It’s a much better decision to let your home on rent than keeping it idle till the time you get a good enough deal for it or just because you need some extra cash to support your income.
While this seems like a nice idea, there are a few things you must consider before turning your home into a rental property. Preparing for it wisely will keep you secure from mishaps and uninvited problems.
Before handing the keys of your home to your tenants, it is always advisable to get home owner’s insurance for yourself. There are several benefits to it.
First of all, it safeguards the integrity of your tenants in the case of an emergency. It is always wise to prepare for the worst when you are going to be away from your home; there could be damage due to storm, or cooking gas explosion, there could be anything. A homeowners insurance guarantees reimbursement of rental income, helping you cover costs and ensure a constant flow of income.
If you’re turning a house or an apartment into a rental property, that has not been accomodated from a long time, make sure you check everything is as you left. The property could need some cleaning to be done, window panes might need some repair or the water pipes might need a check. You can also consider a quick paint job to improve the aesthetics of your property, which will take its rental value to a whole new level.
You might think that a residential property can be converted into a rental property without a legal permit, but actually one is required and it works the other way around. It concerns the safety of your tenants. Getting a permit involves an authorised person to visit your house who will make sure all the electrical fittings, gas pipeline and other amenties don’t pose a danger to the occupants. This will also indemnify you if anything goes wrong.
Now that your property is ready to be acquired on rent, you have to let the world know about it. The fastest way to do it is to contact a rental real estate broker and sign a renting contract with them. They will be able to advertise the property to potential buyers and would carry out tasks like publishing newspaper ads. This will ensure that your property is rented on time and you can start generating income out of it.
While hunting tenants is challenging enough, tenants who will use your property appropriately and pay rent on time are even harder to manage. So, we recommend getting a broker involved who can deal with the tenants on your behalf and make the process of letting out out your home less of headache.
Spacio Realtors is a leading rental real estate broker firm offering excellent brokerage services. Contact us today for effective consultation on rental properties and quicken up the process, if you are finding or letting a property on rent.
Mumbai offers a wide variety of residential properties ranging from lavish villas to modest apartments, available for the buyer of every kind. Renting an apartment is sought as one of the most convenient options for the general public and in this blog, we’ll talk about the various locations, projects, and premises in Mumbai that can get you a decent apartment.
The price oscillates with the level of comfort these apartments provide which can be determined by the amenities available at every location.
Top locations for rental apartments in Mumbai
Wadala has seen a lot of improvement and growth in terms of real estate recently, mainly due to its proximity to BKC. There has been a high demand for residential property in Wadala and in response to that, a number of projects have come up, offering affordable rental apartments.
The coming up of Chembur-Wadala monorail has further improved accessibility to southern parts of Mumbai, making Wadala an attractive option for the corporate population.
The average price of property in Wadala has reached 19 – 21k per sq. feet which make Wadala one of the costly locations in Mumbai, but for all the right reasons.
Bandra is one of the up-town locations in Mumbai with a majority of aristocrats and elite class settling over here. The average costs of the property are rather high in Bandra due to the next level lifestyle that you get to feel in Bandra. From entertainment to shopping and healthcare, Bandra has a touch of elegance in it.
Bandra is currently the prime hotspot for rental apartments in Mumbai and is getting significant consideration from developers for the same reason. There is a stiff contest for affordable apartments as the rates are already soaring high in Bandra.
Bandra attracts the workforce that have their offices in the Bandra Kurla Complex and settlers from outside the Mumbai. The tumbling situation of Lower Parel is also acting for the benefit of Bandra, encouraging re-settlement from there to Bandra in the coming years. You can look for an apartment here if you are a fan of high-culture and star-studded localities, although traffic congestion continues to be a problem at Bandra.
Chembur lies in the central parts of Mumbai and has a number of benefits associated with its geography. It acts as a prominent link between the central Mumbai to Navi Mumbai, which makes it one of the most preferred locations for office goers. Just like other parts of Mumbai, there is a significant amount of development going on in Chembur, allowing a large inflow of residential and rental opportunities.
Chembur is parked in the vicinity of Tata Institute of Social Science, the famous Golf Club, RK Studios, Sadhu Garden etc, rendering its location even more importance. Apart from this, you get all kinds of social infrastructure surrounding Chembur, making it a place to settle in.
There are many more locations in Mumbai to watch out for, but which will suit you the best? This answer can only be answered after a short discussion about your top priorities.
You can contact us if you have any doubts or queries regarding renting an apartment in Mumbai and we will get the best options for you.
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