Real estate is an important and attractive investment, especially if you are an NRI (non-resident Indians). You have shifted to a new beautiful country with an amazing views, culture, opportunities, and a scenic place where many come to settle and lead a lavish lifestyle. Well, it sure sounds like a dream but many overlook the fact that they will be leaving their home or property back in India. Though thanks to property management solutions are nowhere in the picture helping people to focus on their goals, it becomes quite complex for NRIs to take care of the real estate property despite the fact that you live in India or far away, it needs proper attention. You may not know but there are many issues that need to be taken care of such as maintenance, utility bills, renting, and taxes, and more. You must know that real estate properties come with different sides, for some it is a lucrative investment that pays great ROI. However, there may be several issues and risks. When you are away from your home in India, it can be complex for NRI to take care of the property. Well, let’s talk about all the things that you need to take care of when moving away and leaving your property:
1. You can connect with the best property management companies in India that offer a wide range of solutions and help with housekeeping. They offer supervision over repair jobs, visit the property for inspection and take care of the property tax payments, keep up the legal documents, and more. They share photos of your property on a regular basis.
2. You can rent out your property to have someone to look after your property and keep it secure and sound. However, many don’t consider this as a safe option as according to the Limitation Act, 1963, a tenant can actually take on a legal right of the property if you, as an owner don’t claim over the property for 12 years. To avoid such cases, NRIs must visit their property on a periodic basis. This might seem doable but often times people find it difficult to come back for regular visits, so many prefer taking help from their relatives or family members living in the same city or somewhere near. Do not keep the same tenant for a long time to avoid such an awkward situation.
3. Now, for those who find keeping tenants in their home a complex task, you should plan to hire a caretaker to have someone to look after your property when you are not around. Since tenants living in your home, have access to the home, it is easy for them to take over the property. However, it cannot be a case when a caretaker or property management company is there in the picture. It is advised to have legal documents to be sure and stress-free about the procedure.
4. A lot of people often get confused deciding how to deal with the property, if continued holding on to it, one might come across many issues in managing and maintaining the property. That is why many hire NRI property management services.
5. However, if you are planning to rent out your property while you are away abroad, you must discuss everything, plan out a lease agreement, and have legal authority on board to ensure that there is no fraudulent activity or illegal action being taken behind your back.
Now that you know that one must understand when leaving their property in India while they are far away in a foreign land. It is advised to get in touch with Connecting NRIs, being one of the leading property management companies in India. Our company strives to create a community far away from home helping the NRIs with real estate and banking needs. We are based in New Delhi where our experts understand all the struggles one comes across as an NRI. Well, we take care of their needs through thick and thin. So if you are struggling and confused about ‘how am I going to manage my property without having to come back all the time?’ connect with us and let our professional save you from all the struggles.
You can reach out to us if you are looking forward to a mortgage loan for NRI in India, with a number of Indians moving to a foreign land day by day because of exploration, it is quite common for people to hire such services. This not only helps them stay connected to their roots but also helps them remain stress-free about the property in India.
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