Quote:
Originally Posted by ks2071746
Dear friend,
After coming to know of your experience with a bad tenant, now I am afraid of renting my present flat in Chennai once we move to another bigger flat bought recently which is getting ready by May 09. It is better to go for Company lease and pay the income tax for the rental income than giving to individuals and suffer susequently.
ks2071746  |
KS, Dont worry.
a. In Chennai tenants are better behaved than in most places, mostly because they tend to have self respect.
b. The case above is about someone who left INdia and rented his house. That is one of the silliest acts. Infact for 6000 rupees which may translate to 120 dollars this gentleman has got himself into trouble. Indians are experts in Penny wise Pound foolish techniques.
c. In Bangalore it is almost impossible to take out a tenant. I know a family which spent a Vana Vasam of 14 years to reclaim their house in BTM layout. Without prejudice their tenant was an Andraite. So if problems happen in Vizag so much for that.
In summary
a. Dont buy flats to rent. That is foolishness as I always said and you KS seemed to disagree.
b. Land appreciates, building depreciates, so for investment buy land and only land. If you build on it, keep it idle or rent it carefully.
c. Tenanting is a solution only if you coexist. So in your case as u live in Chennai and ur flat is in Chennai u may not have any problem atleast for the first few years. However later if that tenant talks about rent control act (Even if archaic) you will have a tough time.
Do you realise why I hold only lands!