What to do before signing the Rental Agreement ?
HOUSE ON RENT
There is a huge demand for homes on rent. There are a few essential
things that tenants should be aware of before signing on the dotted line. we
helps you with the particulars.
What's included?
It is extremely important to have clarity on the facilities included in the rent. "I agreed to pay a whopping amount of rent assuming that it includes the monthly maintenance and charges for using the club facilities of my high end township. I was in for a shock when I realised that my agreement stated otherwise and there was nothing I could not do much as it was a mistake on my part." laments, Rajdeep Sanghi, a techie staying in Kondapur. Clarity at every step from discussion to the final agreement, it is imperative to track every detail.
Read before you sign
A common mistake we usually make is not to read a contract before we sign. Obtain a copy of any rules and regulations, make sure you go through everything and before you sign the lease, check to see if these are mentioned:
• The beginning and the expiration date
• The rental price and information about your security deposit
• What are the reasons for which your landlord can terminate your lease contract
• Are there any penalties for moving out of your apartment before the expiration date?
• Are there any responsibilities on your head for repairs and such?
• One of the most important things is to check the notice period of written in the agreement and if a lock-in period is mentioned. " Lock in period results in loss of security deposits, so one has to be completely sure of the terms mentioned in the agreement."
Inspect the apartment
The most important thing when you inspect an apartment you plan to lease is not to let the looks deceive you. Look for the "hidden" attributes and if there's any damage ask for it to be repaired otherwise you may be blamed for it later.
Here are a few things to take a closer look at:
• Pipes - be it gas, water or anything else, check for leaks.
• Sink faucets, shower heads and water - make sure water (both cold and hot) really comes out of the faucets and the shower head and it's with a decent pressure. Also the toilet has to flush properly and thoroughly.
• Electricity and appliances should all be working. Check if all the lights or other electric devices are operational.
• Walls and windows. Check the windows to see if they open close and lock properly. Also inspect the walls. The more walls in common (shared with adjoining apartments), the greater the chance of noise from next door.
• Noise. If it's a highly trafficked area you may have problems concentrating and even sleeping.
Know your landlord
It's very important to know some basic information about the landlord. "If it's a management company with thousands of apartments for rent it may be harder to negotiate, but if it's a family and they just need to secure the income each month, you have a green light to close the deal with a small discount" shares Amit. While, renting a house may seem a daunting task, if the essential parameters are kept in mind then shifting to new place can actually be a smooth transition.
What's included?
It is extremely important to have clarity on the facilities included in the rent. "I agreed to pay a whopping amount of rent assuming that it includes the monthly maintenance and charges for using the club facilities of my high end township. I was in for a shock when I realised that my agreement stated otherwise and there was nothing I could not do much as it was a mistake on my part." laments, Rajdeep Sanghi, a techie staying in Kondapur. Clarity at every step from discussion to the final agreement, it is imperative to track every detail.
Read before you sign
A common mistake we usually make is not to read a contract before we sign. Obtain a copy of any rules and regulations, make sure you go through everything and before you sign the lease, check to see if these are mentioned:
• The beginning and the expiration date
• The rental price and information about your security deposit
• What are the reasons for which your landlord can terminate your lease contract
• Are there any penalties for moving out of your apartment before the expiration date?
• Are there any responsibilities on your head for repairs and such?
• One of the most important things is to check the notice period of written in the agreement and if a lock-in period is mentioned. " Lock in period results in loss of security deposits, so one has to be completely sure of the terms mentioned in the agreement."
Inspect the apartment
The most important thing when you inspect an apartment you plan to lease is not to let the looks deceive you. Look for the "hidden" attributes and if there's any damage ask for it to be repaired otherwise you may be blamed for it later.
Here are a few things to take a closer look at:
• Pipes - be it gas, water or anything else, check for leaks.
• Sink faucets, shower heads and water - make sure water (both cold and hot) really comes out of the faucets and the shower head and it's with a decent pressure. Also the toilet has to flush properly and thoroughly.
• Electricity and appliances should all be working. Check if all the lights or other electric devices are operational.
• Walls and windows. Check the windows to see if they open close and lock properly. Also inspect the walls. The more walls in common (shared with adjoining apartments), the greater the chance of noise from next door.
• Noise. If it's a highly trafficked area you may have problems concentrating and even sleeping.
Know your landlord
It's very important to know some basic information about the landlord. "If it's a management company with thousands of apartments for rent it may be harder to negotiate, but if it's a family and they just need to secure the income each month, you have a green light to close the deal with a small discount" shares Amit. While, renting a house may seem a daunting task, if the essential parameters are kept in mind then shifting to new place can actually be a smooth transition.
