be refunded upon departure.
Maintenance responsibilities:
Clearly state in the agreement who is responsible for different types of maintenance and repairs, including routine upkeep and emergency repairs.
Notice period:
Specify the required notice period for both the landlord and tenant to terminate the tenancy.
Utility bills:
Ensure that utility bills are current and clearly state who will be responsible for paying them.
Local regulations:
Be aware of local rental laws and regulations regarding rent increases, tenant rights, and eviction procedures.
Consider a professional property manager:
For complex properties or if you are not comfortable managing rentals yourself, consider hiring a property management company to handle tenant screening, lease agreements, and maintenance issues.

Dr. Jinesh Soni
9772946899

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