10 tips for NRIs to rent out property

10 TIPS FOR NRIS TO RENT OUT PROPERTY Migrants find rental property as good alternate to generate income while residing outside. What should they look into before hiring a tenant, check out: DECIDE RENTAL RATE: Check out the prevalent rent price as per location, infrastructure, connectivity to city and age of property. 2 VERIFY WITH POLICE It is mandatory to check the selected tenant would be indulged in no illegal activities. So, verify with police. 3 AUTHENTICATE FROM EMPLOYER Obtain a letter from tenant's employer for ascertaining the authenticity of tenant. PREVIOUS LANDLORD'S REFERENCE This letter will disclose the tenant's history of payment, lifestyle and behaviour. 5 PERMANENT ADDRESS PROOF Ask for valid address proof of the selected tenant to get surety. 6 RENTAL AGREEMENT Get all papers proving tenant's authentic identity. Get them verified independently. PAYMENT The rent should be inclusive of all expenses and utility bills payment of the property. Tenant has to incur recurring expenses. LEASE TYPE LEASE Clearly state at paper that the property is on hire for residential purpose to avoid its commercial use. LIST ITEMS AND DAMAGES List out all the items and of the property including damages to let him alert for future damage. 10 TERMINATE AND RENEW THE AGREEMENT Clearly mention notice period for emptying the rental house and the renewal date.