Yishun Money Lender
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Yishun Money Lender

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How to Rent Out Extra Space in Your House 

Do you live in an ancestral house that is huge but not occupied much now? Or do you have a lot of space in your house that you no more need? If yes, then it’s an excellent opportunity to use it as your passive income. Yes, you read it right! You can rent the unoccupied portion of your house that you think won’t be very much required in a few years to come, and get some extra income out of it. And considering the sky-rocketing real estate prices in Singapore, you will get a lot of potential tenants. All that you have to do to attract and select the right person or people is follow these tips. 

Decide and Prepare the Portion 

Firstly, you need to decide what part of your house will you rent out to someone else. See if the room or portion has its own bathroom and separate entry or the tenant will keep entering your portion for these purposes. A basement setup with a kitchen or the one on the upper level can be even more lucrative since it provides more privacy than a shared level. 

After deciding, it’s now time to prepare the house. Check for any visible or structural damage. If you see any cracks, repair them, any chipping paint, repaint the wall, excess humidity, get rid of it, any plumbing flaws, address them. Perform any repair and maintenance tasks that you think is required before the portion looks perfect for renting out. Make sure that the main door of this portion has well-functioning locks, latches, and deadbolts. 

Work with an Agent 

One of the best things to do during this entire process is to hire a real estate agent. This professional has countless contacts with a lot of potential homebuyers and renters. The agent will spread the word across that your house has rentable space available. The agent will get potential tenants that meet your expectations and will also help you in showing the house in the best way. The professional will also be your representative and negotiate with potential tenants to fix the best rental cost. Also, they will do all the necessary documentation and perform all legal formalities on your behalf. In simple words, the real estate agent will ease the entire process and make sure you comply with all the Singaporean home renting terms. 

Price the Area 

This one is important! You don’t want to end up pricing your home inappropriately and then suffering every month till the time the rental lease ends. That’s why it is crucial to prove your house in the best way. Look at ads in your area on Craigslist. Sites like this should give you a ballpark figure for what you should charge for rent based on your ZIP code and the type of room you’re offering. Visit other homes that are on rent in your surrounding and see what other homeowners are charging. When you work with a real estate agent, even the professional will help you to price your rental portion appropriately.  

Spread the Word Across 

Once everything’s ready, it’s time to let people know that you have a rental property. Use social media groups and communities to spread the word across. If there is a real estate-related group or community on Facebook or Twitter of your area or Singapore as a whole, put the posting in that group. Next, use MLS services and put information and pictures of your house so that your posting gets more eyeballs. You can even go the traditional way and hand out flyers at various social events to let people living around you know. Lastly, leave it up to your agent. The agent will use all the possible contacts he has to get the right tenants to your property. 

Meet Several People (And Screen Them) 

Be ready to meet several people. Don’t get attracted by the first potential tenant you meet. Although the individual or family may seem like a perfect fit for your expectations and your house, meet more people. Talk to a lot of them, interview them, screen them. Also, perform stringent background checks of each one to understand their tenant and employment history. Once you have met a lot of people, you can then shortlist a few and decide which one suits the best. You also need to consider who is willing to the best rental amount for your property. Move ahead with the one that seems perfect practically and as per your intuitions. 

Prepare Rental Agreement 

Once you get your ideal tenant, it’s time to do the legal things. Prepare your property’s rental agreement, and mention all your terms, rules, and regulations regarding your property. If you have some strict rules like pets won’t be allowed on the property, mention them well in advance in the agreement. If your tenant has some special requests, and if you agree with them, put them in the agreement too. Your agent will make the best and professional rental agreement considering the benefits of both the parties. Encourage your tenant to read the agreement carefully and thoroughly before signing. You too do the same.  

What’s next? Start living with your ideal tenant! If you face any difficulty with your tenants during the tenure, make sure you bring it to your real estate agent’s notice. The professional will then suggest the best way out to the issue.