Checklist for a First-Time Home Renter
There are many reasons for taking a rented house. Recently married couples moving out from parents, job seekers, newly employed or transferred to a new city, migrated to a new city for higher education, reasons can be different for looking out for a rented house, but there are several do’s and don’ts in making your decision and while signing the rental / lease agreement. Here’s a checklist for a first-time renter searching for a rental property.
Things to note while searching
Location: Of course, the first before finalizing the property is its proximity or easy access to your work place and every day destinations like school, railway station, hospital and shops. If your office has a pick up and drop in service, staying a little far away from the office is not bad, but proximity to kid’s school is very important as kids should have a hassle free transportation.
Condition of the house: It is always ideal to go for a newly built or no very old house / apartment. Because frequent maintenance can happen for old houses and tenants will have to bear it which will be an unwanted expense for you as it is not your own house.
Community: Ensure that the apartment / house belongs to a good residential community with round the clock security and power back up, because, safety is very important while living in a new and unfamiliar city.
Facilities: Do ensure that you have facilities like specific parking slots and essential common lifestyle amenities belonging to the community as a whole. For example, if your landlord has not taken membership in the club house, you cannot access any of the facilities like swimming pool, indoor games or gymnasium.
Things to note before signing
Rent and Lease: Rent and lease are almost the same. It stands for renting any kind of property and is ruled by a Transfer of Property Act and upon the terms agreed by both parties by means of a lease / rent agreement. The most important thing is to create a lease / rent agreement with the landlord.
Lease Agreements: Every deal should be entered through a lease agreement which contains the following: a full description of the property including the premises, time period, termination clause, rent payable with due date, mode of payment and penalty if not paid, conditions regarding the use of property, maintenance charges, special clauses if any and security deposit . Agreements should also have a list of inventory like electrical appliances, furniture if any, and fixtures like geysers, fans etc. One should check carefully if these clauses are explicitly mentioned in the agreement and there are no clauses which are difficult for you to comply with.
Security deposit: Usually, all tenants will have to deposit some money with the landlord as a security against defaults in rent payment and damages of the property. This is usually not more than six month’s rent, but may slightly vary from case to case. Tenants should keep a receipt of the security deposit from then owner.
