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1
Why you need to ensure that your HRA claims are genuine

A common tax exemption claimed by salaried taxpayers, who live in rented premises, is with respect to House Rent Allowance (HRA) received by them from their employers.

The onus of proving that the rental arrangement is at arms-length and the underlying conditions for exemption are complied with, rests with the taxpayer. Failing this, the Tax authorities may reject the claim, as held in a recent judicial development. Let us have a closer look at the provisions in this regard and how it impacts us.

Existing provisions

As per the provisions of the Income-Tax Act, 1961, an exemption for HRA is available to an employee, in case he has actually incurred expenditure on payment of rent for residential accommodation occupied by him, within the prescribed limits. The exemption is not available if such accommodation is owned by the employee or he has not actually paid the rent.

As taxes on salary income are required to be withheld by the employer at source, onus is cast on the employer to satisfy himself with respect to compliance with above provisions, before allowing HRA exemption. The employer is obliged to collect the necessary evidence/proof with respect to the claims and rent payments, along with details in the recently notified Form 12BB, before allowing such exemption. It has been provided that where annual rental exceeds Rs 1,00, 000 per annum, Permanent Account Number (PAN) of the landlord also needs to be reported to the employer. Also, where HRA is within Rs 3,000 per month, no rent receipts need to be provided to the employer, however the same may need to be produced during regular assessment of the employee.

What has changed

While there has been no change in the law, a recent judicial precedent has re-emphasized the need for vigilance with respect to verifying HRA claim, basis underlying documentation, especially where such transactions are between relatives. In a decision of the Income-Tax Appellate Tribunal (ITAT) Mumbai, the Tribunal rejected HRA exemption claimed by the assesse, towards rental payments to her mother, considering it a sham transaction. The same was basis specific collective findings in the case such as assesse not actually residing in the rented house, claim of deductions towards self -occupied property, absence of a formal lease agreement, rental payments in cash with no corresponding drawings from bank, non-filing of return by mother, proximity of rented house to own accommodation etc.

As currently no documents are specifically coded in law with respect to verification of such claims, the said ruling may provide precedent value to both the employers and the tax authorities, as to the documents which should be obtained from the employee.

It may be noted that there has been another ITAT Ahmedabad ruling, in which rent paid to wife was allowed basis the fulfillment of conditions and maintenance of specified documents. Hence, the evaluation of the genuinity of the claim is very fact and case specific.

What the tax department plans

It is evident that the tax department is seeking to uncover all sham transactions, where HRA deductions are claimed by the assesse towards rent payments which are not genuine. With improved technology and stricter reporting norms, the tax authorities are better geared to identify such transactions. It may be noted that the Finance Act 2017 already provides that individuals paying rent to a resident exceeding Rs 50,000 per month are required to deduct tax at source at the rate of 5 percent, thereby getting these transactions under the TDS net.

Way forward

The genuine rent payers should not be impacted, as long as they can provide the necessary documentation.

At the employer level, the employers should endeavor to continue to collect the necessary documents from employees for verification, to avoid any consequences relating to under-withholding As part of their policy, it may be prudent to seek documents such as duly executed lease agreements and rent receipts, evidence of payment transfers, PAN and other details of the landlord, match the address of the employee with the lease deed, discourage cash rental payments. Additional documents may be insisted where both HRA exemption and deduction for self- occupied property is being claimed and where rental payments are being made to relatives.

2
How Proptension.com Helps With Quality Renters?

One of the toughest parts of being a property investor is finding an outstanding tenant to fill your vacancy. What makes an outstanding tenant? The two most important things are that the tenant pays their rent on time and cares for the property as if it were their own.

According to MarketWatch.com, considerations for placing a quality tenant in a property is more valuable than even the old adage of location, location, location when investing in the rental housing market. As such, this is one of the most valuable aspects of working with a property management company. A good property management company will find you rock star tenants that will not only pay the monthly expenses on time, but also keep the home looking as nice as it did the day they moved in.

But what do property management companies do to make that dream tenant a reality? We've highlighted some of the most important steps a firm can take to protect you and your investment.

The most important aspect to finding a quality renter is the screening process. A reputable property management company will utilize a nationwide screening company to ensure the most qualified candidates are found.

Several factors come into play when screening a potential renter. Things like criminal and sex offender history are good places to start. But beyond that, other items that will be checked include credit history, verify income, check rental history and search for past evictions. By thoroughly researching potential tenants, you can feel confident about the tenants you allow in your home.

