Renting out your home is an emotional decision. However, it is a wise choice as it is a much better option than letting your house lay vacant. If someone is living in your empty house, there are minimal chances of mismanagement and decay of the property. There are many options via which you can rent out your house in any city across India.
In this category, the owner of the house has a complete hold on the property. It is more like a hostel where the lodger pays for the accommodation and food. Majority of the pg in India impose a lot of restrictions on the residents and in many cases, the resident may have to share the room with one or more people. However, this option is preferred by young men and women moving to a city for jobs or by students, since these are cost-effective and also offer various facilities ranging from food , laundry etc.
In this case, a complete set is rented out to an individual, family or a group of people. Most of such accommodations do not have hour restrictions, have separate entry and the residents have to take care of food and cleaning themselves. The expected rent in a metro city for an independent accommodation is more than the normal pg in India.
This option is best suited for those who are looking for a good return from their property. In this case, a company will lease out the accommodation for the employee and will pay the rent directly to the owner. The agreement is not between the person living and the owner but it is between the company and the owner.
Before converting a property to pg in India or renting /leasing it out do remember these points:
The amount that you can expect is entirely based on the location, condition, and demand. If you offer more facilities such as well fitted wardrobe, internet connection, etc you can receive higher rent. The security deposit is also different based on the location. In cities like Mumbai, the owner asks for a security deposit equivalent to 6-month rent and in cities like Chandigarh, it is one month rent.
You can also opt for various online portals, where you can register your property for renting/leasing out it easily. Also you will get a fair idea of prevailing market rate through such portals.
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