Do you own a house or any condo in Bangsar that you would like to rent out to others for a long time and thus secure a passive income, but you do not want to start unnecessarily? We bring you 10 useful tips that will make your decision easier.
What to watch out for
In the case of a long-term lease, it is necessary to take into account the special provisions of the Civil Code, which provide significantly greater protection to the tenant. If you come across problematic tenants who stop paying rent, you will be saved not only by a quality lease, which really thinks of everything but also by a detailed handover protocol.
“If you decide to rent your house or apartment for a longer period of time, you can count on a smaller initial investment. You are not obliged to furnish the apartment and at the same time ensure a stable income. You will also have a number of worries for example; long-term rent is exempt from value-added tax.
Determining the price of rent
Choose the rental price with regard to the condition of the property, the market price of rents in the locality, but also transport accessibility. For potential tenants, the location is crucial in many cases. Remember that the better the apartment looks, the more advantageous you rent it, so don’t forget to equip it with at least basic equipment. The amount of rent consists of the payment of rent and the fee for services, while the services are usually listed separately. But beware and make sure the repair fund and house management are included in the rent, not in the services. you don’t want your apartment for rent in Puchong to be a hassle that causes you a loss. Various online tools will help you to conduct a quick survey of prices in the long-term rental market.
Including services in rent
Services can be included in the rent as a flat rate, where the tenant pays the same amount every month without the need for billing. However, this directly encourages the tenant to use the services indefinitely, which can also reduce your rental earnings.
The second option is to determine exactly how much money the tenant will pay for the service and this together with an annual bill according to actual consumption.
The third option, the best for you, is the transcription of energy to the tenant. As a result, you cannot pay any arrears. Before arranging a personal meeting with a person interested in housing in Titiwangsa, it pays to find out, for example, whether he is not in the Insolvency Register, the Central Register of Executions, or whether he is not an executive of the company in liquidation. This could be an indicator of future insolvency. Organize the personal meetings themselves effectively to save time for yourself and those interested, and prepare well for any questions.
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