Often in colloquial speech, the concepts of “renting an apartment” and “renting an apartment” are used interchangeably. From a legal point of view, this is not true.
In the case when it comes to renting an apartment by a private person to another person, a lease agreement is used. In other words, this refers to the most common situation when a person rents an apartment. Sometimes you should also perform a Tenant background check in order to know if your potential tenants are trustworthy or authentic.
The lease is used if the apartment is rented to an organization. For example, the premises are rented by a company for the residence of its employees.
What Should Be Done Before Renting Out An Apartment?
Before looking for new tenants, you need to decide which of the three ways you will pay taxes:
- filing a personal income tax declaration
- purchase of a patent ;
- pay professional income tax.
You can learn more about these methods of paying taxes in the article “How to pay tax on the rent of an apartment?”
How to Prepare an Apartment for Delivery?
First of all, evaluate the appearance of the apartment. If necessary, it is advisable to carry out cosmetic repairs: whitewash ceilings, paint walls or re-glue wallpaper, repair wiring and plumbing equipment, replace burnt out light bulbs. Before visiting potential tenants, do a general cleaning. You can do it yourself or use the services of a cleaning service.
The condition of the transferred apartment directly affects the rent and reduces the time it takes to find a tenant.
Rent out an apartment with or without furniture?
Both options are possible, but in practice, it will be more difficult and take longer to rent an unfurnished apartment. Few people transport furniture from apartment to apartment, especially when it comes to visitors from other cities or people who live exclusively in rental housing. Therefore, it is advisable to purchase a minimum set of furniture and household appliances: a bed or a folding sofa in the bedroom or living room, a washing machine, a table, chairs or stools, a full-fledged kitchen set and a refrigerator for the kitchen.
Also check: How Market Intelligence Benefits a Business
Do I Need A Realtor?
If you are looking to save time or are renting out for the first time, it makes sense to hire a realtor – a private real estate specialist or an employee of a real estate agency. He will not only answer calls and show the apartment to potential tenants, but also help determine the price and draw up documents.
Do not contact several agencies at once, as this can provoke competition between realtors, because of which they will begin to offer your apartment at a lower price in order to attract tenants sooner. In addition, if the property is advertised on all sites, it may raise suspicion among tenants.
How To Find Tenants For An Apartment Yourself?
To do this, place your ad on specialized sites (real estate aggregators or Internet sites ). Be sure to indicate that you rent out housing without intermediaries – many are more willing to rent an apartment from the owner directly without intermediaries.
Before entering into a contract, try to find out more about the future tenants. Ask the tenant for a copy of his passport, find out his place of work and make sure he is able to pay, for example, ask for an income statement. Explore the pages of future residents on social networks.