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What are the charges to be deducted when your tenant vacates the flat?

Karnataka’s capital, Bangalore is widely known as the “Silicon Valley of India”. It is due to the presence of reputed technological organizations. The IT hub witnesses many people shifting year after year, propelling high demand for rental properties. While the pandemic forced rents to plateau in most cities, Bangalore saw the sharpest drop of 10-20%. However, post pandemic recovery and return to work has caused rents to increase by 30-50% in many parts of the city.
The residential rental market in Bangalore is mature and organized. The tenants and landlords have some rights that make the rental experience efficient. For instance, the landlord has the right to evict a tenant for subletting a property or a unit without his prior consent. If the landlord decides to repair or use the unit of their property, the tenant must also vacate the property at a given time. Here the rental agreement plays an important role and every minute detail must be mentioned to avoid confusion between the tenant and landlord. Property management and rental services agencies make the paper process easier and are of great help to NRIs who are in search of tenants for their properties.

Charges that are deducted when the tenant vacates the property

the landlord deducts a certain amount from the security deposit given by the tenant based on a few criteria:

1. Rental due

If the tenant has any rent due from last month’s rent that hasn’t been paid, it will be deducted from the deposit at the time of his vacancy.

2. Maintenance due

The Landlord takes this amount for any maintenance that is due by tenant payable to Resident Welfare association, if the rent agreed didn’t include the maintenance.

3. Repairing or Replacement cost

the costs incurred for fitting and fixtures such as light, fan, geyser, wardrobe clamps, window glass break, or other similar things forms the part of Repairing and Replacement cost.

4. Renovation cost

Renovation cost is the cost for painting and cleaning. Usually, the owner charges a month or two months’ rent towards these expenses

5. Notice period breach

Tenants often fail to inform the owner in advance, in accordance with certain months in the agreement as a notice period, due to sudden posting overseas or change in city. The landlord is authorized to deduct the rent in accordance with the notice period when such a scenario occurs.

Hassle-free Property Management 

Indians consider assets, especially property to be very important and NRIs are no different. Many NRIs invest in property with the hope of coming back home someday and having a home of their own. Besides, the value of the real estate in Bangalore keeps rising. An investment in the real estate of Bangalore would be considered the right investment when handled by an excellent property manager. This is why the need for an excellent property management company cannot be overemphasized.

ORO is a trusted property manager one can believe in for a seamless experience. ORO is passionate about real estate investments, house renting, and making house management for the regular folks easy and remunerative.

Why ORO is the best Property Management & Rental Services Solution in Bangalore.

ORO believes rental houses should give more freedom to owner than create work to solve problems from the tenants. A large number of NRIs and Investors have trusted ORO with managing their rental houses in Bangalore. ORO has onboarded 500+ Apartments 250+ Communitie. Founded by a team of alumni from IIT Delhi, and Yahoo/Microsoft with decades of experience in the Technology and Real Estate sector, ORO is Passionate about making real estate investments, house renting, and many more.

ORO creates premium listings on multiple websites and also works with hundreds of agents to get tenants at the earliest.

ORO manages houses in premium apartments across Bellandur, Sarjapur road, Whitefield, Electronic city, Koramangala, Hebbal, etc.

A tenant move-in audit and tenant background check is conducted every six months,.

Services provided by ORO

ORO helps rental house owners who are away from home earn without the pain of the landlord.

Finding Tenant

ORO generates leads, handles the calls, and shows the house. It creates premium listings on multiple websites.

Getting Your House Ready 

ORO audits the rental house immediately after the tenant vacates it and transparently informs the cost of readying the house. The flat is ready in 5 days once approved.

Tenant Verification

Once the tenant is finalized, the next step is to take care of the KYC, background, and profile check. Starting from the rental agreement signing and handing over the key to the tenant,  the entire process is carried out smoothly.

Rent Collection

ORO manages rent digitally and provides online recurring rent collection and rent receipts to its tenants. It has a help desk for tenants, rental account statements, and renewal TDS certificates.

House Management

Provides on-demand house maintenance and repairs services, professional services, property taxes payments, and other tax reminders.

Data-driven Insights

Regular updates on rental house activities, neighborhood developments, and periodic insights on rental rates in Bangalore and property value trends.

ORO provides the top-notch services one could ask for and is a perfect choice for tenants. Reach out to us to experience the excellence of property management.

Visit our website to know more  https://www.oroproptech.com/