Living on rent or giving your house for rent is quite a daunting task as you have to pay a good amount of money as rent which can be saved if it is your own home. Indian Real estate is something which itself involves long paper work and yes it should be done to maintain the security.
When you find a perfect flat for yourself, it is easy to go ahead with it. But signing the agreement in a hurry can sometimes create problems even. Signing is a big term and in this way you are giving a commitment to the landlord so you need to make sure that whether you can fulfill them or not.
But not only this, before going on rent or before leasing the property for rent; you should always make sure of little steps to be followed to satisfy you and your living. Here are some of the things that you should always check before going for any agreement.
To make the process smoother, here are 5 tips to follow before signing your rental agreement:
1. Rent paragraph
This should be checked on the priority that how much rent did the landlord has asked you and how much is written in the agreement. In how much time will the increment be done in rent? Price should be tallied with the price going in that specific area so that you don’t pay the increased rent.
It is necessary to check that how much percent will be increased and in how much comfortable rent and increase you are comfortable with. The lease is usually renewed after 11 months, not a year since it has to be registered if the duration is more than 11 months. The document should also hold the termination date and the time of notice period.
2. Fees & charges for extra facilities
Check whether there is any penalty for the delayed payment or not and how much penalty is mentioned in rent. The date should be clearly mentioned in the agreement when you expect the rent and the due charges per day or per week. Also, if you want to enjoy some other facilities like security, parking, swimming pool etc. then how many extra charges they are asking for.
Make sure that the services and their charges must be clearly mentioned in the agreement. You can also heed to the amazing housing options like Tata Primanti and DLF Park Place where you will endless facilities plus every sort of security.
3. Other terms & conditions
Sometimes the landlord wills to add some extra terms and conditions according to him, so check them also. It can be anything like that if he may not allow you to keep the pet or charge extra for it; they may not allow you for loud music or late- night parties, or they will file a complaint against you.
Be clearly stated to with what you can go for and what the things are where you can adjust. Keep them mentioned in the agreement rather than on verbal talks.
4. Check the property
Without any denial, if you are paying the rent according to the landlord so check the property you are going to move in. Most of the people ignore it and do not check the property and later come up with issues. Just heed the basic constructions, paintwork, electrical boards and switches, wiring, water connectivity and other fixtures.
If you find anything inappropriate or not in good condition, then immediately ask the owner for its repair. Another reason for pre-hand checking is; maybe you don’t get the repair work done later by the owner once you moved in.
5. Repair & damage
As mentioned above that property check is important, so as the repair and damage clause must be mentioned in the agreement. If any repair has to be done before shifting that will be done by the owner and then afterward it will be done by the renter itself. This can include anything, painting, washing, cleaning, electrical wiring and plumbing etc. Have it clearly stated in the agreement whether you will be paid or the owner will make the payment directly.
Hence no fret while living on rent but make sure of these points before signing the agreement.
