Tips for New Landlords for Gaining Rental Income

Pakistani citizens are very much interested in investing in the real estate sectors as the other sectors such as gold and dollar are very volatile right now. Real Estate sector not only gives more stability but also offers the increase in the value per annum.

As investors are investing to earn some income, one of the way is the rental income from your property. The rental income is the payment an investor/landlord receives when other uses his properties for a specified time period. Rental income is very easy to earn as the only thing a person has to do is to invest and buy a property. After that he can exchange his property for some return for a time period. An investor can get more returns when he invest more in the property. The property can be either residential or commercial.

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But the knowledge of gaining more rental income is not easily available with many investors who are new into this sector. To help them gain some tips about rental income, today we will discuss some points which can help the investor/landlord to increase his rental income.

Neighborhood:

Maintenance:

Information of your tenants:

Market competitive rent:

Knowledge of laws and regulations:

Rights as the investor/landlord:

Now we will discuss all these points.

Neighborhood:

The most important point to remember while searching a property to invest for rental income is the location and neighborhood. A good location and neighborhood will decide about your rental income in the future. A good location or a neighborhood is the one which is closer to the areas with the facilities like schools, a university, commercials, office area etc. People who cannot afford to have their own home will definitely look for a rental property near these facilities.

Maintenance:

The maintenance of the rental property is very important. No one wants to pay for and live in a residential property which is very old and is lacking modern features. The investor or landlord needs to properly and regularly update and maintain the property that attracts the tenants to live in your property. Only whitewash or paint is sometime not enough to gain rental income.

Information of your tenants:

The investor or landlord needs to have the information about the tenants. Information such as the CNIC photocopies, photographs should be available with the landlord in case of any kind of emergencies or uncertain situations. Investors can ask a number of questions to the possible tenants and satisfy themselves. If required, check for the criminal records of the potential tenants too. This can save the landlords from a lot of hassles.

Market competitive rent:

Landlord must have the information of the market about the current market rent about any size of the property. The rent they demand should be market competitive so that tenants demand to live in your property themselves. The rent of the property can vary from area to area so the investor needs to make sure that they are well aware of the rent market.

Knowledge of laws and regulations:

Landlord must have the information of the laws and regulations of owning a property for example the property taxes that comes with the property ownership needs to be kept in mind. Rental laws are usually same for every city.

The clauses in contract of the rental agreement should also be kept simple and easy to understand. If possible the terms and conditions should also be written in a contact that is signed by both parties. If the clauses are violated by the tenant he can be held accountable for the violations.

Rights as the investor/landlord:

The landlord should be well aware of his rights and the ways he can choose if things do not go as planned.

These were some of the tips that the new landlords or investors should know before investing in the property to gain rental income. We hope that this information helps you find answers to your problems regarding your rental property.

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Many residential and commercial societies in Pakistan are evaluated carefully to help our clients make the better decision. Pakistan Property Services helps the clients invest in projects with good prospects that depend upon the parent company, developers, location, payment plan, amenities they can have in the desired project.

Lahore:

Lahore is the cultural and economic hub as well as the provincial capital of Punjab. The city is well known for its huge economic opportunities in different sectors. People come from different areas to grab these opportunities and have a residence here. Below the list of some of the top Projects in Lahore:

Karachi:

Bahria Town Karachi is a benchmark within the landscape of Karachi with its world-class excellent-planned society. This society is sketched with an area concept to supply outstanding lifestyle facilities to its residents and can introduce new benchmarks of community development in Karachi. Below the list of some of the top Projects in Karachi:

Islamabad:

Islamabad is nestled against the backdrop of the Margalla Hills. It is a modern, planned city with wide tree lined streets, large houses, elegant public buildings and well-organized bazaars. It is however; always under construction to improve transportation or develop new housing areas for its growing population. The walkways are shaded, safe, and separated from the traffic by rows of flame trees, jacaranda and hibiscus. Roses, jasmine and bougainvillea fill the parks, and scenic viewpoints show the city to its advantage. Below the list of some of the top Projects in Islamabad:

Rawalpindi:

Rawalpindi is an important administrative, commercial, and industrial centre. Its industries include locomotive works, gasworks, an oil refinery, sawmills, an iron foundry, a brewery, and cotton, hosiery, and textile mills; it also produces shoes, leather goods, pottery, newsprint, and tents. Below the list of some of the top Projects in Rawalpindi:

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Faisalabad:

Faisalabad, formerly known as Lyallpur named after the founder of the city is the third-most-populous city in Pakistan after Karachi and Lahore respectively, and the second-largest in the eastern province of Punjab. Below the list of some of the top Projects in Faisalabad:

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Gujranwala:

Gujranwala is a city and capital of Gujranwala Division located in Punjab, Pakistan. It is also known as “City of Wrestlers” and is quite famous for its food. The city is Pakistan’s 5th most-populous metropolitan area, as well as 5th most populous city proper. Below the list of some of the top Projects in Gujranwala:

Multan:

Multan is city of Saints, it is best place to live if you belong to either middle class family, rich family or a poor family. The city is now develop city of Pakistan you can get every life facility here easily at low cast. Multan’s foods are very delicious especially mangoes of Multan are world famous. Below the list of some of the top Projects in Multan:

Bahawalpur:

Bahawalpur lies in the heart of South Punjab and is filled with stories that surround the legacies of Kings, Nawabs and their extravagant lifestyles. Below the list of some of the top Projects in Bahawalpur:

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Peshawar:

Peshawar is the capital of the Khyber Pakhtunkhwa province of Pakistan. It is the biggest city of Khyber Pakhtunkhwa and is a relatively prosperous city. It is also a cultural and economic hub of Khyber Pakhtunkhwa. The city is famous for its food and tourism as it is one of the oldest cities of Pakistan with a recorded history that dates back to 539 BC. Below the list of some of the top Projects in Peshawar:

Gwadar:

Gwadar, town and seaport, southwestern Balochistan province, southwestern Pakistan. Located on the sandy Nuh headland that juts southward into the Arabian Sea, the town is an important fishing (sardines and sharks) and trade centre. Below the list of some of the top Projects in Gwadar:

Suggestions:

We can see that the Pakistan Real Estate Forecast 2021 suggests investing more in this market as it promises a huge profit in the coming future. The investors should purchase the properties at a low rate so that they can earn more by selling it once the rates are good enough.

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