10 Tips for NRIs to Rent Out Property

10 Tips for NRIs to Rent Out Property

Rent out property

An NRI must be aware of certain facts and figures before renting out his/her property as this can make him aware of the upcoming problem or threat from the tenants. NRIs spend most of the time out of the country. Meanwhile, their property stays unoccupied that why they make profit out of it by declaring it rental property. The migrant should decide rental rate as per property’s location, connectivity and infrastructure etc. Don’t forget to go for police verification of your prospective tenant. If possible, a letter from his employer should be obtained. The letter from last landlord reveals his behavior, lifestyle and payment history. Valid address proof can be a handy for getting his inquiry. Rental agreement should have his all identity and address proofs. How much rent is to be paid should be inclusive in it along with the utility bills payment and recurring expenses. Mention apparently if it is on lease as commercial or residential property, notice period and renewal date.