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Taking property on rent is a little tedious task. You have to find the right property in the right location, within the right budget. We present you some useful tips below, to make the task easier.
Choose a Locality
The area in which you want the property has to be decided first. This depends upon several factors like your and your spouse’s workplace, and children’s school, and of course, the budget. Find out whether the area has good infrastructure and other facilities, before you choose.
House Hunting
Once you choose the area, you need to locate the property. Newspapers and Websites will enable you to contact the property owners, or brokers, who can help you find a property. In case of brokers, you have to shell out 1 or 2 months’ rent as commission. Tell your friends that you are looking for a property on rent. If you are fortunate, you might get a property without paying commission!
Check out the House
Check out the house and see, if there is proper water and electric supplies. Chat with the neighbours to know more about the building and the neighbourhood. A good broker will give most of the information you need.
Get into the house and find out whether everything works. Check out the safety arrangements. If there is any repair to be done, ask the landlord to take care of them, before you move in.
Rental Rates
Try to get information about the rental rates in the area. Websites and newspapers will give you an idea about the prevalent rates. In all probability, you have to pay security deposit or rental advance. Mumbai has the pugree system, where the tenant pays an amount as security to the landlord, which is returned to the outgoing tenant by the incoming tenant.
Legal Issues
Your landlord will take care of the formalities, permission from the society & police, if any. Always go for a legal agreement. Stamp duty and registering costs are borne by the landlord. In some cases, both share the costs.
In case the property owner is out of town, make sure that the broker or the concerned person has the legal authority to rent out the property. They should have a Power of Attorney (POA) given by the property owner. Pay attention to the fine print before signing the agreement.
Before Moving in
Ensure that everything in the house is in proper condition before you move in. Check out if electricity, water and society dues have been settled. Keep house owner’s home/workplace addresses and phone numbers with you. You may need them in the time of emergency.
Finally, when you pay the rent, get proper rental receipts from the landlord. Also save the electricity and phone bill payment receipts, if any.
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