Taking a Home on Rent ! Renting Tips You Must Remember
Taking a home on rent may not be as simple as it looks. There are some very important points, that if missed, can make your tenancy miserable. No wonder you are signing a rent agreement. But it must be taken our vary cautiously before taking home on rent, because if some critical factors are missed, the implications can be very severe. Here we will be discussing about some very critical points and renting tips, that must be considered before you decide to take a home on rent.
Physical inspection of apartment / flat :
Always remember to visit the property, apartment or flat you are planning to rent.
Carryout a detailed physical verification, cross check the furniture and fixtures, plumbing, sanitary and electrical fittings. If any repair required, get it done upfront before you move in.
Security Deposit and Refund :
Before finalizing your decision of taking a home on rent, always check on the amount of security deposit and terms and conditions associated with its refund. For eg. will it be refunded completely the last month rent will be adjusted in it ? Will the security deposit be forfeited to carry out the repair works after end of the tenancy period ?
Repair Works and Maintenance Charges :
While taking a home on rent, always ask about the terms and conditions associated with maintenance charges and repair works. Will landlord be taking care of all repair works once maintenance charges have been paid. Also, will it be annually, bi-annually or quarterly advance. Minor plumbing or electrical work is okay, but major repairs and maintenance can be a matter of debate. So discuss it before signing the agreement.
Commission and Brokerage :
If a broker is involved, discuss the amount you need to pay for his services before closing the deal. In some case it may vary from 15days rent to 1 month rent. Also, in some cities it can be upto 2 months rent. So, make sure to discuss it upfront. It will help you in bargain and manage your budget as well. Prefer an organized renting services provider like therentals.in to get professional and cost effective services.
Society Charges :
In case of society flats, there are some services for which residents need to pay, for e.g. parking space, club uses, swimming pool etc. Sometimes its included in rent sometimes landlord pays it. Discuss it upfront to avoid any confusions.
Facilities in Society :
Sometime landlords charge you extra in name of society charges. In that case, make sure to list the facilities he/she is counting in and verify the availability of facilities. Also, cross check the conditions associated before taking that home on rent. For eg, charges for swimming pools are on membership basis, monthly or one time charge for summers only. Sometimes landlords add it to rent and tenants end up paying for 12 months for the pool, they are never going to use.
Lock-in Period :
Make sure that, the lock-in period has been clearly mentioned in the rent agreement while taking home on rent. Lock-in period is the minimum stay duration, which can be 3 months, 6 months, 12 months, 3 years or 5 years. In terms of residential properties it is generally from 6 months to 12 months.
Rent increase percentage after expiry of agreement :
The rent agreement must mention the tenancy contract duration and the percentage increase in rent after expiry of rental contract, if tenant wants to continue. Generally the increase in rent takes place after 11 months and is upto 10% but in some conditions it can be stretched without any increase in rent, if negotiated wisely.
Rules for vacating flat/ apartment :
Make sure to discuss about the rules related to vacating the flat, and mention it in rent agreement. It must include, notice period, adjustment of advance and security money, electricity and water bill payments etc.
Property Background :
Before taking your final call on the home on rent, make inquiries that if the property is free of any fraud or litigation. Request to see the payment receipts of last paid electricity and water bills. Verify the owner mentioned on the bill. In case of broker, try to know basics of owner relation with broker and about previous tenant who lived there.