>> Jun 28, 2016
In the current market conditions when the property market all over the world is at a stagnant position, the rental market is on a rise primarily because of the fact that it offers a temporary house at a much lower cost than the monthly EMI and the freedom to shift elsewhere if things do not work out. With the occupancy rate of rental market being too high, the sector demand renters to act fast and make quick decisions. At the back of the pressure to act soon on the prospect, the probability of making mistakes with regard to the rent decision is moderately high.
Now whether you are looking for a house for rent in Kolkata or Kanpur, a single wrong turn or any miscalculated decision can affect you emotionally and financially so even if you are looking for your first house on rent or tenth, there are a few renting mistakes that you should steer clear of, to save your time and money. Here is a list of the most common mistakes that renters tend to do when going through the rent process –
When going through your lease, it is particularly necessary to make note of the size of the lease, when is the rent due (do not assume that it would be the end of every month), what are the penalties for late recompense, the sum of security deposit that needs to be submitted and the sum that will be returned to you, the rules regarding subleasing, and who decides the utilities payment, who will bear the damages, if any. While a number of landlords in India use standard leases, look out for special or additions clauses, like the limitations on number of guests staying overnight or the kinds of pets that you can keep.
2. Not getting insured as a renter
In case you face some personal damage in your course of stay in the rented house, the landlord’s insurance will not cover it. You need to get your own insurance for the time when some mishap occurs while your stay in the house.
3. Not being aware of your rights
While the rights imposed by landlords may vary from locality to locality, there are some tenant’s rights that you need to be aware of. No landlord can discriminate you are staying on the basis of your gender, religion, eating, and cultural habits. No landlord can enter the house unannounced without prior notice.
4. Not noting the present damages
One of the most common mistakes that you can do is not making a note of the damages that were already there in the house, before you moved in. if you see a broken tap, a leaking pipe, or seepage in any room, write it down.
5. Not doing a background check on the landlord and the property
It is likely that the landlord would do a background check on you before making you the tenant. It is advised that you do the same about the landlord and his property. Find out in detail about the landlord personal information, reviews of the property, and go through the various permissions and registration documents etc. In some circumstances, you might also need to interact with specific local bodies like the RWA to find detailed information about the property.You can also contact the municipal corporation of your locality to get the required information.
Currently associated with 99acres.com, Tripti writes on real estate market and trends, both national and global. With a professional expertise in introducing readers to how real estate market functions, she strives to keep her readers updated with every what's what of the turbulent market. Apart from writing what keeps her going is petting dogs, and a thick chocolate milk shake. Get to know more about real estate market and trends follow G+.