What to Consider Before Renting a House?

As per the report of RICS-Knight Frank, about 30% of people in India are living in rented houses. People are constantly moving for academic, professional, and other purposes. Renting a house will be the best option in front of them.

The chances of confusion will be high regarding buying vs. renting, leasing vs. renting, etc. Renting a house will be the best option since the time of residence can be pre-decided. Before renting a house, there are some things to keep in mind. They are mentioned below:

Location

The most important thing before renting a house is to ensure the possibility and quality of the location. If it is a beautiful house with full-on facilities in a remote area, lacking access to the city, or if it adds a three-hour journey to the workplace, an individual will surely be sapped of their energy.

So it is very essential to make sure of the environment and accessibility before renting a house. A proper calm and accessible locality should be preferred for good living conditions. Facilities like schools or institutions, supermarkets, shrines, etc should be considered before renting a house.

The neighborhood is also an essential factor. Do proper research on the background of that place. Finding another location is better if there is any negative history.

Rent

Rent is decided by the landlord and the tenant before renting a house. Rent is determined by various factors like location, transportation, basic amenities, etc. Rent varies according to the facilities of the rent house process. In India, landlords can increase the rent up to 10% a year.

In case of any increase in the rent, the landlord has to inform the tenant within three months. Rent Control Act will be followed in case of any disputes between the landlord and the tenant. Also, ensure that the amount of rent includes the utilities of the tenants.

Rent Agreement

A rent agreement is an important document while renting a house. It is an official contract drafted on stamp paper and signed between the landlord and the tenant. It includes the amount of rent, security deposit, duration, termination, mode of payment conditions to terminate the contract in case of any emergency, etc. It can be regarded as a mutual agreement between the tenant and landlord for renting a house.

A proper understanding of the agreement is advisable. In case of any challenging conditions, tenants can ask for a negotiation with the landlord.

Security Deposit

It is a sum of money charged by the landlord before renting a house. It can vary according to the cities. It can exceed more than three months’ rent.

Make sure that this amount is mentioned in the rent agreement. It is a deposit by the tenant which is refundable once the rent house is evacuated. If there are any damages the cost will be deducted from this amount by the landlord. It is also negotiable by the landlord.

Amenities

Proper water supply, electricity, drainage system, public transport, and hospitals, are some of the basic amenities that should be checked before renting a house.

The landlord must ensure these to the tenants. The rent amount will vary on these essentials. There are legal rights for the tenants for securing these amenities.

Maintenance

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Proper discussion should be made before renting a house regarding the maintenance and other responsibilities. Usually, the landlords are responsible for the bill of maintenance. The tenants can look for the pre-existing damages so that they won’t be liable for that. But in several conditions tenant can be the payer for the repair. Therefore there should be a mutual agreement regarding the same before renting.

Eviction or death of the tenant

If there is any violation of the rules or rent agreement landlord has the authority to expel the tenants. The only condition is that the landlord must inform the tenant with a concrete reason for the eviction. This can include damage to property, illegal practices, failure of rent payment, etc. a prior notice will be given to the tenant as per the law states. In case of any death, the rental liability will pass to the tenant’s successor.

In Summary

These are some of the important factors that should be considered before renting a house. There will be confusion regarding leasing and renting, renting is more advisable if it is for a short period.

The majority are unaware of these factors and many are often being cheated due to their ignorance. Many sectors are ready to help people who are moving with the idea of renting a house or other real estate aspects.

Rood Land is a business solution and advisory organization involved in the real estate field. Rood Land ensures the best pieces of advice and helps in the real estate field. You can contact us if you have any questions or concerns.