Also, by being available to take applications online 24/7, a property management company will be able to swiftly process the applications received and get a quality tenant in your property faster than if you did it yourself.

A reputable property management company will also likely have a marketing department that will utilize as many resources possible to reach potential renters. This is particularly important because quality renters may seek out a reputable company that appears more legitimate rather than work with an individual one on one. With rigorous marketing, quality renters will gravitate toward properties represented by a reputable firm.

A good property management company will always strive to treat tenants with the utmost respect and address their needs swiftly. A tenant should feel that the home they inhabit is more than just a place to hang their hat, they should care for the property as much as if it were their own. Even the best tenant can become disgruntled and less than motivated to care for the property when they feel they are not being treated well and their concerns not addressed.

By working closely with the tenant, a property management company helps to keep the tenant happy and willing to do the little extras that keep up your investment. For many investors it is not possible or practical to build this relationship themselves and by letting a management company take over the work, you can rest assured the tenant will be happy to call your house their home.

Also, keeping a good quality tenant happy in the property means they are more likely to renew, which will keep costs down and keep the steady stream of income from the reliable tenant coming in to you.

Finally, much in the same way that having a sign for a security company outside your home can act as a deterrent to burglary, association with a property management company may deter unqualified renters from applying in the first place. Often, those who cannot meet the rigorous standards set forth by a property management company will seek out individual landlords who may not have the knowledge or resources to help find qualified candidates. When you partner with a property management company, you send the message to potential tenants that you are seeking quality and will not be taken advantage of.

At Proptension , we take finding and retaining quality tenants seriously. We know that for investors, filling a vacancy means earning on your investment. We take all the steps above to ensure that we get the best tenants possible in your property as quickly as possible.

3
3 Valuation Mistakes to Avoid While Buying a Property

Many Realtors understand how to value real estate and can be a great asset (especially the ones that focus on real estate investors), but the unfortunate truth is that many investors and agents make these common mistakes:

● Add value to a property for a bedroom
● Incorrectly adjusting for square footage
● Compare non similar style homes with no adjustment

Add value to a property for a bedroom

This is by far the most common error that I see. In some cases a bedroom will add value but normally you cannot count on it. If a house has more bedrooms it is likely bigger and the large home is more valuable, but the bedroom itself is not adding the value, the square footage is. If two houses are the same size and one has an additional bedroom it is lacking something else OR has much smaller rooms, which will deter some buyers. It is basically a wash for valuation purposes. The one exception to this is if the house does not conform to the neighborhood. For example, if the entire neighborhood is two or three bedrooms and you have a one bedroom, it actually should add value to add a bedroom, even if you are keeping the house the same size. I would be very careful in these rare cases because it is hard to know how much value a bedroom will actually add. So when you are looking at your comps, look at the size and not the number of bedrooms. This does not hold true for bathrooms. Bathrooms will almost always add value.

Incorrectly adjust for square footage

A less common, but more devastating error that I see is to use a price per square foot model to value a home. Many agents make this mistake. The error is to use an average price per square foot and multiply that number by the size of the house you are trying to value. It is not wise to use this method, especially if your house is on the small or large size for an area. Think about it. Is a 2,000 square foot house really worth twice as much as a 1,000 square foot house that might be next door? The area brings a certain range of values that all houses fall in and the lot values should be close to identical no matter what size house is on it. Using a price per sq foot model does not account for the lot. It is true that you need to adjust for size, because larger homes carry more value, but it is easy to mess the adjustment up. The best way to do this is to dig into your comps and get an idea for the required adjustment. This can be very tricky because the value per square foot decreases as the homes get larger. It is a safe bet to never buy the largest or smallest house in an area, but if you do, use a very conservative adjustment for size. One rule of thumb that I like to use is 1/3rd of the average price per square foot as the size adjustment. This is pretty close to average, so it is nice; but again is a rule of thumb and is not science.

Keep in mind that the adjustments that I mentioned are above the ground adjustments. Basements do NOT carry the same value. In fact, it is normally worth less than half of the above ground square footage. For example, in a nice area an above ground adjustment might be $90.00 above ground but basements in that area might only be worth an adjustment of $30.00 per finished sq foot. I never have understood this because if finished it is usable/livable space and people love basements. I gave up trying to understand why the basement has little value and have just accepted it. You don't need to understand why it is true as long as you know it is true and use that to help come up with an accurate value.

