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Renting Out Your Home For The First Time? Here Are Some Factors To Weigh

Renting
01 Nov 2017
Renting Out Your Home For The First Time? Here Are Some Factors To Weigh

Renting Out Your Home For The First Time? Here Are Some Factors To Weigh

Renting out the second portion of your home needs some strategic planning so that single home can be utilized for two different families. If you’re renting your property for the first time in life, there are some factors to weigh.

When you have a spacious home, you typically use one floor for accommodation because you have a small family structure or it may be any other reason. Pakistani families build double story house for multiple reasons, such as renting purpose or for married children. But if they still have free space, they probably think of renting it out for extra income. Renting out the second portion of your home needs some strategic planning so that a single home can be utilized for two different families.

If you’re renting your property for the first time in life, there are some factors to weigh.

Two Families, Two Entrances

When renting your home, privacy is the first and most important factor to consider. As a landlord, you are responsible to consider many major and minor factors and giving each portion a separate entrance from outside is top on the list. By separating entrances you can overcome many issues and no one will interfere in each other’s business. Don’t forget to get your construction approved by society’s development authority as a safe side and the reason is most of the societies allow you if you have a corner plot of 12 Marla or larger.

Kitchen is the Heart of Home

We believe the kitchen is the heart of a home and the separate kitchen is a necessity for an independent living space. The most upper story of the home is not that spacious to accommodate bedrooms with the full-size kitchen but landlords can’t override the hub of the home. If possible cut down the number of bedrooms and provide your tenant a reasonable cooking space.

Tenants Need Parking Space Too

Tenants can’t picture living without a garage and it's all about their convenience as well as yours. You might be a possessive landlord about the car and won't tolerate another within your parking space. But sometimes you have to compromise just to facilitate your tenants. A separate parking space is your tenant’s right and you are supposed to make sure there are no such barriers. The more lenient landlord you will be, the more your tenants will take care of your home.

Rent Stability

When you build and decorate a portion of your home, you wish to grab sky-high rents. In real tenants are those people who can't afford to buy their own home and if you are blessed with this facility, it is your social duty to give shelter to other people as well. Keep the renting cost as low as you can and be a proud civilian.

Set Some Rules

Apart from fixing the renting figure, there are a few more important things to be written down and signed by you and your tenants. This is your responsibility to prepare all the legal documents before renting your home. In addition, a set of rules must include the use of spaces, date of rent payment, contract duration, which repair and maintenance costs are your responsibility and after how long rent will be increased. These rules will allow you to keep your home in top condition and no issues will be raised.

In conclusion, I would like to mention that if you are not ready to follow the above-mentioned measures, unfortunately, you are not ready to rent out your home.

 

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