Real estate is one of the most famous investment ideas in Pakistan, that too for all the right reasons. Real estate is packed with many advantages.
Some of the pros of owning a real estate property include:
You can do so much with your real estate property. Sell it, rent it out or simply use it for your residence, choice is all yours. However, one of the best ways to generate income by sitting at your home is through property rentals.
In this blog, we will walk you through the whole process of renting your house in Pakistan.
So, let us get started.
Before putting out your property on rent, make sure you do your research. Sometimes, renting a property is not a feasible option. For example, if you have a commercial property in a far-flung area where rents are less due to low economic activity, renting might not be a good option for you.
You may want to sell out your property and invest the money in something more rewarding.
So, before making any decision, do a thorough study. Get updates about the latest property laws, rental laws, area pricing, etc.
Ask around people about the prevalent rental rates in your area. While deciding the rental value of your property, make sure you take into account the cost of the property, expenses, and the locality of the place as well.
For example, if you have a shop at a prime location, you may charge more because of the placement of your shop. Get to know house vs shop which is a better investment option.
If you want to increase the chances of getting a good tenant, market your real estate property wisely. There are many ways by which you can put your property out there.
Some of the most common ways to market your property are:
Thanks to science, you can rent your house from the comfort of your house. Having said that, Graana.com offers you secure, transparent, and professional services. Simply put your listing on the portal and the highly qualified RE agents will do the work for you.
Once applicants start pouring in, start working on your selection criteria. Make sure the person you are hiring is a legal citizen with no criminal record. Therefore, make sure you do a background check. Also, make sure that the tenant can pay your rent. For that, you need to know his or her past rental details.
Laws and regulations are very important if you want to stay safe and away from any sort of scams and frauds. Before sealing any sort of deal, make sure that you know the landlord and tenants’ laws of your area.
Usually, the tenant and landlord laws prevailing in Pakistan states that the rent of the property will increase every year by 10%. Also, if you want the tenant to vacate the property, you can serve them a one month notice and they have to evacuate the property in that period.
Top Cities to Rent a House in Pakistan:
Before inviting the tenants to have a look at your property, you need to make sure that the property is perfectly presentable. Make sure all the fixtures are working and nothing is leaking anywhere.
Also, make sure that the walls are painted, lights are working, fans are operational, utilities are available and locks are present everywhere.
Now the big day comes. Decide a day and time and meet the tenants. Make sure the conversation is clear and thorough. Ask their expectations and demands and tell them yours.
Make sure you ask them all the questions you want to.
Ask them about the number of people who will be using the space- When will they be moving in? For how long will they stay at your property? Do they have pets? Will they be able to pay the rent?
Ask them that if they have any queries regarding the property, this is right to ask away.
Try your best to make the meeting fruitful.
Areas to Rent House in Pakistan:
A security deposit is money that is given to a landlord, lender, or seller of a home or apartment as proof of intent to move-in and care for the domicile. Security deposits can be either refundable or nonrefundable, depending on the terms of the transaction.
There are no set rules for the security deposit. People either charge the maximum amount the tenant has to offer or they double the rent. For example, if the monthly rent is Rs.30,000, the security deposit will be Rs.60,000.
However, you need to keep in mind that when the tenant leaves the property, you have to return the security deposit to them after deducting any miscellaneous charges.
When the tenant is finalized, make sure you properly seal the agreement. Make sure you hire proper legal experts and put everything on paper. You should know which mistakes to avoid in real estate. This is to ensure safety, security, and transparency in the long run.
Once the tenants have come and settled in, make sure you keep a record of all the documents and monthly rentals including the rental agreement. Generate proper monthly invoices and keep a record of them as well.
This record will back you during taxation and any lawsuits.
So, these are some of the key points that you should keep in mind while renting your property in Pakistan. Please take into account all these steps and hacks so that you find the perfect tenant for your property.
If you still have any queries, please leave a message in the comment section below and we will get back to you as soon as possible.
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