Residential Commercial Mortgage Loan Originator at Clear Lending.
Complete Guide to Renting a House in India
“A home is where the comfort is”, whether it is owned or rented. You are more flexible in choosing a rented home than buying one. It is crucial to make a checklist of all your priorities before getting a home on rent. There might be many questions rolling in your head.
for the facilities, permissions, and restrictions
A salaried tenant can spend about 25-30% of their salary on rent apart from other financial needs, like water, electricity, gas and other maintenance costs. If the property is under your budget, go for it. Below are some details to be kept in mind before finalizing a rented house:
• Guests Friendly: Since you are working and have to be social, you cannot avoid your friends and colleagues visiting you in your rented house. So, you have to talk in detail with your landlord about the time visit, duration of stay and number of guests to avoid any chaos when your guests arrive.
• Security Deposit: Always communicate about the security deposit amount and policy before entering your rented apartment. Although it is a single expense, it can be a huge one. Be prepared to shell at least 2-3 months’ rent out of your pocket for the security deposit.
• Safety Features: Your safety should be your priority when searching for rented premises. First and foremost, the people residing there or sharing the premises should be as per your ways. Communicate with your neighbours before finalizing the house. Also, check the technical security features, like CCTV and intercom facilities, and so on. If you are getting a house in any closed apartment or gated society, check the availability of guards and the company from which they are hired. Lastly, check each and every door, lock, window grill, and all entry points.
• Parking Facility: Nowadays most people have their own vehicle. If you too have a car or bike, check for the appropriate parking for the same. Also, ask your landlord whether it is a paid parking facility or you have to pay for it.
• Pet Friendly: Many people own pets these days. However, no every society is pet-friendly. So confirm with your landlord whether they or their society is comfortable with pets or not. This can be a huge issue later on for you.
2. The property should be well connected and commutable
Location is the next major issue when getting a rental property.
• Within Reach: Always check the distance from your house to your workplace, hospitals, metro, bust stops, schools (if you have children), and so on. Having a house in proximity to these places can save a lot of time and fuel (if you own a vehicle).
• Public Transport Availability: Check the availability of public transportation and proximity of metro stations and bus stops if you want to reach places on time every day.
• Availability & Proximity of Marketplace: Going far for purchasing necessary essentials every day can take a toll on you and your pocket. So, always make sure that the local grocery stores and marketplaces are within your reach.
•Medical Facilities: Health is Wealth, but nobody knows when things can go out of our reach. So, in times of medical emergencies, getting medical facilities in minutes should be your focus. Make sure the house is close to the clinics, medical stores and hospitals.
3. Evaluating the property
Check the condition of the property, whether it is fresh or old, well maintained or not, and other essentials too. Knowing the value and quality of the property can help in negotiating the rental value too.
• Electricity & Water Supply: Your first preference should be a continuous power supply and if any problem exists then what is the procedure for the power backup. Water is our basic need, so make sure there is a continuous water supply too.
• Sewage System: Nowadays due to compact houses, the sewage system is inbuilt and underground, and blockage in any pipes can create chaos for you so check each and water in and outflow.
• Ventilation: Proper air and sun is the basic need of healthy life. It is necessary to breathe in the fresh air and let the first sunshine enter your home. Check if the property has proper ventilation or not.
• Interiors: Your house is the place for your relaxation. Make sure to check that the walls are painted, windows and doors are in proper condition, all switches, tap fittings of kitchen and bathrooms, and other things that matter to you.
4. Rent Agreement
Now after every check, it is time for confirmation of the deal and for this you have to sign an agreement. So, go for a detailed and keen study of the agreement. Check the following things in your agreement:
• Termination Clauses: This directs that either party has to provide a month’s notice period before leaving their rented premises.
• Contract Dates: This is the enclosure of the date you are renting the property and up to how much period.
• Penalties & Repair Costs: Also see if the agreement includes a clause mentioning any penalty for delayed payment of the rent. Any destruction hidden cost of repairing and holding or using essentials.
• Rent Renewal Timings and Escalations: Mostly, renewal of the rental agreement is done after the culmination of 11 months, with the security deposit. Check how this sum will be adjusted once the house is vacated.
• Keep the Proof: Last but not the least, always go for a hard copy and soft copy for your payments as this will help you to have proof of your stay and rents.
Apart from the things mentioned above, there are several other things to be kept in mind, like the owner’s background check, verification of the property, and so on.
Our homes have a deep significance and also play a very vital role in our financial arrangements. It is better to go online for a rental home search as it eases the process and makes your priorities reach you. You can check our website bivocalbirds.com for a hassle-free home search.