Here are some factors that you must consider whenever you’ll decided to fix your property for rent. Renting out property can be a feasible source of income that has many benefits. It allows us for both owning an asset with getting income. If you’ll rent out it for residential or commercial purpose, there is some risk linked with this process. There’re many factors involved and you’ve to remember all factors. You must take care of rental agreement to avoid problems in future. This agreement is signed with landlord. However, there’re many furnished house for rent in Lahore available on an affordable rents.
There’re some precautions you may take before renting out property. It will also secure ownership and also covers any damage to property. Here we’ll also explain types or categories of tenant? The first point is you should meet with families of potential tenants. It applies for residential properties. Value of references must be used, you must get list of reliable people of tenants and you must call to ask about their honesty & trustworthiness. Now meeting process of tenant and calling references will also help you for securing your property in perfect way. You should verify that no criminal activity should take place there. You must keep professional relationship with your tenants therefore you can cooperate and communicate clearly.
What are Legalities?
According to rental laws in Pakistan it is clear on all matters that it can be issued to both tenants and landlord. It should be register through rental agreement with ‘rent controller-section- no. 17’ of registration act 1908. When you will follow procedure then you can face all problems in court as well.
As per ‘Punjab rented premises Act 2009’, the rent amount and rate will increases that must be written in agreement. It should be signed by both sides after taking consultation from lawyer. We also recommend if you’ve decided for furnished house for rent in Lahore then you need to add agreement for better future. Rental agreement is like healthy security deposit.
What will happen if your property gets damaged?
There must be clause in rental agreement for which a party is responsible for all types of repairs. The ‘Punjab rented premises Act 2009’ states that a landlord is responsible for repairs however if a state otherwise that holds precedence. It is also advisable that you’ve descried in agreement that in case of any damage due to tenant will be repaired by tenants. It will secure your property for long time.
What if you ask it back?
Because of unforeseen situations, you need back your property from tenants than agreement has stipulations for any such situation. In Punjab, an agreement is terminated if a tenant can take measures to make unapproved changes to property, causing a nuisance, subletting property in neighborhood. All these factors are also legal under Act. All above factors are applied in Sindh as well. You can acquire property for reconstruction. You may demand eviction for personal uses as well. If you’re retired then they can also ask eviction.