Top 10 Things to Look When You Rent a Property
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Posted by Luxclusive Homes
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- Location – One should be well versed with the location and should check the proximity to work, schools, department stores, grocery shops, banks and medical facilities in the vicinity.
- Age and Maintenance of the Building – How old the building is and how well maintained it is. A well maintained building ensures a hassle free stay in terms of security, water and electricity.
- Size , number of rooms and servants quarters – Most important and should match ones requirement based on the size of the family. Servants quarters is important in case of live-in house help.
- Car Parks – the car parks should be earmarked so it leads to no confusion upon moving in.
- Furnishing and White Goods – It is important to check if the apartment is Unfurnished, Semi Furnished (wardrobes in all rooms and modular kitchen) or Fully Furnished ( wardrobes, modular kitchen and all movable furniture) . White goods are basically the electrical appliances like Air-conditioner, fridge, washing machine, micro wave and dish washer. All rental apartments come with lights and fans by default.
- Rent , Maintenance charges and Refundable Interest Free Security Deposit – The rent and maintenance charges should fit into ones budget . Maintenance charges depend on the amenities offered and number of apartments in the project. Normally an Interest Free Refundable Security Deposit of 6 months rent (current trend) is collected by the Apartment Owner to safeguard against non-payment of rent and damages to the apartment by the Tenant if any.
- Amenities offered – Lift, Power Back up and Cctv camera have now become a necessity . Some projects offer Club house with gym, banquet hall, indoor games and swimming pool.
- Association Rules – One should check the rules of the association before taking an apartment on rent to be sure if they are aligned to ones preferences.
- Repairs and Renovations by the Owner – The Tenant should make a list repairs and renovations required like painting, water seepage , changing the damaged furniture and servicing of white goods . The same should be attended to by the Owners before handing over the apartment for rent.
- Lease Agreement – A detailed lease agreement should be prepared mentioning all the terms and conditions agreed upon in writing . A Lease Agreement should contain
- The Owner and Tenant details with details of PAN or AAdhar mentioned.
- The Tenure of Lease .
- Rent and Maintenance Charge and payment of the same.
- Security Deposit
- Rental increment (usually 5% increment every 11 months)
- Renewal Option
- Repairs and Major Renovations during period of the lease – Whose scope.
- Payment of Property Tax and Water Tax (Owners Scope) . Payment of water charges (Tenants Scope)