Renting your house out can be fun and profitable venture, but like any other business endeavor becoming a landlord can give you frequent nightmares, if you have troublesome, irresponsible tenants. You are entrusting a major asset to people whom you don’t know very well and who are not very well invested in its maintenance as you are. If you are the proud owner of 1 BHK Flats in Mumbai, you might as well become a landlord too.Some reasons why the renter suffers and spend sleepless nights could be summed up as below.
Disruptive and Destructive Tenants- Everything is hunky-dory in the beginning, but a couple of months later problems start. Tenants can cause difficulties by paying late, refusing to pay or violating the terms of the lease agreement. They could damage the property accidently or do it on purpose. They may not maintain the property and leave it in shambles.
Disturbing & Careless Tenants- The tenants can be a regular nuisance where neighbors are concerned, by playing loud music or creating a ruckus at odd hours. They could bring in a pet after agreeing not to, run up the water bills or electricity bills by letting the faucets run or leaving the lights on. Your tenant can be careless and not have repairs done when the damage is less or in the initial stages, but leave it for the last moment where you end up digging deep into your pockets.
Vacant Property– It can also be a big headache, because you are losing money and you have to maintain it and keep it in a clean state, so that every time a prospective tenant comes the property should look appealing. Frequent vacancies can be problematic as you have to find a new tenant every time someone leaves before the lease has expired.
Squatters- Squatters are another big problem, you have a 2BHK flat and you find there are eight to nine people living, but you were told that only two people would be living. Your nightmare has just begun.
Liability- Any risks to tenants due to your inadequate maintenance can see you standing in a court of law facing legal wrath.
Renting comes with its share of hiccups, you may be lucky and get good tenants or renting out to careless people can be your life’s worst nightmare. So be cautious let an agent handle it and check the background of your tenant. See that your tenant has a steady source of income and you will get paid on time, and when they vacate they don’t leave your property in shambles.
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