How to Rent an Apartment or House?

With most IT companies picking up the stream in cyber cities of India, the prime residential property in Gurgaon and Noida has witnessed a high surge during the last quarter. Also, being close to the emerging work centres, these locations are highly preferred by companies’ employees. This has helped ‘renting a house’ to emerge as a good option. And whether you are renting your first house or the tenth, it still remains a major decision.

Compared to other fast developing cities in India, Gurgaon is much gaining in popularity and quality of life in the privately managed residential sectors in Gurgaon is persuading many people to think about shifting here. In case, you are all among such enthusiasts and looking for rent apartment in Gurgaon, following steps can be of great help.

Carry out the search: Start with word of mouth. Your friends and co-workers can be of great help in giving you ideas regarding where to look for an apartment. In case, you are scouting for professional guidance, try real estate agents in Gurgaon or apartment locating service. If you call about a classified, try to get the terms and conditions and be as good as possible to stand out from other applicants.

Handle money with care: Everyone wants a comfortable place without putting much pressure on budget. So how much is too much? Flying high on the wings of booming real estate, residential rentals in Gurgaon [] is going through the roof. However, one rule of thumb is not to spend more than 25% of your monthly income on rent. See to it and decide the best for yourself.

Location: This is another factor that decides for your money. At times, it is really difficult to get the best place for the best affordable price. But, property dealers are proficient in getting you the smartest deals which may get close enough to cater your requirements and preference.

Checking the documents: Now, signing the rental agreement or lease comes after you have narrowed down on the location and the apartment. Before you do it, read your lease carefully and inspect the apartment for physical damage or safety violations. In case you come across any, inform the landlord about them before moving in. Ask for the improvements and if any such are recorded in the agreement.

Look for the necessary in rental agreement: A rental agreement is a legally binding document between a landlord and tenant. It must feature your name, the landlord’s name, apartment’s address, amount of rent, and the mode of payment as well as its schedule. Also, check out the following in your lease:

• Rules for subletting

• Who is responsible for repairs

• Rules about pets

• Who pays for heat and utilities

• What physical changes to the apartment you may or may not be allowed to make

• Rules regarding breaking the lease

You may also consult to your lawyer in case you want any modifications in certain provisions. However, never sign a lease if you feel uncomfortable with any of its part.

Fundamentals of Renting a House

Are you getting ready to rent a house? If so, have you thought about what you should look for? Do you know what questions you should ask your potentially new landlord? And, finally, how exactly should you rent that house? These are all good questions that we are going to answer in this article.

What is the most important thing that you should look for when renting a house? It’s a simple answer and you have heard it before – location, location, location. Not only is this important when you are buying a home, but also when you are renting.

If you live in one location and you have to travel a long distance to get to work, you probably won’t be happy. Or, if you have children and they go to public schools, then you want to be sure that you rent a house that is in a good school district. Or, perhaps on your leisure time you like to spend your time fishing. Then, being close to a good watering-hole is important. Location, location, location,…it’s so important!

Another important factor to consider is cost. Rent and utilities should not exceed 36% of your total income. Renting a nice home is important, but don’t let it financially ruin you.

After you have found a house that is for rent in a suitable location and at a cost that you can afford, there are some important questions that you need to ask your potential landlord. Questions such as:

1. How long does the landlord intend to rent the house?

2. How long will the current rate of rent be guaranteed for?

3. Can they estimate how much the next increase in rent will be?

4. Are pets permitted? If so, what type of pets and are there any size or weight limitations?

5. Who is responsible for maintaining the landscape?

6. If painting is required, will the landlord provide the labor and materials?

7. Can the landlord provide an estimate on electrical, gas, sewage, and garbage costs?

8. Can the landlord provide you any details about neighbors that live in the area?

9. Is a security deposit required and, if so, how much?

10. Does your initial payment include first and last month’s rent or just the first month’s rent?

These are important questions to ask your future landlord. Their answers will help you to determine your initial investment and your future costs. These answers will also help you decide how cooperative your future landlord may be. Don’t hesitate to ask these questions.

Renting a house is quite a process. Once you have found a house that meets all of your expectations, then you need to sign a contract with your new landlord. But, before doing that, the landlord may ask you to fill out an application. Don’t be surprised if the landlord asks you to do this… the information you provide the landlord will help ensure him that you are a suitable renter.

The landlord must provide you a contract to sign. If he does not have one, he can buy one from Office Depot or he can secure one from his real estate agent. It’s the landlords responsibility to provide you that written contract and don’t rent a house without that contract.

Once the landlord has provided you a contract to sign, it’s in your best interest to have someone to thoroughly review that contract before you sign it. This person might be a real estate attorney or a close family member that has experience in contracts. Make sure that every word of the contract is reviewed.

Renting a house does not sound complicated, and it’s really not. Just be sure that you cover the above fundamentals and you should be safe. Good luck on finding that house that you are looking to rent!