Rent your home- maintain it better
Mumbai a city of myths, miracles, mayhem if you are you new here! No one really knows how the city operates. Always awake, always on the go, and always full of life. Who would not want to be a part of this marvellous City and be able to call it, one’s own? People long to be called as a Bombayite/Mumbaiite now. Thousands of people move in here every day. We on the other hand were moving out of this place for some good reasons. But one can never think of cutting one’s roots completely from here. Today to buy a single room here is something that cannot be thought of; prices are that sky rocketing. So of course we have a flat on rent in Mumbai. Though at first that was not our thought because of security and safety and similar reasons. But then when you are away the best possible way to maintain your home is to rent it. That’s exactly what we did. But there certainly are a few things we learnt and would like to share it with people under the same circumstances:
Why to rent: Besides the reasons mentioned above, rent also acts as your income. Second, like any other prices the maintenance of any society is also high; your rent helps you take care of it. Money coming in any form is always an aid, so think about it.
Who to rent it to: A lot of societies now have restrictions on who the tenant should be and who not. Bachelors/Spinsters not allowed, only families to be allowed etc. So before you start looking for a tenant always ensure you check with your society committee about these rules.NOC requirement or any other specific requirements to ensure you are not hassled later. When are you expected to submit your agreement copy police verification copy tenant details to the society? At one instance I actually set a meet between my tenant and the committee as I thought would be necessary; only because I was renting it to a brother and sister who did not have anyone else as family. Prevention is better than cure.
Where to look for a Tenant: This was a big question when we first started. So the only means was a broker. A broker generally turns out to be an unwanted and an expensive affair. But we were new to the field so was best to go with someone with better knowledge. And we did get a nice couple as tenants working with a reputed company. Also the same tenant when was leaving helped us big time. He told us that his company has an internal portal where people post their requirements and get help. With our permission he put it as “flat on rent in Mumbai” with our address and contact details. Trust me there always is a huge demand. This method has since then helped us to find tenants from companies and avoid brokerage. It’s a win-win for both parties.
Documents: it’s your home so your onus to ensure you do all proper paper work well. Once the agreement is read and finalised between you and the tenant ensure to have it registered. Remember, however well you know your tenant registration of your agreement is your security; the Owners security. And the same goes with the Police verification. Do not at any cost avoid these two things even if it is a relative is what I would advice.
Once you have rented your property, keep a timely check and relation with you tenant and enjoy your additional Income!