Looking after an unused house or even the few extra floors of your multistory house can be a headache especially if you have no domestic help. One good way to make use of such property is to rent it. If it’s your first time here are a few points to consider before you give your property for rent.
There are many reasons a person may seek to rent a house or apartment. Some may be looking for a temporary residence till they build a place of their own and others may be looking for a comfortable place to stay while on a short business trip or vacation. In the former case they will probably be looking for long term rentals and in the latter case they would be looking for short term rentals. So first decide what type of tenant you wish to cater to.
Usually anything rented for six months or longer is considered a long term rental. There are advantages and disadvantages to both these types of rentals. If you own Dubai short term rentals, you can charge higher rent and you do not have to put up with troublesome tenants for long. On the other hand you will have to spend more money and energy on advertisements as you are constantly looking for occupants. You will also have to spend more on maintenance.
Long term rentals usually go at a lower rate, but most of the time it will be occupied, so you will have a steady income. In this case maintenance is the tenant’s responsibility. However it is more complicated to ask your tenant to leave at short notice even if he becomes a problem.
Get good legal advice
Before you give your property to anyone make sure there is a legal document clearly stating your rights as the owner and your tenant’s rights. There have been numerous occasions where tenants residing in or using rented property for a long time have unethically, but successfully obtained legal ownership of the property that was originally rented to them.
To ensure your safety speak to a lawyer who is well informed on this matter.
Pick the right tenant
Be very careful as to whom you give your house to. Make sure you choose someone you are comfortable dealing with. It could be students, working men and women or families.
One can never truly know how good or bad your tenants are until you begin to associate with them. Not paying rent on time, breaking items in the house, offensive behaviour and bringing inappropriate guests are a few of the common problems. Hence, it is always safe to take certain precautions when dealing with them.
It is advisable to keep a refundable deposit from which all damages and unpaid rent will be deducted. This will ensure that the tenants will be careful. It is also important to firmly, but politely advice your tenants against any actions that may have a significantly bad impact on you.
When you exert any authority over your tenants, especially regarding money, try to be a little sensitive. Under no circumstance should you allow them to take advantage of you, but understand that they may also have problems of their own.
Giving your property on rent is a good way to earn especially if you are retired, out of a job or if you could really do with some extra cash. A good tenant can be a wonderful companion particularly if you are living alone. However choosing a wrong occupant can leave you miserable. So before you start anything talk to people who have experience renting property. It could be the difference between owning a moneymaker or a nightmare!