Compare non similar style homes with no adjustment

This one makes me laugh when I hear it. The biggie that I see here is comparing the ranch or rambler style home to a home with stairs, like a bi-level or 2-story. The house with no stairs is always more valuable. You need to think of yourself as the buyer and what a buyer would want. Another common example of this mistake is comparing older homes to newer homes. In fact, we just took a call today from a client that was comparing her home to a never been lived in house one neighborhood over. They were almost identical in size and were within a quarter of a mile to each other, but one is about 30 years old and one was just built. Do you really think that someone would buy a used home for the same price they can get a new home for? The newer home is worth more, so it is best to not even use that comp; but if you need to use it, be sure to adjust for the age.

4
4 Tips To Search Your Dream Home

Buying a house is a major financial decision that will not only give you a peace of mind, but also a wonderful place to live, and of course, the perfect location to start a family for those who are planning to settle down. Sooner or later, you will have to decide to settle down on your own home that will be considered as the best location to start a family.

That being said, it is important to greatly consider the factors that will affect your everyday living experience. The following tips will help to get your search of to the right start. While it is important to note the number of rooms, the size of the yard and the layout of the kitchen, there are several important things you need to consider before making an offer.

Avoid trying to time the market

- Trying to time the market when you are planning to purchase is impossible. Considering whether the market drops low or gets too high will only prolong and possibly make you lose your chance of owning your perfect house of choice. The best time is when you find the best one that you can afford. The real estate market is cyclical, and waiting for the perfect time will only make you miss out on an opportunity.

Location

- Proximity to essential establishments and the surrounding people can give great impact in your living environment. You can overlook a couple of imperfections in a home if you love the neighborhood and neighbors. As most would say, three of the most important factors in buying a home is location, location, location. When choosing, you need to consider its proximity to your work and other essential establishments, environment or the neighborhood, and public transportation.

Inspection

- Of course, you will need to check everything out inside the house. When you have finally narrowed down your list of choices, it's time to hire a home inspector. It may cost a little but in the long run, it will end up saving you thousands. This will help you gain the best information regarding the new home so that you can make the best decision as to whether or not take it.

Situation Factors

- One important thing to note: while buying a home, you can easily replace furniture, and other things inside however, you can never change the location. This is why it is important to also check the situational factors. Is the location suitable for kids, pets and gardening? Do the neighbor's window look directly to your home? Has the driveway elevation properly installed for safe access to the property?

5
4 Ways to Evaluate Real Estate Data

In today's world, we are often over - loaded with statistics, data, etc. Some of these might be relevant and significant, while at other times, they may be over - reaching, misleading, or unnecessary! We often hear or read discussions regarding mortgage interest rates, so - called - housing starts, number of mortgage applications, and the number of houses on the market, etc. Often, discussions focus on seeming to need to label the real estate market, either as a buyers or seller market! While there may be times these are valuable indicators and information, like most data, the skill is in how well one can interpret these, understand them, know what the numbers really mean, and how to use them. Let's review 4 examples of how statistics are related to real estate, etc.

1. Average or Median Price

The first thing to understand is the difference between an average and a median price. Average means one adds up all houses sold in the specific target region, and dividing by the number of sales. Median, on the other hand, is listing all the sales prices, and the one in the 50 percentile, is the median price. However, why is this information important, since if the sampling is not large enough, wouldn't it depend on which specific houses sold, whether there was more strength at the higher or lower end of the market, etc. When pricing is discussed, it's important to put it into perspective, and see the number of units compared in both periods of time.

2. Housing Starts

This refers to number of new builds in an area, but doesn't it make sense, to also consider how much empty or available land/ property, might be available to build on. Always put all statistics into some sort of perspective!

3. Mortgage Applications

Are these predominantly for new mortgages or refinances? Are they conventional mortgages? Might it also be important to look at the term of the mortgages? Shouldn't we also look at the criteria being used, and how many/ what percentage, are approved?

4. Houses on Market

It is generally considered a buyer's market when there are significantly more houses on market, than buyers, and a seller's market, when circumstances are reversed? Look at the inventory of houses being offered, and the locales. How long do they seem to be staying on the market?

Like in most things statistics - related, it is important to know and evaluate what things mean, rather than making false assumptions, and/ or speculating. Beware of statistics, because they might turn out to either be your friend, or enemy!

