You may not have considered this before, but letting your home in Bangalore out to tenants can earn you high returns all year long. Admittedly, being a landlord is not a call for everybody, but today’s rental industry disproves that bit of belief. In a place like Bangalore where homes are sorely scarce and demand is peaking, letting unoccupied homes on rent is like a service to the society, only with some incentives to pocket from.
Of late, villa projects in Whitefield Bangalore has multiplied, having been prompted by the constant rise in the number of takers. In such a time and situation, you can grow your wealth in a smart fashion just by buying a home and renting it out. Cash will flow back in manifolds keeping you in profits for as long as you hold ownership.
How to Get Started
Most people find the start part of the venture insurmountable. It all seems so steep at first that a good fraction of people drop the idea even before getting started. Now there is no shortcut or tryout way of getting started in a business like this. You have to pitch in your savings to first buy yourself a nice house somewhere posh in Bangalore.
- Indira Nagar
- And Malleswaram are some preferred locations of investment.
Speaking to a realtor should be the cornerstone of the venture, but don’t forget to research on your own to gain an understanding of what you are getting into. The realtor will tell you all about the availability of properties, places that fetch higher rents than others, developers that offer cut-rate deals, etc.
Some Smart Moves in the Business
Getting into the right attitude is the first step towards any successful business venture. In rental business, you have to first recognise the reality that being a landlord is the same as having a business. So, the idea is to treat it like one. Renting a home for money is often looked at like a passive stream of revenue that requires no or very little involvement. It is not a hands-off investment, just to clear it out right from the start. It requires as much time, skill and involvement as any. So, if you are short of one or all of them with no alternative to supplement it with, then this is not your call.
You cannot go ahead and buy yourself multiple housing units all at once. Start small, possibly with a 3 BHK villa for sale in Whitefield Bangalore and build your way up. Single family residences, for sure, are a relatively easier investment than bigger units. Do not aim for condos straight up for that requires hefty down payment which is more difficult to accumulate than scraping up a budget to buy a small villa. Location is key, so mind that first before signing the deal. Also, do not put a figure as rent that you deem is profitable to your pockets. Be reasonable, and above everything, be modest in your pricing. That is how you attract tenants. Keeping a renting property means a lot of work. So, be ready, if need be, to get your hands all dirty in the maintenance of the property. But, get professional help, when and as needed.
Happy Tenants Means Happy You
Lastly, beyond the business agenda, your immediate goal should be to keep your tenants happy. To be able to do that, you need to take time refreshing the place up during vacancies and check on your tenants from time to time.
May 27, 2017