Want to Rent Out Your Flat In Chennai ? – Things to do before you rent

With the incredible boom in the investment property market till a few months back, there have been a number of people who have taken the opportunity to add another piece of property to their list of assets. A large number of these are people who used to stay in flats (who couldn’t afford houses) and who have now exercised the option of buying themselves a cozy little home, which has the advantage of space, comfort and design/architecture of choice. After having moved out of their flats, a lot of these people let their investment work for them and let the flat out on rent.

But when you let a flat that you own on rent as a property investment,  there are problems that can come your way and things that you can do to make the whole problem less problematic.

1. Get the right tenants before they get the better of you - Things can turn from bad to worse if you get the wrong tenant who would misuse your flat. So just so that you know who you are renting your flat out to, cross check with previous owners to see whether they were good tenants in the last flat that they stayed in. If possible, let it out to people whom you know or people who are well known to people whom you know.

2. Compliance with your housing society rules - Different housing societies have different rules when it comes to renting out your flat to someone else. Some of them have a sun letting fee, some require advance payment of maintenance charges and some require advance payment of bills. Whatever the rules are of your housing society, find them out before you start the sub letting process.
3. Pay all dues after inspecting the condition of your flat - After your tenant decides to leave your flat, see to it that the flat is returned back to you in the condition that it was received in. Most agreements have a list of appliances (fans, lights etc.) which are checked before handing over the deposit that your tenant paid. Similarly check the walls to see if they have been disfigured or if the paint has worn off.

Renting can be easy, if you know the rules and regulations well. Following them is the best and the safest option.