6
5 Worst Home Buying Advices

When it's not their concern, people like to give advice. Everyone suddenly becomes an expert in the matter and they give the suggestions to the friends like it is to the best of their interests. Sometimes, the guidance work but most of the times, it backfires. Every living being on this planet and beyond is entitled to have opinions but that does not mean these opinions are to be followed. While buying a house, the buyer is in the most vulnerable situation. He saves money all his life and spends sleepless nights to buy his own roof. At this point of time, he is open to some counselling and can easily be misguided. When he realises the fact, it becomes too late. Either he has bought the 'not-so-perfect' houses or lost his 'house of dreams' to someone else. Some people learn the lesson the hard way while some gather the right wisdom and proceed. Read this article to know what kind of advice needs to be avoided while buying the own house.

1. "The prices are going to go down soon, buy later"

If this is not the right time to buy a house, there would never be. Many people are under the impression that the real estate prices are fluctuating and hence, waiting for the golden opportunity is wise. The truth is poles apart. It is not possible to know what the future may be carrying but the right thing to do at the moment is to proceed if the financials are in the order. Buying a house is both an emotional and financial decision. If one is clear on both the parts, he should buy his house without hoping for the prices to go down.

2. "Real estate agents or home inspectors are the extravagances"

When one person is ready to sell and another is ready to buy, who needs a broker? The advice-givers think by removing the broker from the equation, one can save the money to be given as fees. They think that buying a house is an easy task and the buyer can handle the negotiations without a broker. The same goes for the home inspector. They think that while the person is buying the house, he should be the one inspecting it too.

Now the truth is; both the brokers and the home inspectors are the experts and they know their jobs well. Hiring them can never be a bad decision. A broker can tell the real situation of the real estate market and set the expectations of the buyer right. He can help in the right bidding and be an integral part of the negotiations to get the house on the buyer's terms. A home inspector can reveal the truths about the bones of the house. It can be used to negotiate the price or to move on if the house is beyond saving.

3. "Offer the least, have a space for the negotiations"

This advice is not only wrong, it is demeaning to the seller too. Offering the shells to the seller to buy the house is not a justifiable and honourable thing to do. Negotiations are going to happen, the seller wants to sell for the maximum profits and the buyer would want the house for the least amount possible. That does not mean the initial offer has to be so less that it appears an insult to the seller. It is better to get the real insights about the niche and the market prices of the house. The seller knows what the house is worth and it is better to offer him an appropriate price for the house in the first place.

4. "Buy it if it's cheap. Renovate later"

Every house needs a renovation according to the taste of the buyer but buying a house with this intention is not right. When after buying the house bank balance decreases, many buyers do not go ahead with the renovations and try to adjust in the house. Never buy an average house thinking of remodelling it afterwards. Nowadays many builders are providing full furnished houses with all the modern amenities. These houses sell fast because the buyer does not have to make modifications after buying. Do not leave anything to 'later'; buy what seems right now.

5. "Get your hands on the cheapest house"

Cheap is not necessarily the best choice. Buying a house is once in a lifetime affair for many people and being over-possessed with money, this time, is a big mistake. One should buy the house which is comfortable and safe at the same time. It should be a place which the owner can be proud of. The good houses are never available on the cheap prices unless there is a story behind. Buy a house which is affordable and not cheap.

Many people actually believe the advice and act upon them. Some people even think these are the facts of the real estate industry but now they know better. Buy your happy place listening to your heart and mind and not other people (unless they are actually the experts).

Proptension is an online statistics core which helps you at every step of purchasing flats and property management in Bangalore. We understand that buying a home is a huge investment that anyone ever does which makes it incredibly important for us to provide you with the right guidance.

7
Helpful Tips For Better Real Estate Management

Managing rental properties can be a tedious process sometimes landing you into legal issues. As a property manager or owner, you should think about preventing problems even before they occur to have an easier time maintaining order. Apart from making your tenants feel worthy, you should also find ways of making the management process easy for you especially when handling large properties or multiple properties. When you are organized in how you handle your property, it becomes easier to keep everything in check and a few tips can help you put in the best measures into the management process.

Tip 1 - Get a professional property manager

If you are a property owner with little knowledge of how to go about management, you should consider getting a professional property manager to ease out the process for you. Professional managers with some knowledge and experience in the real estate industry will know exactly how to go about the process and find organizational solutions to ease everything out. When there is a manager in place, you will feel more at peace and have fewer issues to deal with. For more information and help, please call Proptension Property Management Experts +91-9242999999. We would be more than happy to help.

