The best way to use your vacant room is to put it up for paying guest accommodation wherein you are not only using the space smartly but you are also optimizing your income potential. If you are living in Thane, you can easily get tenants who are looking for paying accommodation in Thane, but before going ahead check out for the legal formalities too…
NOC
Before your tenant move in you need to prepare the NOC which is the abbreviation for No Objection Certificate which says that the tenant can use the society premise as well as the room space for a particular period of time and you don’t have any issues with that
Agreement
The Agreement is a legal document between the landlord or the landlady which states a set of do’s and don’ts for both the parties to ensure a harmonious relationship and clear understanding for references
Tenure
Tenure implies to the duration of the stay of the tenant. People may have short term or long term requirements, but usually they prefer for long term stays for a particular period of time. The agreement should have the tenure mentioned in it
Rent
The rent is the amount the tenant pays to the landlord or the landlady for allowing him/her using the space. Generally the tenant is supposed to pay the rent in the beginning of the month within a specified date agreed by both the parties and the rent amount is also prefixed by both the parties
Deposits
The tenant needs to pay a deposit of certain amount preferably one month’s rent which is refundable and it is important to mention it in the Agreement. It usually happens that while the tenant decides to leave the paying guest, s/he needs to give a month notice and the same gets adjusted then
Access to Amenities
Paying Guest itself implies that the tenant will have access to the amenities without causing any damage. There are luxury paying guest accommodation in Thane where the tenant has access to the amenities like fridge, washing machine, ac etc. and it should be mentioned in the agreement that if the tenant damages anything then he will compensate the same at his own expenses
Facilities
If the building is in a society and the society has the good premise providing the facilities like swimming pool, gymnasium etc. and if the tenant is paying for availing these facilities, then he should have an access to the same
Timings
Timings are very important in paying guest accommodation, since paying guest accommodation comes with certain restrictions and the tenant has been expected to follow that…but it is the responsibility of the landlord/lady to put it across the tenants and it is always preferable that you mention it in black and white
Police Verification
This is another important aspect where the landlord along with the tenant are expected to visit the police station for police verification which implies that the police of that particular jurisdiction is aware that the tenant has been relocated in this area.
This provides an overall idea of the legal formalities but it is always advisable that you consult an advocate while dealing with such issues…