Things To Know Before Renting A House/Apartment
A new school year is about to come and many of you have already planned to move to a new city. At this point in time, we hope that you will find a perfect home. For those who are on their way of searching and renting a shared PG or an apartment, there are some important things that can make your journey simpler.
If you can’t bear to buy an apartment/house of your own, you probably to lease. Though moving to a new apartment is very exciting and at the same time a little scary. Finding a good renter to rent could be a terrible job. You already know what you want in an apartment and you have probably set specific areas or neighbourhoods. While renting an apartment is often cheaper and quicker than buying a home, getting approved for a rental is not always easy.
To help make your task a bit easier, there are few things you should know upfront before renting an apartment or PG Accommodation:
Know Upfront Cost:
You are going to spend a lot of money before you have moved into an apartment. From application fees to security deposit and brokerage fee to logistic charges, and often having to pay a month’s rent in advance, you are going to spend a lot of money before you have even moved in. So, plan accordingly to have a couple of months’ rent in advance to cover everything upfront.
Set Your Budget:
It is very important to consider how much you can afford to pay and follow the rule not to exceed 25% of your monthly income. Focus on your search according to your budget. Sometime, you may be forced to compromise when finding a bigger apartment in a developed area but make sure it is worth spending the extra money.
Evaluate the Property and Neighbourhood:
You should choose a neighbourhood that is comfortable and safe. First-time renters make a quick decision and sign a lease without fully checking out the neighbourhood. Do not hurry the rental process. Before committing to an apartment, visit the community/societies during different times of the day. It is advisable to visit the societies during the evening time and on the weekends when most of the residents are at home. Talk to some of the people in society and get their opinions of the neighbourhood.
Location, Location, and Location:
Location is the most important thing when one chooses an apartment for rent. If you are a student, check how long it will take for your school. If you are a service person, check how long it will take to reach your workplace. If it is 20-30 min biking and cycling, ask yourself whether you can manage to drive or run cycle/bike every day to school/office. You should also do research about how many shops, supermarkets, clinics, hospitals, bus stops, railway stations are nearby.
Additional Cost:
Always find apartments/house which suits your budget. Then you should check whether the price is inclusive or exclusive of gas, water, electricity, and the internet. Then, is there any additional fee you have to pay such as maintenance, cleaning service, packing, and fixing). If yes, how much will it cost? Does the money still fit in your budget? Advisable to figure it out on priority.
Where to Search?
If you are not interested in taking the broker’s service or unable to afford brokerage charges because of the extra cost then look in the local newspaper classifieds, rental portals, roadside advertisement or on the internet. In this way, you will know the rental market in a much better way and will probably get a better deal. You can also tell your friends and colleagues that you are looking for an apartment to rent and maybe they have something in their knowledge or in their apartments.
Don’t pay attention to words and pics:
Suppose, you got your home on any housing website. The pics look attractive with a newly renovated bedroom, living room, common area, well-interior kitchen. So, you decide to rent the room and sign the contract online. When you arrived to reside, the whole scenario changes. It seems that pics were taken a year ago when it was just renovated. Now, the room looks like a mess with lots of dust, old newspapers, broken furniture, and a messy kitchen. The sad thing is that even you are not satisfied with the real condition of the room, you are helpless because you have already signed the contract. And trust me, it is a very popular case which happens frequently with most of the people. So, viewing is necessary for such a situation. You are advised to visit and check the apartment yourself.
Do your research on brokerage/agency and landlord:
Some brokerage firms/agencies and landlords have a very bad reputation in dealing with their customers, especially students. They try to rip tenants off during the stay or sometimes not return their deposit. Therefore, before deciding, you should ask other fellows students/colleagues who are leaving in the area and get some experience dealing with such a situation. They will able to tell you which agency/brokerage firm is trustworthy and which is not. To protect yourself, before signing the tenancy agreement, you should read it carefully and read all the clauses carefully and notice the conditions that are unclear and can be bad for you in the future.
Ask your landlord/agency/property management about the pet:
Carrying a pet with you to your new house/apartment? Make sure you talk to your landlord about your pet before you sign the lease/rental agreement. Even if the building allows pets, it might have restrictions about breeds, stray dogs.
Check what you need and what you don’t:
Furnishing a brand-new apartment is exciting, and you are full of ideas about how you want your new place to look. Before you go wild with decoration and interior make sure that you have the basic furniture you will need to live.
Apartment Amenities Checklist:
Every apartment community has its own separate amenities, but it’s hard to know exactly what type of amenities exist. Here are some possible amenity associated with apartment living:
Types of Outdoor Amenities:
- Swimming Pool
- Basketball/Football/Badminton/Tennis Courts
- Pet areas
- Outdoor Grilling Areas / Picnic Areas
- Bike/car parking
- Walking Trails
- Outdoor Gyms
- Fire Pit Areas
Types of Indoor Amenities:
- Game Rooms / Lounges
- Indoor Gyms
Types of Service Amenities:
- Laundry Service
- Courier service
House/Apartment Checklist FAQs:
Does this budget really suit you?
Ans: This is a very serious question and can make comfortability of your lifestyle miserable. Identify, how much you can make each month or what is your monthly salary and incorporate how much money you expect to spend on food, transport, groceries, fun & entertainment, and some unexpected expenses.
How much is rent, utilities, and security deposit going to cost you and which utility require frequently and you need to pay for?
Ans: The ideal rent ratio to income is 25 – 30% of your monthly income. If you spend more than that you are going to make your monthly budget more difficult. Choose any one among Wi-Fi or Dish Connection. You can run your desire channel through wi-fi.
Who do you make a payment?
Ans: The answer to this question varies from apartment to apartment, but renters usually pay either a property management company that runs apartments/flats/houses for landlords or sometimes they pay the landlords themselves. It is advisable to pay rent online. At least, you will get a copy of your payment history.
What is the additional cost of moving in?
Ans: In the beginning, it can be costly as you have to pay first and last month rent upfront, rental agreement cost along with security deposit. So, advisable to plan accordingly.
What will be the fuel/transportation and repairing costs on a monthly basis?
Ans: It is very important to take into consideration how will you move from your home to your office/school/college – a public transport or self vehicle. If you own a car, make sure that where you will park it and where your relatives/guests/roommates will park their cars on weekend parties or on some special occasions. It is always advisable to check how close is your residence from bus stops, railway stations, metro stations, auto stops, etc.
What is the initial cost of renting an apartment/flat?
It also differs from apartment to apartment. Here’s a few important rental checklist you will most commonly have to pay for when renting an apartment:
- Rent
- Security deposit
- Utilities such as water, maintenance, power backup, sewer, gas, and electricity
- Parking fee
