1. Preparations in view of letting.
The first impression upon viewing a property may influence the potential tenant’s decision. That is why, when a viewing takes place, make sure the house is clean, freshly painted, that it has upgrades, providing it with enhanced comfort. Long before putting your property on the market, make sure you have done everything in your power to valorise its qualities, to repair any flaws that have occurred in the course of time, so that you may honestly present it to potential tenants, with its good and not so good parts.
2. Establishing a fair rent.
If you are thinking of the price you wish to charge on a monthly basis for letting the property, you need to take into account all its improvements, its location, as well as the facilities, the shopping centres, the institutions in its vicinity, which may incur advantages to the potential tenant.
By resorting to a real estate agent, you will save a lot of time and you will reach the right decision, which will benefit you, as he/she has precious information in the field of real estate. His/her experience will allow for an accurate assessment of the property, based on a detailed analysis of the real estate market, for good collaboration with the media and permanent contact with the potential tenants.
3. Property promotion is more important than the property in itself!
If you would like to let a property, the New Concept Living real estate agency is also at your service, promoting your property in all communication media, answering, on your behalf, the calls of potential tenants and making a selection of those who wish to see the property for rent.
All over the world, many companies have become insolvent, even though their products were much better than the competitors’, who are still in business to this day. How a product is promoted decides the success of the sales. The same applies when it comes to letting a property. For the city of Sibiu, our agency is currently the most powerful promotion platform and it is, without a shadow of a doubt, the simplest way to let your property at the best price, without any headaches, and as soon as possible.
4. Signing the tenancy agreement
If you have found someone to your liking, the final step ensues: signing the tenancy agreement. The New Concept Living agency will also counsel you upon concluding this agreement (it will be signed in at least three copies, one for each party, and one for the Revenue Office).
After an agreement is reached concerning the conditions to be observed by both parties, the tenancy agreement is to be drawn up, which also sets up the value of the monthly rent, the date on which it must be paid, the security deposit value. The security deposit shall be returned upon termination of the tenancy agreement, unless unforeseen repairs were made.
If the tenants wishes to enhance the property, he/she is required to obtain the landlord’s approval in writing.
5. Tenancy agreements must be registered with the Revenue Office.
The taxpayers who obtain revenues from rent have the obligation to register the agreement within 30 days of its conclusion. Upon registering the agreement, form 220 “Statement on the estimated income/ income tax bracket” must also be submitted at the Revenue Office.
The taxes owed by the landlord are: 16% income tax, 5.5% health insurance tax (CASS).
From a total rent of 150 €, the landlord is left with 118 €.
From a total rent of 200 €, the landlord is left with 157 €.
From a total rent of 250 €, the landlord is left with 196 €.
From a total rent of 300 €, the landlord is left with 236 €.
Surely, many landlords avoid the Revenue Office and fail to register the agreement, thus exposing themselves to great risk. According to the new form of the law, any deliberate concealment or avoidance of tax concerning a revenue considered taxable, even if the amount is frugal, represents tax evasion, and is punished by imprisonment. The New Concept Living real estate agency kindly advises all landlords to choose a good night’s sleep, associated to compliance with the law.
To register a tenancy agreement with the Revenue Office, the following documents shall be necessary: Click here
The New Concept Living real estate agency welcomes you and it is at your service, providing all the required information and explanations.