Tip 2 - Embrace technology

There are very effective real estate management solutions available thanks to technological advancements. Real estate management software is among the best solutions you can find to make the process easy and organized. Such a solution can improve communications and payments and data maintenance for the property. With the right system you will have an easy time collecting, returning and holding security deposits, as well as inspecting and documenting rental unit conditions before move-outs. There is just so much you can do with real estate management software to streamline processes so look for the best solution.

Tip 3 - Handle tenants appropriately

First of all you should consider screening tenants before allowing them into your property. It is a simple way of keeping troublesome characters off your property. It is also important that you put tenant landlord agreement in writing to keep things clear and ensure that you treat all tenants equally and without any discrimination. Discriminating prospective tenants based on sex, race, origin, disability or even familial status can land you into trouble. It is also important to respect their personal privacy even if the property is yours by notifying them prior to entering their rental units. Handling tenants appropriately will save you from a lot of trouble especially legally.

Tip 4 - Keep the property in top shape

Regular inspections are very important so you can make any improvements and changes where need be. Recklessness on your part leading to safety and security issues can lead to hefty losses in terms of compensations. You should therefore make a point of making prompt repairs and consider having a security system in place to give your tenants the sense of security they deserve as well as ensure that their safety is not compromised in any way.

Tip 5 - Oversee managers

They should be competent enough to keep your property in check. It is therefore important that as a landlord you choose and supervise property managers. Background checks and clearly spelling out their duties will prevent issues cropping out later.

8
How Proptension.com Helps With Quality Renters?

One of the toughest parts of being a property investor is finding an outstanding tenant to fill your vacancy. What makes an outstanding tenant? The two most important things are that the tenant pays their rent on time and cares for the property as if it were their own.

According to MarketWatch.com, considerations for placing a quality tenant in a property is more valuable than even the old adage of location, location, location when investing in the rental housing market. As such, this is one of the most valuable aspects of working with a property management company. A good property management company will find you rock star tenants that will not only pay the monthly expenses on time, but also keep the home looking as nice as it did the day they moved in.

But what do property management companies do to make that dream tenant a reality? We've highlighted some of the most important steps a firm can take to protect you and your investment. The most important aspect to finding a quality renter is the screening process. A reputable property management company will utilize a nationwide screening company to ensure the most qualified candidates are found.

Several factors come into play when screening a potential renter. Things like criminal and sex offender history are good places to start. But beyond that, other items that will be checked include credit history, verify income, check rental history and search for past evictions. By thoroughly researching potential tenants, you can feel confident about the tenants you allow in your home. Also, by being available to take applications online 24/7, a property management company will be able to swiftly process the applications received and get a quality tenant in your property faster than if you did it yourself.

A reputable property management company will also likely have a marketing department that will utilize as many resources possible to reach potential renters. This is particularly important because quality renters may seek out a reputable company that appears more legitimate rather than work with an individual one on one. With rigorous marketing, quality renters will gravitate toward properties represented by a reputable firm.

A good property management company will always strive to treat tenants with the utmost respect and address their needs swiftly. A tenant should feel that the home they inhabit is more than just a place to hang their hat, they should care for the property as much as if it were their own. Even the best tenant can become disgruntled and less than motivated to care for the property when they feel they are not being treated well and their concerns not addressed.

By working closely with the tenant, a property management company helps to keep the tenant happy and willing to do the little extras that keep up your investment. For many investors it is not possible or practical to build this relationship themselves and by letting a management company take over the work, you can rest assured the tenant will be happy to call your house their home.

Also, keeping a good quality tenant happy in the property means they are more likely to renew, which will keep costs down and keep the steady stream of income from the reliable tenant coming in to you.

Finally, much in the same way that having a sign for a security company outside your home can act as a deterrent to burglary, association with a property management company may deter unqualified renters from applying in the first place. Often, those who cannot meet the rigorous standards set forth by a property management company will seek out individual landlords who may not have the knowledge or resources to help find qualified candidates. When you partner with a property management company, you send the message to potential tenants that you are seeking quality and will not be taken advantage of.

At Proptension, we take finding and retaining quality tenants seriously. We know that for investors, filling a vacancy means earning on your investment. We take all the steps above to ensure that we get the best tenants possible in your property as quickly as possible.

