The reason why Saudi Arabia receives a great number of people from other countries as expats every year is that the country is very welcoming. Another reason to add to it is the recent moderation done in the real estate laws by the government. Now, the expats willing to own property in the country have lesser hurdles to cross. This has given a great boost to the real estate market here.
- Budget issues as they have to pay over a longer period of time for a rented accommodation keeping monthly payments low as compared to buying property where they get lesser time to wrap up the deal.
- Shifting to another house is easier and quicker from a rented house as compared to selling property that includes looking for a reliable buyer and completing the formalities included.
Before announcing your house available for rental in Riyadh, you must know that:
- The structure of the house should be checked thoroughly for ensuring safety and cleanliness in the edifice. The building must meet the state and local codes pertaining to the structure, housing, health and other requirements.
- The lights, door locks and windows should be in good working condition.
- If you are providing home appliances such as refrigerators, stove, air conditioner, etc., all of them must be in working order.
In addition, the house should be thoroughly checked for ensuring safety, convenience and quality before asking the tenant for a home visit. Whether you are renting your property out for the first time or it has already been occupied, these things need to be ensured before a home visit is planned.
Renting a house can become a promising source of income if the owner is capable of retaining the tenants. Though sometimes retaining tenants is not possible if they have genuine reasons like job change or family issues to leave the house, yet discomfort and disregard should not be the reasons. As the landlord, it is your duty to make sure your tenant is being looked after and his concerns are being heard and addressed. For a tenant, a little care can make a lot of difference. Whether the problem is as small as a tap not working or a burnt heating point, you need to respond in a positive tone and make him feel that it will be dealt with as soon as possible.
Being the landlord, the annual increase is your right, but if the tenant is maintaining your property in a good condition and paying rent on time, you may consider rental hike carefully.