Having a property for rent is one of the dreams of most us. Being the first time landlord is exciting and need to know the basic practical information of the rental market in Laos to keep a tenant as following.
- How to set a suitable rental price
It will be strange if we set a rental price for your property not suitable. How do you know to set the optimal price for your property? Does your property has the complete set of character as the house for rent? Things are important for the first time landlord to consider during pricing your property is such as the location of your property, building, garden, neighborhood, furniture and electrical appliances. You will have to do a property survey by checking with experienced property owners, and experienced real estate agents like RentsBuy. You usually will get good rental price if you provide basic furniture and electrical appliances compared to the unfurnished house for rent.
- How to find a tenant
Finding a tenant is not so difficult nowadays. You can put the sign at the front of your house, advertise social media. It may take you long time to get a customer. The longer you wait for a tenant to rent, the more rental fee will be wasted. Use RentsBuy service, you will not wait for long to get a customer to rent your house.
- How many months do I request for a rental fee in advance from tenant?
The common mistake for the first time property owner during deal negotiation is request a payment rental too many months in advance such as 2-5 years in advance unless you have an extremely great property. The common practice of rental request is about 1 year or sometime 6 months of rental payment. Most cases depend on mutual agreement of giving and taking.
- Who pays rental tax?
By law, every rental contract is required to pay tax 10% of the value of the contract. It is usually responsible of the landlord. However, some cases the landlord and the customer share paying tax of 50/50
- Who responsible for repairing between landlord and tenant?
Before tenancy or moving in, the landlord and tenant have to check carefully about the condition of the house, furniture and electrical appliances. Usually the landlord will not be responsible the miscellaneous repairing such as broken pipe or broken lamp. However, the landlord is responsible for only main structure fixing of the house such as roof leaking or wall crack.