It’s never really easy to decide whether to rent a property or buy one. One must look for feasible options according to the current personal financial condition but also look to preserve for future prospective as well.
So, here are some tips that I hope will come in handy.
#1 Decide a budget.
Make sure the house rent or the EMI (Equated Monthly Installment) also known as mortgage is less than 30 percent of the monthly income. And once you understand your budget, searching becomes a lot easier.
If you’re single and looking to save few bucks then you can always share the apartment with more than one people, or rent a studio apartment or paying guest service.
#2 Where to search?
Well, most people understand the power of internet these days. You can use it to your advantage to look for rentals, check its pictures, and contact the agent or owner (whosoever is listed). But you must know that these online portals don’t have all the properties enlisted. In fact, they have less than 40 percent of the available rentals enlisted.
So, in case you can’t find your desired rental, you can always take help from a property management services. NRI use these services a lot to keep an eye on their property for renting purpose.
#3 Make a list of requirement
This process is entirely personal, and doesn’t necessarily require a tip. But what you can do to make it easier for you and your agent is to hand them your list of requirements–things you are looking for in your house. Take a sheet of paper and write down your requirements.
For example: Bedroom requirement, with furniture or without, maximum distance from the working location, low maintenance charges, etc.
#4 The renter’s resume
Similar to a job; a renter’s resume includes all your information from last rental address with contact number of landlord, monthly income, personal references, and all those things that gives you advantage over other tenants.
#5 Things that are included
In most cases rent doesn’t include bills such as: electricity, water, internet, and cable.
Ask the landlord or the neighbors for the last three bills to get an idea of the average monthly bill excluding the rent.
#6 Read before you sign lease contract
A common mistake most people usually make is to not read the contract properly before signing. Attain a copy of any rules and regulations, make sure you go through everything and before you sign the lease.
Check these points:
·The rental price and details of security deposit
·Reasons why landlord can evict you
·Is there any penalty for moving before the lease ends?
·Who’s responsible for damage and repair?
·Is subletting allowed?
·Is there any policy regarding the guest visitors?
#7 What to look for in the house
If you’re not taking any help from property management service. Here are some things to take a closer look at:
Washroom: For most people having a clean washroom is even more important than having a bigger bedroom. Do check toilet pots, shower heads, faucets, and working geyser for warm water. Check is water drains properly and doesn’t just stand there.
Check for electricity and appliances, so that you don’t need to spend extra money when you move in.