4 Major Factors to Think Before Renting an Apartment..

In light of the soaring real estate rates, renting a flat (apartment) may be a smart choice.

NIKITA PEER elaborates on the things to keep in mind before signing on the dotted line

Buying a property is usually quite a huge step in ones life; it means that you are bound in certain ways.

Actually, such a move makes sense only when one has an unshakable financial base. Depending on your state of affairs at any given time,it sometimes makes sense to consider renting rather than ownership.

For instance, if you are still vacillating between choices of areas to live in, are in between jobs or /  not sure of what kind of lifestyle you are most comfortable with, choosing from the many options available in the rental market could be a wise option.

Mr. Anuj Puri,chairman and country head, Jones Lang LaSalle India (JLL India) ,explains,"Renting an apartment gives you the freedom to leave at any point in time, whatever be the reasons. It frees you from the burden of maintaining the residence, this remaining the responsibility of the landlord. It is important to consider the nature of one's occupation. If one holds a job that requires frequent traveling, renting makes more sense than buying.

"While renting an apartment, there are a few essentials to keep in mind.

Listed below are some of them.

1. DETERMINING THE LOCATION..

Mr. Ashok Kumar, Orincipal and MD, Cresa Partners said, ''While starting, determine the location where you want to rent an apartment.Be clear whether you are looking for an apartment in close proximity to specific points of interest or /  want to live in a certain neighbourhood. After narrowing down your search to a general area, you must decide where you want to live within that area."

Besides, you may have some points of interest that are needed in close proximity. For instance,you may want to live near a park in which you can jog or / walk; maybe you want to be close to your work place, school or /  want to have a decent night life.

Sometimes people are not comfortable with using public transportation. Identifying specific points of interest & recognising the desired surroundings further narrows down your search area.You must also consider whether you are willing to live in a smaller home in a good location or /  do you want a goodsised living area, for which you may need to consider far-off locations.

2. ZEROING IN ON A FLAT..

Once you finalise the location,ask your real estate agent to present a comparative analysis of the various options in the area, also taking into consideration amenities in each building, suggests Mr. Mohanjeet Singh, a real estate consultant.

You must also determine your price range & set a maximum budget for rent. By searching within an established rent range, you ensure that you only look at viable options. It is also important to determine the amount of time you are looking to rent, as many properties require a predetermined minimum duration of stay, while in most cases it is 11 months or / more.If you need a month-to-month rental option, your choices may be limited to paying guest accommodation and you should expect slightly higher fees.

When you come across an apartment you like, inquire about the profile of the previous tenants &  their reason of leaving that apartment. It could highlight some problem that you should know about before signing on the dotted line.

3. MAINTENANCE MATTERS...!

Additionally, the maintenance of the apartment needs to be done well enough to last the term of your stay or else you will be compelled to pay for it.

Ms. Rashmi Panvelkar, who has spent a hefty amount on repairing some of the appliances at her house, says,"Make sure that there are no signs of leakages & seepage in the house. Unlike common perception, it is certainly not stupid to check if the sockets & plugs are in working condition.Make sure that items that are provided with the home and the existing damages are listed in the agreement.

Always understand what you are getting before you move in. Very often, all appliances are checked by the owner of the home before returning the deposit at the end of the tenure.

If existing damage is not listed in your rental agreement, you could be held responsible for the damage you did not do.

"It is also important to figure out what is and what is not included in the rent. You can ask the landlord to change the colour of the room but this must be done before signing the agreement. Also, go through the pet policies of the building, if you have any pets.

4. LEARNING THE LEGAL LANGUAGE..

Everything that is discussed verbally must be penned down in the agreement papers & signed duly. Ensure that the agreement is fair to both the parties.

Mr. Vishal Wadhwani, Real estate consultant, adds,"Legitimate police verification is compulsory. Your landlord may ask you for three local references. If the tenant is from another city, town or / country and does not know anybody in the vicinity, the landlord has the right to verify the original identity card of his work place.

"Lastly, when you move into a rented flat, do not forget to update your new contact details with all banks, insurance agencies, investment firms, telephone companies & other such institutions that were corresponding with you on your old address. After all ,you cannot rely on the new owner of your previous flat to keep forwarding correspondence to you indefinitely.

Src: TOI

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