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These basics will get you going in the right direction:
1. Calculate the property value – Know how much your home will rent for.
2. Secure a tenancy contract – Protect both your rights as a landlord and that of the tenant.
3. Get your property insured – Cover yourself from all the potential risks from leasing.
4. Find a good tenant – Avoid risky tenants by adequately screening them.
5. Hire a professional – Consider involving a rental management company.
Some mortgage lenders will allow you to rent out your home at the same rate and terms as before. Some, on the other hand, might charge a fee, ask you to wait a certain period of time, or force you to refinance.
Many real estate experts agree that a good ROI is usually around 10% and a great one is 12% or more.
Under Dubai law, a landlord can raise the rent by 5% if the annual rent value is 11-20% less than the average rent for equivalent units in the same city. A 10% increase is allowed if it is 21-30% less than the average rent of comparable properties.
To get the required services connected to the property, the tenant will need a valid residence visa. The landlord would not be able to register the lease and protect their legal rights without it.
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