Rent Out Your Condo and Turn It into a Lucrative Venture
If you have just bought Bukit Batok new condo to rent it out, then you need to have a proper plan in hand to make it a profitable venture for you. First, make sure that you only make your purchase in the heart of business centres or at a convenient address. This will ensure that your condo turns out to be a lucrative venture for you. Now if you are new to this we will just present a perfect approach so that you can extract the maximum benefit from your rented condo.
The smart approach towards renting out your condo
- Marketing your condo: First, you should try to get hold of good videos and pictures of you condo. Now you need to have a strategy in this regard as well. Make sure that you take the pictures of the entire unit and the amenities. You can request your realtor to upload those pictures on his website. Use your phone video camera to give a virtual tour of your condo. This way the tenants will know better what is coming their way. You can either upload this video on Youtube channel or you can even send the file to the interested parties.
- The strategy to choose your tenant: Now when you are renting out your condo, then make sure that you only rent your property to people who have a good credit history. The reason is that if they are responsible in paying their bills, then one thing is for sure that they will pay you on time. You should make sure that you verify the income of the tenant. The most suitable tenant will be a person who has thrice more income than the rent. You should ask for the copies of their pay stubs. Moreover, you should also make it a point to contact the employer of the tenants to verify their earnings and attendance record.
When you are checking out the records of your tenants, do verify if the employment history of your tenant shows consistency. If your tenant has been switching jobs too quickly, then there is a possibility that he might not turn out to be a long-term tenant. Moreover, you will have to look for a Bukit Batok new condo for your family.
You should check out the tenant’s income to debt ratio. You should also check for any bankruptcies, civil judgment or evictions. Various court houses give you access to the criminal information as well. You should check out the federal court record search, sexual offender database search, department of corrections offender search and state wide criminal record search. If you do not have the time to indulge in extensive research, then the best approach will be to hire a tenant screening company and they will do the necessary investigation.
- Creating the documents for the rental purpose: Once you have found your tenants it is time to get to the paperwork. You need to title the lease first. You should write the word Residential Lease at the top of the paper so that it resembles a legal document. The parties should be specifically named in the lease document. The papers should have your name and address. Moreover, the lease document should have your tenant’s name and address as well.
The lease documents should have the complete address of the condo and it should have the details about the condition of the Le Quest condo as well. It is very important to mention the lease duration in the document. The papers should mention the starting date and the ending date of the lease. You should also specify whether you or your tenant has the option to terminate the lease prematurely. The usual period for a lease is minimum three months and maximum an year.
You should not forget to state the terms of the rent as well. You should specifically mention the rent amount for the condo and on which day the rent will be collected. You have to clearly mention another aspect here. If the property is not in a good condition, then you will not return the deposit to the tenant. You will need to be explicit about the responsibilities of the tenant. For example, you will have to state that the tenant will be responsible for paying the bills during his stay.
At this point of time you need to put down your individual rules as well. For example, you have to specify whether the tenant can only use the condo for residential purpose or he can treat it like a mini office as well. Some condo owners have an issue with pets. If you do not want your tenant to have any pets, then you will have to specify this aspect as well. Moreover, ensure that the documents are prepared by a lawyer who is an expert in the real estate niche.
- Getting in touch with your insurance agent: The minute you decide to rent your condo you should get in touch with your insurance agent as well. The reason is that liability insurance is mandatory at this point of time. Once you take the position of a landlord, then you are exposed to the potential lawsuits so insurance reduces the risk. This is why you surely need additional protection in this regard. Usually the cost of the insurance is nominal but you have the peace of mind that your property is safe.
There are other things that you need to know as well when you rent your condo. For example, you will need to talk to your CPA. The reason is that when you will rent the condo, then the tax picture will change completely. The greater chance is that the taxes will surely go up. Remember these things and your rental process is bound to go smoothly. Moreover, when you rent you condo, you need to treat it like a business. You need to keep the mortgage and expenses into consideration. This will give you clear idea about your earning through Bukit Batok new condo.
Please visit this for more info on 7 Vital Tips That Will Compel the Buyer to Purchase Your Condo.
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