Sri Lanka Property Buying Guide


How to Prepare your Property for Rent

When renting a house for a tenant, as a landlord it is your responsibility to ensure that the property is in its best condition. Invest on renovating any damages, repaint the walls, declutter and remove valuables and make sure that the property is livable.

Besides this, to ensure an amicable landlord tenant relationship is maintained and that conflicts during the tenancy period are minimal, draw up a rent agreement/contract specifying the conditions to be met by both parties. As a landlord you may request for advance deposits as key money, fee on damages etc. however, such conditions should also be mentioned clearly in the agreement.

Finding a suitable tenant and legal aspects (rent vs lease)

Who the right tenant is and what qualities an ideal tenant should possess varies based on the landlord, their own policies and standards. However, generally the ideal tenant for a property would be;

  • Someone with no criminal convictions
  • Good credit history
  • Stable income and employment
  • Honest
  • Respectful
  • Good communicator
  • Good record of making timely payments

To find such a tenant you need to be smart about where you advertise your property, what your tenant criterias are, screen your tenants and invest in professional photography and creating compelling listings.

Learn more on how to set the right rent and screen your tenants through our webinar with entrepreneur and investor Priyanga T. Kumarasiri

When renting out a property, executing a rental agreement between the landlord and tenant is essential in order to ensure minimal legal issues and that a conflict-free relationship is maintained between the two parties. Watch our video with Attorney-at-Law Saminda Jayasekara to learn more about preparing your rental agreement and get more details on why this is important through our RealTalk segment with Attorney-at-Law Kasun Karunanayake.

As a first-time buyer, purchasing property on your own may seem complicated. And if this whole process seems daunting, LankaPropertyWeb’s Buyer & Seller Assistance program will help you with end-to-end support during this entire process. If you need to get further information, please visit the Buyer & Seller Assistance page

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