Landlords love to have tenants and money flowing in every month. Similarly, tenants are happy to find shelter in areas where work takes them. When both the parties give their approval to the terms and conditions of letting out the property, the lease agreement is signed. Once the agreement is signed, the tenant is in the acquisition of the property.
But hey wait! Being a landlord, have you done your homework right? There are many landlords who make these five common mistakes that they should get rid of instantly.
Five common mistakes by landlords while leasing out property
1.Lack of Research:Every landlord wants a tenant that is disciplined in making payments and is polite towards the property that he or she is living in. The biggest mistake they make is getting their rational thoughts dominated by the excitement of potential buyers coming in. They forget to do a proper research on the background of the tenant eventually leading to no payment of delay in payment in the long run.
2.Not taking care of the property:Many landlords believe that the property once leased should be maintained by the tenants. That is absolutely wrong. It is your property and no one will take good care of the property more than you will. So, buck up and get the property damages fixed seasonally so that they tenants know the value of the property and will respect it more.
3.Being Rigid to Amendments:Flexibility is the key to every relationship. If you don’t give enough space to your spouse, there is every possibility that the relationship will be in shatter. Similarly, if you hold your tenants tight under the terms and conditions, there is more probability that the tenants will not have positive feelings for the landlords and thereby result in vacating the house sooner or later. This way, landlords miss potential money minting customers. When you hold something tight, it tends to slip off your hands.
4.Not being professional:Landlords are vulnerable to money that comes their way and they tend to judge a tenant based on the personality. In the past, many had done deals based on “handshakes” and feeling good vibes. But nothing is permanent and no one should be trusted easily. Everything on writing makes more sense to undertake than verbal communication. Written communication is the best communication when it is a business deal.
Another demerit to verbal communication is the perception that the tenant makes about the landlord. He or she tends to perceive you as a person who is not too serious and professional. This results in making the landlords vulnerable to the tenants who are always on the hunt for availing advantage that can go against the landlords. Apart from this, always be ready to be open to making amendments to the lease if the tenant objects to the lease.
5.Not taking action on time:Well, yes it is true that a landlord should be open to letting go of certain terms and conditions under the rental agreement. At times, not taking action at the right time adds to the issue. If there had been an issue in the past and you didn’t take instant action, there might be all possibilities for the tenants to revolt later when you raise voice for the same issue. This can be a situation that can shock you and gradually bitter the relationship.
Landlords can be too forgiving at times and at times too strict. It shouldn’t be the either way. A balance of both the personality traits can be extremely helpful in creating a professional yet friendly relationship with the tenants that result in a healthy relationship for long in the upcoming years. It is further, advisable to have known people in your property than having some unknown people for the sake of getting money at the cost of your security. A proper background check of the tenants is a must that one can’t ignore.
Don’t let tenants rule you. It should be the other way around. However, they shouldn’t be aware that you are ruling them. It should be maintained through assertive dealings with the tenants. Trust me, you will be a lot happier not doing the above five mistakes in future.
It is true that commercial properties help an owner make more money than that of residential properties. Even Indian real estate owners have understood the importance of commercial properties. It is, therefore seen that more and more commercial properties are coming up compared to the past years. The name commercial property, itself points towards money making.
Credit history is a very important aspect in availing loans and other financial benefits. Credit history should be strong for every individual who needs a loan for many reasons. Banks and other financial institutions analyses the profile of the person based on the credit history he holds. When you avail a home loan you need to take insurance for your home in case of any unforeseen events. This covers the risk for the homeowner as well as the bank that finances the home. The interest rates of homeowner’s insurance are directly dependent on the credit history of the person.
Indirapuram is one of the most developed and fast-developing area of NCRs in Ghaziabad. With its sky-scrapers, broad roads and constant stir going on, Indirapuram remains one of the most preferred destinations for homebuyers. All the residential projects, malls and markets in Indirapuram make it seem like small city in itself with all the sufficient facilities!
