Check-points before Renting a Property

By:Preetam Banerjee 2018-07-13

Renting a property can be a tedious, time consuming and risky job. And if it is in a different city then the job becomes more challenging!

There are certain points one has to keep in mind before renting a property.

•    Research the area: While renting a property, whether for residential purpose or official, one must definitely check the area first. Is there a hospital nearby? Because that might cause blaring sirens all day long. Is there a pub or a disc nearby? Then there can be loud music in the evening. Is there a restaurant in the vicinity? Then that would make it easy to have ready-to-eat food in a jiffy!

•    Check the water pressure: While choosing a residential place one has to know about the water supply and the water pressure. There are many washing machines which need a specific amount of water pressure to function. One must also check the water quality, that is whether it’s hard water or not. The selection of a water purifying machine might depend on the quality of water one is getting in a particular area. Also, check how to pay for the water bill, whether it will be included in the rent or has to be paid as per the bill monthly.

•    Check the electrical supply: It is similar to checking for water supply. One must ensure that the right amount of voltage is present throughout the day and power cuts are not a regular affair. It should also be settled as to how to pay for the electricity and if there is any hindrance to plugging-in certain devices. If one is renting a property to run a workshop or a store where heavy machinery might be used, proper electrical supplies must be ensured beforehand.

•    Everything should be written down: All the clauses, conditions, rent amount, lease conditions, facilities- everything should be written down and documented. There should be no verbal assurances. Even safety clauses should be written down and the document should be agreed upon by both the parties.

•    Find out if there are any release clauses: Release clause means if the tenant is vacating the property before the term is over, he/she has to pay a fee for breaking the agreement. One must be aware of such conditions before renting.

•    Fix a deposit amount: There is no fixed rule as to how much the landlord may ask as a deposit but generally it is one month’s payment in advance.

•    Check the need for a guarantor: If the landlord feels that the tenant does not have a solid financial footing then they might ask for a guarantor who will chip in in case the tenant fails to pay the rent. The decision to ask for a guarantor is solely up to the landlord.

•    Question anything that might be an obligation: Before moving in it is advisable to check the property thoroughly to avoid any obligation in the future. There might be things which need to be fixed or additional repairs which are to be done by the landlord. Such issues must be addressed before signing the lease.  

These points will definitely help while renting a property. Besides one must also check with the local administrative authorities for any legal issue pending with the property or any other political or local events which might not be in the favour of the landlord.

 

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