If you can’t afford buying an apartment, your solution is to rent. It is noticed that renting apartments is gearing up over the period of time especially in metropolitan cities like Mumbai, Delhi and Bangalore. Even in emerging cities like Noida and Gurgoan renting apartments is gaining momentum. Looking for an apartment to rent can be a tiring process. After looking at many different options, you might be wowed by a place that stands out compared to the others. What you pay for your apartment and how fancy it is depends on your negotiation and deal-finding skills. However, before you negotiate anything, you’ve got to decide what you’re looking for in your rented space.
Before you sign your name on the dotted line and commit to an apartment, there are a number of things you should consider:
Check the Location
When deciding on a new place to live, you should consider the surrounding area as much as the actual apartment. Whether you know exactly where you want to live or not, you should investigate the neighbourhood. Check if it’s close to your workplace, or the close proximity to specific points. Check for the crime reports of that area if any. Are there particular points of interest you wish to be near, such as a park in which you can jog. The area you chose to stay should not come in the blacklisted area. Because in future if you avail a loan, it can be rejected because of the location you reside in.
What is the Rent
Before you even begin to look for an apartment, you should have decided how much you can afford for rent and also how much you are willing to spend. Go around and check what are the rent prices for the area you plan to shift in. Because some parts of town may be more expensive than others. Find out how much advance you have to pay to landlord. The standard rule is that rent should not be more than 30 percent of your monthly income. Also you will probably have to pay the first (and sometimes last) month’s rent and security deposit, along with start-up fees for utilities, before moving in. If you are planning to rent that house for more than a year then ask your owner about the yearly increase. Clear all queries related to money.
List your Amenities
The size and type of rental buildings greatly affect the range of amenities offered. Have a clear understanding of what you require in your apartment. From laundry facilities to parking, pets, exercise facilities, security and Internet and cable inclusion are all examples of amenities you could consider. Specify the amenities important to you, distinguishing your wants from your needs. Find out if they are available in your apartment.
Rental Agreement & Length of Lease
Find out how long the lease runs. If you’re a student and want a 9 month lease, make sure that that’s what you get. Most leases are for a year; find out when you will be expected to move out. Read the contract carefully before you sign it. How long you are locked into the lease, the beginning and expiration date, the rental price and what is included in the rent, notice of termination and responsibilities for repairs should be mentioned in the agreement. Take a copy of your agreement.
Check the Landlord’s Background
You will be relying on this person to complete maintenance on time, return your security deposit, and not enter your apartment unauthorized. Find out about the landlord from the people residing in that apartment. Because the owner shouldn’t deny returning your deposit when you leave. Is the landlord trustworthy is what you have to check before shifting into your new house.