Planning to rent out your home? Read these musings on home rent

The greatest appeal of home rent is the steady income it provides to the landlord. In Kerala, it has become more of a fad to build a home and rent it for a livelihood. People relying on cash crops and cattle for income have become a thing of yore. They have found out that investing on crops and cattle can have a toll on their health and time. If for crops they have to depend on the benign glance of rain gods, it was bound labor for cattle. So home rent is a one time investment and guaranteed easy money. If you are lucky you get a no-nonsense tenant and it is a no headache affair from then on.

Having said all these, it doesn’t mean that home rent is without any flaws. So here are some tips to keep in mind while giving your home on rent:

• It is said that what is well begun is half done so it is with tenants also. It is always good to have a pact or an agreement with the tenants lest they may turn a defaulter over the time. So let’s put it in black and white the terms and conditions, the policies and obligation that the tenant is bound to keep at the period of occupation. Remember this agreement on home rent has legal validity and in case of cheat the land lord has every right to move a civil suit against the tenant.

• Security deposit is often a bone of contention in tenant- landlord dispute. Hence it is recommended to make it clear in advance in writing whether the repair costs will be deducted from the security deposit incase of mismanagement. This would definitely give the right message to the occupant to be careful throughout the stint.

• The landlord who goes for home rent also has to keep certain etiquette. He should respect the privacy of the tenant and should inform the occupant before entering his premises. He should also bear the upkeep costs of permanent fixtures like electrical and plumbing works.

• As a thumb rule the landlord should give the tenant a three months time before eviction.

Though it is everybody’s dream to own a house it is becoming more and more a difficult proposition to realize it. Huge investment and expenses involved in the building sector deter even men of comfortable means from spending on houses.So its cheer time for landlords who go for home rent! May good tenants knock at your doorstep!