Many apartment owners prefer to rent out their apartments on a long-term basis, as they consider this option to be the best and safest. However, more and more often there are cases when the owner of the rented accommodation finds his property in ads for sale. It is possible to protect yourself from such fraudulent actions.
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What do scammers do?
Fraudulent schemes are predominantly found in the rental housing market. Careful study of the documents of future tenants can prevent trouble. A rental agreement for more than a year is best registered with the service.
It is also important to periodically go to sites with ads for the purchase and sale of real estate, to check the absence there of a particular apartment. It is easy enough to do. Many crooks often stop in this way.
It is interesting to note that abusers try to choose expensive housing. In the risk group are also one-bedroom apartments and studios.
Another common type of fraud is subletting. However, it is legal only if there is an official written consent of the owner, or if there is a clause in the rental agreement.
It is important to note that if there was no clause prohibiting subletting, the tenant has the right to rent the apartment to another person.
Rarer situations arise when the landlord rents the apartment to one person, and then it turns out that the apartment was bought or rented by another person.
How not to become a victim of fraud?
If scammers sublet or sell an apartment, they use fake documents. Fake stamps can be put in the passport, and potential tenants or buyers are shown fake documents for the apartment. It is important for the owner to make sure that the original documents do not fall into the hands of other people, and it is important for tenants to demand authentic documents during the transaction.
To make sure that the tenants present at the transaction live in the apartment, you should periodically go there and ask the neighbors about who is there and what hours the tenants are at home.
The rental market provides an opportunity to make a quick profit, the contracts are concluded very quickly. That is why scammers try to make money here.
To check the validity of your passport, you can enter the data of the document through a special migration website. If the passport is stolen or lost, information about this will be displayed. The rental agreement should correctly spell out information about the owner and tenant, rental and payment terms, as well as the rules for terminating the relationship.
About the inventory of property
Unscrupulous tenants, such as crooks, can be a serious problem. There are cases when they abruptly move out of the apartment along with the landlord’s appliances and furniture. At the same time, they are in full confidence that it will not cause any inconvenience. Therefore, an important annex to the contract is an inventory of the property.
Often tenants are charged a deposit equal to half or full monthly rent. If the owner of the apartment has no claims to them, the amount is fully refunded. And in case of misunderstandings, this money will cover the losses.
You can also insure the property. In case of a flood or fire, the amount of the deposit is unlikely to be enough for repairs, but the costs can be covered by the insurance service.
How else can I protect myself?
The owner has the right to write an application to the state registration service to prohibit any transactions with his real estate. After these actions, even if there are forged papers, the personal participation of the landlord in the transaction will be necessary.
The owner will also be protected if the lease agreement is registered. However, in this case, the document must be valid for more than 12 months. In addition, it is necessary to pay tax, the payment of which is the responsibility of the property owner.
How to prepare an apartment for renting?
Investments in housing can be effective if they provide the difference between the purchase price of the apartment and its sale or, in the case of rentals, generate an income that is at least higher than the standard bank deposit rate. This is not an easy business, requiring careful planning and caution, especially at the stage of investing additional funds in repairs and finishes to increase the liquidity of the home and its final value.
So sometimes the project is a major renovation from scratch, sometimes it’s just repainting the walls and picking out textiles. In all cases, the action brings results. The apartment is rented out or sold faster and more expensive. The main criterion – after the sale or lease of the apartment, repairs should not only pay off but also bring the owner an income.
It is necessary to think about the layout, choose materials and furniture, calculate the entire budget before the start of repair, to assess the profitability of investments. For how much it can really be sold after the repair? What rental rate can be assigned? Ideally, this work should be done even before the purchase of the object. After all, not every apartment will be able to recoup the funds invested in it.
The owner can do the repairs himself, but here there is a great risk of falling into extremes: an apartment with cheap repairs may not entice a potential tenant or buyer, or vice versa – designer repairs with expensive materials and furniture will not pay for themselves, and you will not be able to make money on the apartment. The greatest need for the services of designers is experienced by people who professionally invest in real estate and cold-bloodedly count the money.
What can and can’t be saved on?
Repair from scratch (complete disassembly in an old building or repair in a new building without finishing) usually takes 3-6 months. The cost of repairs is made up of the price of the project and construction supervision, contractors’ services, and a set of building materials.
The beginning of the work is preceded by a planning stage (drawings) and the preparation of a full estimate for materials (down to forks and towels) and work. Usually, the customer is offered several options of contractors to perform construction work, and the decision is left to him anyway.
To optimize the repair budget, especially in simple projects that do not require serious author’s supervision, it is advisable to abandon this service and save money.
During the repair of typical apartments are allowed to make “design sins”. For example, choose colors of paint, not making examples of paintings, but simply by the monitor, as well as the use of repetitive furniture in different projects. Such “mistakes” do not greatly affect the financial result.
Before you put the apartment on the market, regardless of whether it has been completely renovated or only slightly improved, it is extremely important to have a quality photoshoot. It is definitely not worth saving money on this. The more so that the services of a professional photo shooting of the apartment are not that expensive.
