RENT AN APARTMENT YOURSELF TIPS, REQUIREMENTS AND CHECKLIST

 

Do-It-Yourself furniture and Co. have been popular for years. But does that also apply to renting out? This article provides you with valuable tips on everything to do with renting an apartment: from requirements that you should meet to a practical checklist.

Rent an apartment: requirements you should know

Are you the owner and want to rent out your apartment yourself? In cities, the high rush makes you believe that you will be straight for success. As a beginner, however, you should internalize two principles:

• Renting out yourself takes time!
• Renting is binding in the long term!

Rent an apartment - cost and time factor

The thought sounds tempting: You rent out your condominium on your own and collect monthly rent with it - without any work! However, it is not that simple:

Book keeping and Tax

Every year you prepare an additional cost statement and calculate whether your tenant will pay back or receive your money back. Keep all invoices and receipts in a safe place and collect expenses and income in an Excel spreadsheet. To make things easier, you can use the software on the Internet that does the calculations for you.

Rental income belongs in the tax return. The income is not taxed if it - together with all other income - falls below the statutory basic tax allowance. As a rule, however, the following applies: rent an apartment pay tax.

Gatherings

As the lessor of a residential unit, you regularly take part in owners' meetings. There you will discuss upcoming renovation work, the consequences of incorrect waste separation by tenants and whether the caretaker still lives up to his title. The more owners involved, the tougher such gatherings can be.

Repairs

With the regular use of a property, repairs are also necessary. A heat jump in the window glass, a defective water meter, a clogged drain: all of this will be brought to you with the request that the problems be resolved as quickly as possible - and usually at your own expense.

The binding factor

Rent index and brake

Rent is regulated by law. This is ensured by the rent index, i.e. the local rent and the so-called rent brake. You can ask for a rent that is no more than 20 percent higher than the rent index provides. With a few exceptions, such as new buildings, the rental price limit is a maximum of 10 percent.

With existing tenancies, you cannot increase the monthly rent at random. This means that you are tied to a very little variable sum speaking of rent:

Late payment

By reviewing your bank statements, you discover that your tenant is in default. And that for two months! However, it is not that easy to get rid of a defaulting tenant for luxury apartments in Lahore. You still have to wait at least one month before you can give your notice - according to the statutory notice period of three months.

You can terminate without notice if there is an extraordinary reason - for example, constant default in payment. However, it would be best if you first warned your tenant in writing. In particularly hard cases, the tenant unwilling to pay does not move out despite the notice. This can lead to eviction proceedings. And deprive you of a lot of rental income.

• It is therefore essential to find the right tenant.
• Rent an apartment: checklist for the perfect tenant

Finding a good tenant takes the most time. The more professional the search, the higher your chances of finding the dream tenant. This is why the following applies to renting out an apartment: work through the checklist point by point!

Determine the rental price

To determine the rental price, you have to deal with the rent index. This is especially important when changing tenants. If an old contract guides you, it will cost you dearly.

It would be best if you also were careful of the rental growth. If you try to increase your rental income artificially, for example, through modernization, your tenant can take them to court. In Berlin, this has been considered an administrative offence since 2019; they face fines and imprisonment.

Create a synopsis

Good photos are worth their weight in gold. Do this in daylight and with a good camera. It's better to take a lot of photos and choose the best ones later. For extra good results, you can hire a professional photographer. Real estate agents also create hands-on tour videos.

In addition to all the important information such as rental price, the number of square meters and floor, an emotional synopsis increases your chances. Go into the advantages such as stripped floorboards, describe the neighborhood, the transport connections, shopping opportunities and the beautiful park nearby.

Incidentally, the energy certificate, which you can request from the property management company, has also been mandatory since 2014. A floor plan is often desired. There are portals for this, too, through which you can have the floor plan measured at a low cost.

Manage requests

If you are expecting a lot of inquiries, a special email address is useful. It is better not to publish your telephone number. Create a self-disclosure email template for applicants. How to separate the wheat from the chaff. Anyone who does not fill out the self-assessment at all or incompletely should be sorted out. Whose income barely exceeds the monthly rent, or who would like to live with four people in your one-room apartment, too?

Carry out inspections

You can invite all promising applicants to a viewing appointment. An open tour is faster. In particular, however, the number of visitors can get out of hand. There is hardly any room for getting to know each other personally and for questions.