You have just got a very good job in a metro city and you are house hunting. No...not for your own house. You are looking to rent an apartment. Finally, you have got the house you want. It's in a good locality and has all the basic amenities. The rent is quite reasonable. You are very happy and want to take up this apartment. But should you?
There's a famous saying, "Look Before You Leap." Never rush and take up a rented apartment. If something goes wrong, you could lose a lot of money and find yourself in a deep mess.
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Before signing the rent agreement take a look at the rent you will pay and also the increment clause. Rent is usually hiked after a year by around 8-10%. Check if this is mentioned in the agreement and if it is, are you fine with it. Also take a look at the termination clause which usually specifies the tenure of stay and the notice period.
1. Check for penalties on delayed rent payments
Check and see if there are any penalties on delayed rent payments mentioned in the rent agreement. Make sure the rent agreement clearly gives you the last date to pay the rent and check if they are any penalties if you pay the rent, late.
Check and see if the rented apartment offers gym, swimming pool or a club/parking facility. Chances are you might have to pay for these facilities, even if you don't use them.
You must check the apartment thoroughly before taking up residence in it. Check the basic construction of the apartment which includes walls and flooring, the paint work, water connection, electric wiring and connections and of course, the washrooms.
If you find some of the appliances are not working or there is a fault with the water connection/wiring, inform the owner, immediately. Now, the owner cannot hold you liable for any damage.
SEE ALSO: How GST Impacts Real Estate?
Check and see if the rent agreement mentions who pays for whitewashing, maintenance and painting once you move into the apartment. Check to see if the owner pays for accidental damage to the apartment or if the apartment is damaged in a natural calamity.
See if the rent agreement mentions if the owner pays for repair and maintenance. Also check that if you are to pay for the damages, would the owner reimburse you?
Last but not the least, do pay attention to the small details. Does the owner say, no keeping pets, no late-night parties or prohibits loud music? Also check if the actual owner is renting out the apartment or if this property is being sublet by a tenant, without the owners knowledge or permission. Be Wise, Get Rich.
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