If we talk about fast development areas in NCR, Indirapuram is sure to top the list. In such a short span of time, it has developed in all the aspects of livelihood which is highly commendable and admirable. And this makes it the perfect area to buy your dream home, because if area has developed at such a high pace, it is bound to develop even further in the future!
When you are planning to buy a home, the factor which unwillingly plays a major role is the proximity to the shopping hubs, super markets and others. Indirapuram has embraced them all. With malls like Shipra Mall, SRS Aditya etc. and markets near almost every society make it really convenient for the people residing there. Numerous food joints and restaurants have opened up to satisfy everybody’s hunger glands!
No matter how beautiful your home is, if it’s in an isolated area, it just loses its charm in a short period of time. But the connectivity of Indirapuram makes it really convenient to people. While Noida is just a 5 to 10 minutes’ drive, Delhi is also at a favourable distance from Indirapuram. And with also the development of Metro in the near future, it is bound to save the travelling time between office and home, for working people.
The best part about Indirapuram is that it is not restricted to just one kind of apartments. Whether it be 1/2/3/4 BHK apartments or penthouses or even beautiful villas or cottages, Indirapuram will offer you everything. Various big-ticket developers have their residential projects here and so many more projects by reputed builders are in the process.
With all the other things in place, let’s have a look at the civic amenities also. Good education facilities are extremely essential for your children to groom. Widely known schools like DPS, Cambridge, GD Goenka are present in Indirapuram since many years and their services and performance are highly appreciated by people. Father Agnel School in Sector 63, Noida, is also in the vicinity of Indirapuram. Healthcare facilities are significant to every age group and at every stage of life. Big hospitals like Ami Care and Bakson’s Homeopathy are serving the people in Indirapuram. Hospitals like Fortis in sector 62, Noida are within 30-minutes reach.
Usually when it comes to decorating the home, bathroom remains the most overlooked portion. Most importantly, the lighting of the bathroom is the most neglected. And when bathroom is one of the first places you go to in the morning, a dim demeanor can start your day in a very depressing way. Brightness and vibrancy is what you essentially want in the morning!
Everything looks the best in daylight, be it your complexion, hair or makeup! And since all of this is indicated the most beautifully in the daylight, your bathroom should also have the white light of any type- clear or frost.
The general lights that are fitted in the bathroom are just sufficient for the purpose of ambience, but are not suitable for getting ready and beauty tasks. The general lights are fitted on the ceiling which may also create lines and shadows across the face of the person using the mirror. So in a bathroom, place a pair of sconces or vanity lights on both the sides of the mirror to get the best lighting possible while using the mirror.
Just like you have different moods for lighting in your living room and bedroom, bathroom also becomes a victim of your moody nature! You need bright light in the morning but when relaxing while taking a bath in the tub, you prefer dim and soothing lights! And you really don’t have to worry about that since this switching of lights can be done easily.
After the implementation of Real Estate Regulatory Authority (RERA) on 1st May, the real estate sector has its very own regulator in the entire country. Each and every Union Territory and State will be regulated by its very own Regulatory Authority (RA) which is going to follow the Act to make its rules and regulations.
Central Park, a leading real estate developer, has plans of entering the commercial sector with the development of a mixed-use project in Noida of 40 lakh square feet. This will involve an investment of around Rs.2000 crore.
51% stake has been acquired by Franchise India in the property brokerage network RE/MAX India for an amount of about Rs.60 crore. This has been done as the expectation is to witness a high growth in business after the execution of new law of real estate.
Mr.M Venkaiah Naidu, the urban development minister, has warned the real estate developers of penal action for not keeping up to their promises. And it’s not just the builders that are not under the disciplinary measures of Real Estate Regulatory Act (RERA). The Regulatory Authority which is established to bring transparency in the real estate sector will also bring the plot promoters in the ambit of RERA.
After one year of complete downfall and passive growth, the land pooling policy has brought some hopes for the revenue department as they are assuming the policy will aggravate growth.
