Mistakes to avoid while renting a house
>> 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.
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Now
whether you are looking for a house forrent 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+.
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