9
Indian Real Estate - A New Investment Haven

Indian real estate has always been an attractive investment option, even more so for non-resident Indians (NRI's). The escalation of real estate prices has always been higher than in most other countries and the growth prospects in the long term is high. NRI's world over are investing heavily in the real estate market, both for investment purposes as well as residential. Most NRI's prefer to retire to their hometown in India, surrounding themselves with friends and relatives - primarily Kerala, Karnataka, Tamil Nadu, Maharashtra and Delhi NCR.

Most NRI's are spread across the globe, but there is a huge concentration of them in the Gulf. The advantage that they have is that they earn in currencies that have traded strongly against the Indian National Rupee coupled with the fact that their earnings are not taxed off-sets a part of the house cost already. The Kerala Gulf diaspora in 2008, was numbered to be more than 2.5 million and this number has only gone up since. Most malayalees invest in residential real estate and they expect the best for the substantial amounts that they spend.

Developers in Trivandrum (capital of Kerala) have started capitalizing on these investments by building more apartment in Trivandrum. They have noticed a few trends that are fast becoming prevalent and driving demand. Most clients want luxury projects, which has seen a rise in luxury flats for sale in Trivandrum, Cochin and Kozhikode. Real estate developers are becoming very careful about the ideal size to pricing ratio. We have seen that these Developers in Trivandrum are always constructing apartment in Trivandrum for people of all classes. Townships are also becoming a lot more prevalent, with customers demanding accessibility to all amenities and a better, more affluent lifestyle.

For most NRI's who are retiring to Kerala, investment in one of the cities seem a good option. With a massive renovation in the infrastructure both civic and social, accessibility and connectivity to all basic necessities as well as a better quality of life is possible.

As is with all other investments, investors should be careful as to who they are investing with. Real estate developers who have been in the industry for several years or have been researched thoroughly are your best bet. Better discounts can be availed by pre-booking, several luxury flats for sale in Trivandrum which are ongoing are sought out by investors mainly because of their longstanding reputation as on-time builders, trustworthiness and quality.

There are also several avenues for real estate as a rental income source, once the primary residence is bought. However there are several laws and tax regulations with regard to rental income and double taxation. These need to be thoroughly examined, usually a good real estate developer should be able to throw light on the same.

10
Rental & Property Management Terms Glossary

There are many terms in the Real Estate industry which makes you struggle what it is all about. Hence, Proptension team has decided to come up with a exclusive real estate glossary to help you out.

Moderate Housing: This sort of lodging is that of which a government or state office oversees with an end goal to offer help and control the rent to the individuals who meet a specific foreordained criteria.

Luxuries: Intangible and unmistakable elements that are incorporated into or on a property that improve the allure or estimation of the property.

Flat: A multi-family assembling that is intended to house separate people or gatherings of families inside the same building.

Expedite: A land proficient that buys and offers property for others with a specific end goal to get a commission. This expert must be authorized and qualified to rehearse in the state he lives in.

Apartment suite/Condominium: A multi-unit fabricating that takes into consideration singular units to be claimed by its inhabitants. The normal components of this kind of building are possessed by all proprietors inside the townhouse.

Routine Housing: This kind of lodging sticks or complies with the business sector rate, or satisfactory benchmarks, of the territory's lodging.

Co-Signer: An extra endorser on a lease or home loan that is utilized as a part of request to check the personality of the guideline proprietor or to give a specific level of surety to the moneylender or landowner.

Duplex (House): A house that was intended to house two separate people or families inside the same house. Case in point, a house that has an upstairs for one family and a down the stairs for another family is viewed as a duplex.

Square with Housing Opportunity: The open door for all subjects in America to have the capacity to live in different lodging groups paying little mind to race, sexual orientation, age, nationality, familial status or incapacity.

Morals/Professionalism: An arrangement of standards and good rule that become possibly the most important factor when directing proficient conduct.

Expulsion: A procedure through legitimate means with an end goal to expel a man from their home because of an infringement of the assertion, whether the occupant has not paid rent/contract or on the off chance that they have abused another type of the understanding, for example, commotion unsettling influences.

Reasonable Housing Act: This law is of a government status and was placed in actuality to stop the separation that happens in lodging in view of race, age, shading, handicap, sex, religion, national starting point and familial status.

Lodging Assistance Payments (HAP) Contracts (PDF): The HAP contract is utilized so that those under the voucher project can get area 8.

House: A living arrangement in which individuals live.

Lodging and Urban Development (HUD): The mission of HUD is to build the entrance to lodging that is moderate without separation; bolster the improvement of the group; and expand the homeownership rates.

