Points to consider when opting for rented home

Whether you are already staying in a rented home or planning to get into one, there are several factors that need to be kept in mind to ensure safe moving in the property. Ignoring these factors can be more critical even when compared to the sloppy paperwork in this area. Rented home is not only about interior and exterior, a complete check of the ownership and minor details is also important.

Guide for tenants moving in.

Guide for tenants moving in.

Few of the important factors that need to be well thought-out are:

  1. Thorough inspection of the home:

It is important to completely inspect the flat by yourself, so that you can check every furniture and equipment fitting.  To avoid any issues later on, meeting the owner of the flat is a good idea.  Any changes in the flat can be requested before moving into the flat.

 

  1. Flat Maintenance charge:

Discuss the monthly and annual maintenance charge to avoid confusion later on. There are certain areas like water, electricity etc that needs monthly maintenance.

 

  1. Commission (if involved):

If you are opting for a rented home through a broker, do some research to get a basic idea about the commission percentage. This varies in every city from half month to full month rent.

 

  1. Facilities that has been provided:

If you are moving into an individual builder flat then this might not be an issue but, if you are moving into society, it is important to discuss the paid and unpaid facilities. No one likes to pay for something new that they haven’t been informed about.

 

  1. Rent increase percentage/year:

Minimum lock-in time should be clearly mentioned in the agreement between the owner and the tenant. It is always important to discuss the notice period in case you have to vacate the property in future. It is also important to discuss the percentage of increase in the house rent and the time period to avoid any complications later on.

 

  1. Property documents:

These are the legal documents which should have the utmost importance. Make sure that the property is not fraudulent or having any cases against it. One can always request for details about the previous tenants to get a better picture of the flat.

 

  1. Rental agreement:

This is one of the documents that is required and makes sure that the deal is sealed between owner and prospective tenant. There are a lot of information that should a be part of an agreement like: Initial and final date of tenant’s agreement, amount of rent that needs to be paid and the frequency of the rent payment, amount of security deposit that would be paid, the amount of maintenance charges, notice period before vacating the property, facilities like water, electricity and power present at the property etc.

As mentioned earlier, these are only the main factors that need to be considered but there are many more factors that should not be taken lightly. At the end of the day, getting into your dream home whether owned or rented should be a wonderful experience.

Keen attention must be paid while filling a rental agreement.

Keen attention must be paid while filling a rental agreement.

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