Things to keep in mind before you move into a Flat on Rent

Things to keep in mind before you move into a Flat on Rent

Things to keep in mind before you move into a Flat on Rent

Living on a rent flat has become one of the quintessential things for the buyers for whom purchasing their own property is not financially viable. As per the present scenario, the prevailing rates are too high and it is not possible for many of them to invest their disposable incomes into making a purchase. Even if money is not the issue, the available space for new constructions is limited. There is no other alternative left than to live on rented spaces. Before one moves into a rental property, there are some important issues to take into account. In this article,we are going to look at some of these.

Research Thoroughly

After you have chosen the locality where you are going to hire the property to live in, the first thing is to make a thorough inquiry of the ongoing price rates. The tenants often find themselves at sixes and sevens when it comes to decide upon the price. Landlords, to coerce more money from tenants, rent flat on rates that are much higher than the the ongoing market prices. Tenants, with no prior knowledge of the prices, end up paying more. So, it is advisable to inquire about the rates from the other tenants who are already living in that locality.

Rental Agreement

Before moving-in to the new property, make sure that you are provided with the rental agreement by the owner. Real all the clauses and if you find that an important aspect is missing from the document, ask the landlord to include that too. Look for the name of the owner mentioned explicitly on it. It may happen that the landlord is not the real owner of the rent flat; in such a case, you must make him specify the name of real owner.

Read between the Lines

Look for the clauses for other charges like electricity & water bills, maintenance and security charges, and conditions of renewal of the contract. Also make sure that you are provided with the terms & conditions related to the total deposit sum and the period after which it shall be returned back to you. In case of resale of the rent flat in future, you rights should not be violated. The owner shall ask for you to furnish your identification proof. You, as a tenant, should also get the identity of the landlord, get verified. Scrutinize his identification and occupation details. Every agreement should be in written: the verbal agreements have no base and shall not be considered, if you are caught in some legal turmoil with your owner.

Last Updated: Wed Jan 07 2015

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