Tips to Create Income from Rental Property in Borivali

1. Tips to Create Income from Rental Property in Borivali Planningto invest in a Borivali property to earn rental income? Here are a few tips to help you get successful at it: • The first and most important thing is to remember why you are en- tering the rental market and what exactly you wish to accomplish financially. Once you have bought a property in Borivali, you need to start finding a good tenant. Finding a reliable tenant is very important in order to ensure the safety of your property. There are several different ways of finding tenants. You can either post ads in local newspapers or spread the word through friends and family. It is recommended to ask potential tenants to fill out a form, listing their name, where they work, details of their previous landlord and references, if any. Don’t hesitate in doing some research when it comes to choosing a good tenant. • It is important to determine how much rent you would want to charge because you wouldn’t want to be at a loss. You can get an idea about the rental amounts in that particular area through online resources or newspapers. The rent can be lower than your mortgage payment but if you have found a tenant then the rental income should be comparable to what’s in the market cur- rently. • According to the experts, it is recommended to write a lease so that every party understand their obligations and rights. A good lease needs to comply with rental, tenant and insurance laws of the state. It is best to ask for help from a legal expert. Make sure that the lease spells out details like, lease term, security deposit amount, list of tenants, rules of behaviour, rental due date, pet policies, repairs and who will be responsible for repairs, maintenance responsibilities and so on. • Whether you buy a property in Borivali East or Andheri, it is important to protect the property with insurance. If you are renting the property then you will be requiring a different insurance policy as compared to the one used for primary residences. As a landlord, the insurance policy will be cov- ering the home’s structure, medical expenses, loss of rental income, if repairs required. • If you are not buying a newly built property, then it is recommended to renovate the kitchen and bathrooms to get higher rent. So if there are renovations needed, invest money in it. • It is very important that you choose a real estate option with great potential. For instance, when buying a 3 or 4BHK flat in Borivali East, you need to ensure that it is near schools, colleges and healthcare institutions. Social infrastructure of the area needs to be in a good condition if you want to earn good rental income. If you want to buy a 3 or 4BHK flat in Borivali East, then make sure that you are choosing a re- puted developer. Several reputed real estate companies have their projects in Borivali so make an informed decision.