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Things to know before Renting a Home

27 AUG,2024     5 min read

Visit to the Apartment:

Before renting, it's crucial to physically inspect the apartment, including its furniture, fixtures, and utilities. This ensures that both the tenant and owner are on the same page regarding the property's condition.

Maintenance Charges:

Understanding the terms and conditions related to maintenance charges is essential. Maintenance issues can lead to conflicts between tenants and owners, so these terms should be discussed and clarified upfront.

Brokerage:

If a broker is involved in finalizing the rental, it's important to discuss the commission amount, which can vary by location. It's advisable to work with brokers registered under the Real Estate Regulations Act (RERA) to avoid potential issues.

Amenities:

Tenants should be informed about the paid and unpaid services available in the housing society. This includes additional costs like parking, club use, swimming pool access, and Residents' Welfare Association (RWA) fees, which could add to the overall expenses.

Rental increase:

The lease agreement should specify the minimum lock-in period and the percentage increase in rent after the contract expires. These terms should be in line with the guidelines of the Model Tenancy Act, 2020.

Property due diligence:

Before renting, it's essential to ensure that the property is free from any legal issues or title disputes. Request documents like the chain of title transfer, utility bills, property layout, and information about the previous tenant.

Components of the Rent Agreement:

The rental agreement should include details such as the tenancy's start and end dates, rent amount and payment frequency, security deposit, maintenance charges, and provisions for termination. Registration of the agreement is required for leases lasting more than 11 months.

Renting a home should be done with careful consideration, including thorough market research and diligence. We also recommend online platforms to check reviews of housing societies and neighborhoods to make an informed decision.