Pay Levels: These are points of confinement as characterized by the administration that are utilized to set up expense credit limits and different sorts of moderate lodging.

Toxic Paint Disclosure: Requirements that got to be powerful starting 1996 to guarantee that families and people are made mindful of homes that contain toxic paint.

Lease: An oral or composed contract that is created between a landowner and his inhabitant that furnishes the occupant with the privilege of select ownership of the home for a particular measure of time. By and large talking, for leases that are longer than one year, the assertion must be in composing.

Lease Option: An assertion that permits the inhabitant the choice to buy the property they are renting toward the end of the lease term, or some time amid the term of the lease.

Lease Renewal: The restoration of a lease once the term of the lease has terminated.

Lease Term: The measure of time that is settled upon between the landowner and inhabitant in which the occupant will possess the property.

Tenant: The occupant who has concurred for the term of the lease.

Lessor: The proprietor who has concurred for the term of the lease.

Low Income Tax Credit (LITC) Properties: These sorts of properties give the proprietor a specific measure of expense credits in return for leasing to qualified occupants as assigned by the Justice office, HUD and the IRS.

Support: The upkeep and consideration of a property.

Persons With Disabilities Act: A demonstration that insurances rise to open door for those with inabilities.

Pre-Qualification: This is the main stage in the offering procedure where the most extreme advance sum for the candidate is resolved

Property: A bit of land and additionally the perpetual apparatuses, for example, structures, that is joined.

11
Why You Must Hire a Property Manager?

"Why should I hire the services of the rental property management organization to look after my property given on rent?" - It would be the first question from every landlord who has given his property on rent, if you ask them to use the services of any such group existing in your city. You will agree that when a person lets his house or any part of his house for rent, his main goal is to earn profits from it to enjoy a better life and make payment of his various bills.

Giving a house on rent is one of the oldest practices carried across the world. If there are any used parts at home, people give it on rent to earn extra income from that part. To a certain extent, this practice seems possible to earn more income in short span of time without investing a single penny from the pocket. But, when a person has a huge amount of properties under his possession and he has given all of them on rent, then looking after all those properties at the same time could be complicated for him, until unless he has enough time to look after them or has someone to take the care of those properties in his absence. However, for that it is imperative that either you or the other person taking care of your property should have proper knowledge of handling the property given on rent.

This is mainly because of lots of legal formalities associated with it, moreover, there are certain conditions where being a landlord you have to sort out any issue arising from your property to your tenant. Let us, for instance, say, while giving your house on rent you told your tenant that the house is equipped with an electrical converter to lighten the house during the power cut. But, during power cuts if that electrical converter did not work, then at that time it is obvious that your tenant will call you and complain about that issue. In such situation if he is residing in your house then it will be easier for you to rectify his problem, but if your rented house is quite away from your residence, at that time going out of home to solve the issue of an electrical converter will be laborious and irritating for you. Therefore, to cope with all these issues it will be better for you to acquire the service, property management group to look after all such complicated issues.

The above mentioned illustration of an electrical converter is just an example to understand the relevance of the services offered by a property management group. There is a plethora of services offered by the expert working in these groups. These experts are well-versed with all legal activities which are expected to be performed by the landlord. Do you know, that before allowing someone to live in your house as a tenant it is imperatively expected from the landlord to cross check the background of your prospective tenant? May be your answer is yes, but do you know what to do if your tenant makes excuses in paying the rent on time, or starts making improper use of your prospective tenant. Hiring the services of experts working in property groups will help in overcoming all these problems.

These experts will properly advertise about the availability of your property to rent, conduct their interviews and cross check their credit from the local police station. Will collect rent from them on time. Make regular inspection of your property that it is not being damaged or improperly used by the tenants. Look after their phone calls during odd hours and reach at the site to solve those issues. These experts will also help you in getting your house vacated from the tenants before the expiry of the agreement, in case if you wish to use the house for some personal work. Not only this, if at the end of tenancy agreement your tenants wish to continue the agreement, in that scenario, these experts will get all the paper work done strictly according to the rules and regulations, prescribing the new terms and conditions related to the rent and use of the house.

In the current scenario, many different property groups which offer the quality services in the rental property market and take care of your whole property given on rent. In simple words, it can be said that the services of the rental property management group will offer you peace of mind by making a little investment in their services.

Talk to our Rental Property Management experts of Proptension +91-9242999999.