Renting a Property? Here Are Few Tips Before You Go For It

 Planning to choose a rented/leased accommodation? in this real estate article, we bring you few tips which can assist you while going for a rented property.

1. If you're getting to view a flat / house, take someone with you. To avoid the likelihood of a wasted journey, it's probably also worth contacting the owner before you began to reconfirm your appointment. Two separate opinions provide a more balanced view.

2. The rental market is extremely fast-moving in some areas. it's therefore important to act quickly. Rented accommodation may enter a matter of hours If you're unable to look at the property at once. Hence it's going to be even worth taking a day off work, if necessary, so as to possess the Upper hand!

3. you ought to not comply with rent a property without a full and legally binding agreement between you and therefore the landlord. This agreement where you've got to sign, if you are doing not understand anything in details of the terms of tenancy, don't take any risks. Instead, contact a solicitor.

4. In the maintenance, there are any upkeep charges included, have it referenced in the understanding. confirm there are not any outstanding bulk electricity and water bills. Make a note of the furnishing available and mention it in the agreement.

5. If you're trying to find accommodation through a property agent, you'll be asked for payment to look at an inventory of properties on their books, however not for registering your needs.

6. once you have selected the place, the primary thing landlord will ask you is to deposit a sum so as to hide any breakages or unpaid rent during the amount of your contract. This amount varies from one landlord to the opposite. Usually, in Chennai, it's a practice to simply accept 10 months' rent as Advance. After this tenure of 10 months, rent gets increased by every 5% for the subsequent 10 months then on. However, this varies among the landlords.

7. In most cases deposit amounts to a substantial sum of cash. it's therefore important in the case of personal rentals to verify the identity of the owner before you fork over the cash. confirm you're handling the particular owner especially when large amounts are involved.

8. Always ask the owner/landlord to supply a document proof and therefore the receipt for money exchanged, with contact details - their address and telephone number for later inquiry.

9. If you're handling a accommodation agency/broker, it's advised to pay the fees to them individually instead of handing it over to the owner.

10. Sometimes if you are feeling difficult to barter prices directly with the owner, take the assistance of a broker who is in good contact with the owner. Convey your requirements to them and obtain them well negotiated. Usually, a 15-20% discount negotiation is suggested to start out with which can find yourself with 8 to 10%. Also decide at what date of the month, you've got to pay rent and therefore the grace period.

11. once you decide to vacate your house, owners may twiddling their thumbs some amount in your deposit - for wall paint charges, pending electricity, water bills, etc - so confirm these are discussed well beforehand during the agreement.

12. Common problem observed in Chennai is usually landlords resist refunding the complete deposit at the time you vacate the house saying that they had invested it elsewhere and expect the quantity from them or till another party comes for rent. So it's advised you propose and inform the owner well 3-4 months beforehand before you vacate. This helps them to rearrange deposits at the right time.

13. Lease period is typically 3 years in Chennai. Nowadays most owners recommend renting out instead of choosing a lease. Discuss the tenure together with your owner and therefore the option for money payback just in case if you happen to vacate before the lease period.

14. Use a typical E-stamp for your agreements. Once you vacate, confirm you and therefore the landowner provides written statements about the settlements on this agreement and take a xerox of an equivalent.

15. planning to go through a broker? Usually, if you've got selected the property and prepared to move in, during price negotiation - usually they charge one month's rent/half of 1 month's rent as fees. within the case of lease - it's going to be 1 to twenty of the entire lease amount. So always knowing provides a attempt to search yourself watching to-let boards, personal contacts, free ads, property search sites like Olx, Quickr, 99acres, magicbricks, etc, and yet not found, approach them !!

Hope the above tips should assist you while going for your dream house rented or leased and free from few hassles. I found it worthwhile, please share the article together with your friends in need. Do share your comments and experiences.

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