Do you have an extra apartment which no one uses? Have you ever wondered whether to rent it? Do you know what you should do when renting a property? Read on to find out the answers.
When you decide to rent an apartment or house which you don't use, so to earn some extra money, you must sign a contract with the tenant and take a safety deposit from him. This has to be done for security measures in case the tenant decides to leave without a warning, or if he damages something in your property and doesn't want to pay for it. The safety deposit can be equal to up to three monthly rental payments. Here are the risks that you will take, if you don't sign a contract and receive a deposit:
- If the tenant has no contract to complete, he can move out whenever he wants. This is a loss for you.
- The rental contract obliges the tenant to clean the property at the end of the tenancy period. If he hasn't signed one, you as a landlord will have to clean the place. And if you haven't taken a safety deposit, you will have to pay for professional move out cleaning London services from your pocket.
- If the tenant has broken something in the property and leaves unexpectedly, you will have to pay for the reparations.
These are only three of the problems that renting a property can cause you. If you want to avoid paying for reparations, for move out cleaning London services or for anything else that your tenant has done, always sign a rental contract with him and take a security deposit.
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