5 Tips to Be a Good Landlord to Your Tenants

A healthy tenant-landlord relationship goes a long way in ensuring that you have a steady stream of rental income from your property. While both parties need to ensure that there is no acrimony or dispute, the landlords need to be extra careful. A good landlord will not only ensure that the property being offered for rent is in good condition but also appropriate with the rent being charged and other conditions being applied. Let us talk about how you can be a good landlord to your tenant and the role of home renovation loans in ensuring that your house remains in perfect condition.

Healthy Relationship is a Must!

Rental income is an important source of earnings for many people in India. For a steady flow, the landlords need to ensure that their relationship with their tenants is a healthy one. Here are some tips to achieve that:

  1. Clarity About Terms and Conditions

To avoid any kind of conflicts at a later stage, the landlords should specify all the terms and conditions applicable to the tenants well in advance. This requires proper paperwork including the rental agreement specifying all the details related to rental and other charges. Rules regarding the due date of payment, the mode of payment, the handling of leakages and other damages to the property during their stay, payment of utility bills, and many other aspects should be clarified in advance.

  1. Condition of the Property

The condition of your property reflects your personality. And when you are letting out your property, you should ensure that it is in perfect and liveable condition. So, before you decide to rent out your home, carry out the necessary changes to avoid any kind of complaints later. If you are worried about the cost, you can always opt for home improvement loans to renovate or improve the interiors and exteriors. The whole process of applying for home renovation loans online is simple and quick allowing you to carry the makeover of your home and make it eligible for the best possible rental income.  You can even get some tax exemptions on the interest payments of your home renovation loans.

  1. Be Fair in Your Conditions

The key to a healthy relationship with your tenants is being fair in not only the rent being quoted but also other rules and conditions that you are putting forth. Rent increases should be as per the applicable market rates. Again, do not discriminate among prospective tenants based on their gender, colour, religion, professional or dietary preferences. It is illegal.

  1. Maintain Good Communication

Regular and friendly communication with your tenants is important for maintaining a cordial and healthy relationship. You can introduce them to your neighbours so that they can settle down quickly and feel comfortable. Other ways in which you can make their stay a good one is by providing them all the information and help they need to settle in and feel comfortable. But do not go overboard and become snoopy. Instead, respect their privacy.

  1. Be Fair in Your Dealings

While the rental agreement lists all the terms and conditions, the tenant may face some unexpected problem that is affecting his ability to meet them. In such a situation, be fair to them and do take note of the circumstances behind it and try to find out viable solutions to the problem rather than threatening them with legal action.

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