Looking for a house can definitely be a task! It’s a very daunting task. Finding a house in metropolitan regions like Mumbai, Delhi, Bangalore, etc is not easy and requires expert help.
Here are some quick parameters that need to be considered while renting a house or signing a rental agreement:
1- Renting Agreement
A rent agreement or a lease agreement is the most important of all the documents that we are going to refer to today.
First things first are to check the rent amount and its escalation. Every rental agreement form does have a particular clause that mentions the amount that you’ll be paying and a hike over it.
If there is no mention of the hike, you can challenge your landlord for the same if he/she decided to increase the rent on his/her terms. Generally, a gradual 10% increment in the rent is common after completion of the tenure. If you are a to-be tenant you should be completely aware of the same.
2- Duration of the Rent, Renewal, and security deposit
After the termination of 11 months, the renewal of the rental agreement happens. Along with it, it is also extremely important to keep an eye on the security deposit and how the amount will be calculated once the house is vacated.
3- Termination of the rent
Last but not the least, every house rental agreement particularly mentions the termination provision mentioning the time of stay and the notice period. Check for homes that give you a rent agreement online
These should be specific points to be checked before signing a rent agreement.
The second phase includes the Fees and the charges that are included while making the agreement. Make sure that you know these things:
1- Mode of the payment to be made
As a to-be-tenant, you must be well aware of the mode of the payment selected while paying the rent in order to avoid any back and forth or confusion in the future.
2- Date and delay penalty
It is common to know the date of the payment of the rent before signing a rent agreement. Make sure to check if there is a clause that mentions the penalty amount if there is a delay in the payment of the rent.
If there are amenities in the property that you are going to rent in viz. Swimming pool, garden, clubhouse, etc you should be aware if you are supposed to ay to use those facilities.
4- Previous charges
You should ensure to keep a check on the previously paid property maintenance, property taxes, and utility taxes before you move into your new house.
The third phase is to keep a check on terms and conditions
When you rent a house, it might or might not come with terms and conditions of which some might include not allowing pets, not allowing late entry, not allowing loud music, etc. If you are looking forward to hassle-free living, make sure to keep a check on the T&C.
Then comes assessing the property completely. You should make sure to inspect every corner of the property. Check the functions and repair the damages before you move in. Also, your rental agreement should say who shall pay the maintenance after you move in. It could be anyone.
In conclusion, make sure to check all these boxes before you sign a rent agreement. Happy Buying!