Are You Paying Too Much Rent?
Living on rent is a good idea until you see yourself financially stable to move into the home-buying process. While being well-aware about the property, locality and other key amenities needed to make the stay worthwhile, it is equally important to know whether the rent you have agreed to pay is not too high.
Though with fast-paced developments and rising cost of living the percentage rise in rent has picked pace, too. But, how to determine whether or not you are paying a high rent? MakaaniQ lists three ways to know if your rent is too much:
Average rental cost
When searching for a property on rent, the need of an advisory helps a great deal. They are aware of the market trends, what fits your bill and if the property is worth it. For a better view of not just one locality but the city as a whole, go online. Real estate advisories like Makaan.com offer you a complete overview of a locality with average rentals, apartment sizes and amenities offered. Moreover, you can compare rentals between different localities and take a pick. This comparison will tell you whether or not you are paying too much rent for the property you choose to move into.
What similar rentals charge
You could get information about this through word of mouth or online advisories. Look for apartments that are of similar size, configuration and locality, and then compare them with the asking rent for the property you chose. Also, look for other things: The property you choose recently been repaired or upgraded? Is your landlord offering you a furnished apartment? Is the apartment is equipped with latest technology for security? These are the parameters of comparison, too. Use them and then decide whether or not the rent is high.
What are the perks
Is there more to the property than just a concrete space for a dwelling that you are being offered? If the "extra" that you are being offered is useful and makes your living experience better, a higher rental may be charged. It is for you to decide whether or not you want that experience and pay a price for it. For instance, the apartment is in a posh society and the landlord pays for amenities including gym, spa and others and lets you use those facilities. He might ask for a higher rent. Has the landlord recently installed a new automated security system to ensure better safety? He may ask for a higher rent when compared to similar peers. All these factors are important to know and make a choice if your rent is high or not.
Also Read: Raising Rent? Here Are The Rules