Everyone dreams of owning a home, but that dream can take years to be realized. Until then, most of us have to accept that renting a property is the only possible alternative. Hence, it makes sense that all of us are aware of the key pointers when we’re on the prowl for a rental property. The following tips will ensure that you get a fair and balanced deal on a rental property:
- Ensure the location is convenient and safe
As with any other property transaction, location is crucial when you’re looking for a rental property. It is important that you ascertain whether the location you choose is convenient. Proximity to the place of work, presence of schools and hospitals, paved roads and ample street lighting are all indispensable requirements that must be fulfilled.
Additionally, you must ensure that the location provides ample security to you and your family. A brief interaction with residents in the locality should be enough to give you a good idea about the security situation in the neighborhood.
- Conduct a thorough inspection of the property
Before you finalise on a property, conduct multiple (and thorough) physical inspections of the house/flat. Always ensure that the fixtures, plumbing, furniture etc. are in good shape before moving in. If there is any damage, bring it to the notice of the landlord and ask him/her to fix the issue. Not conducting physical inspections can lead to disputes later on, as the landlord can shrug off responsibility for any damage and blame it on you instead.
- Clarify on maintenance charges
One of the most contentious issues between a tenant and a landlord arise over maintenance charges. Therefore, it is advisable to clarify the landlord’s say on maintenance prior to finalising the property. While it is customary for the tenant to pay maintenance fees for electricity and water, the landlord is expected to cover the charges for repairing damage, repainting, refurbishment etc.
- Verify ownership
To ensure that the property is free of any legal disputes or fraud, you must demand a proof of ownership from the landlord. You can ask the landlord to produce the title documents of the property or the latest electricity/water bill, which should be in the name of the owner. This will help you ascertain that the person leasing out the property is its real owner.
- Rent hike and notice period
And lastly, the percentage hike in rent at the expiry of the rental agreement must be clearly enumerated in the agreement. Also, in case the landlord needs you to vacate the property, a notice period of 3-4 months should be provided, which must also be clearly mentioned in the agreement.
Keeping these tips in mind will help you get a suitable rental property without any hassles!