The global housing market is going fine, albeit slow and there are owners who lost homes to foreclosure or sold their homes with heavy hearts as they couldn’t afford it. These circumstances have led to a sharp decline in the home ownership rates and a surge in the demand for rental apartments and houses. The competition in the rental segment has increased by leaps and bounds, which can trap renters into a web of scarcity. The scarcity of a peaceful mind and thoughts will be experienced that otherwise should have been incurred into rental-hunting.
In such scenario, you should avoid committing few mistakes. These mistakes can be made in the absence of patience and a planned approach:
1. Signing the Dotted Line in Haste
The lease or the rent agreement should be read properly before nailing it down. The clauses, time span decided for the stay, rent amount, time period after which a hike in the amount is expected etc. should be taken note of cautiously. Moreover, you should not forget to keep a copy of the agreement with you as this can save you from last minute hiccups. Another important thing that you should be considering is the landlord’s reputation and good will in the society. There are owners who are sneaky, interfering and micro-manage everyone and these nature traits are not at all tenant-friendly. Therefore, talking to the locals or even an opportunity to have a word with the people already living there can help you in deciding the factor.
2. The Undesirable Clauses On-Paper
Take a good look at your lifestyle and think over whether the clauses in the agreement suit your personal choices or not. There are owners who may charge you for extra guests, folks, pets or even friends who might come over for a night. Other scenario could be that the agreement might ask you to pay extra for the maintenance or damages that might not be your onus. Such circumstances can weigh upon you heavily if you have signed the agreement and in that case you will be left with no choice but to live there unhappily and leave later. The antidotes can be to either leave the option that doesn’t satiate your needs or negotiate with the owner to get a way-out.
3. Not Assessing the Pre-Move Damage
Another aspect which is actually an extension of the pointer explained above is Pre-Move damage. The properties that are put out for rent can often have damage or repairs that await mending. Lack of attention and with the passage of time, these damages stick with the house and fail to get attended by the owner. You should keep an eagle’s eye on all these aspects and spot them if they exist. At no costs, you should actively pay the amount if there are damages and repairs existing in the property. Have a look at the pre-existing checklist and take note of major repairs the landlord has promised before signing the lease. These repairs will fall on your head and may cost you heavy bucks as well.
4. Not Analyzing the Area & End Up Paying High
Every city has a blend of localities; few are costly, some are just about fine and then there localities that are dirt-cheap when it comes to real estate. You should research about the locality thoroughly so that you don’t end up paying a rent that is non-feasible and inappropriate. Your ignorance or lack of planning can place you in a situation where you might fall prey to a well-managed room in a cheap locality but tagged costly. If you are aware of the commercialization element associated with a place then you can easily negotiate with the owner or landlord and get the deal nailed.
5. The Overhead Charges
As a tenant, you should talk to your owner or landlord about the overhead charges. These charges may crop up depending upon your lifestyle; for instance, you may require a geyser, an extra fan, air conditioner or even a television to meet your luxury requirement. However, you should ask and confirm from your landlord if these amenities are chargeable or not. There could be facilities whose cost is a part of our rent and then there are niceties that might get charged on top of your rent. Have a word with your owner and be clear about such facts so that you don’t find yourself paying a whopping amount for no reason. A conversation at the right time also keeps confusion and hassles at bay.
6. Destroying the Property
You should refrain yourself from destroying the owner’s property or any part of it. The damages can be pertinent to pipelines, damaging the walls, mis-managing the car park area or opening up a small business without owner’s permission. These are some of the damages that can be done to the property and the mutual trust as well. If you happen to fall in a condition where some construction is required then doing that with owner’s consent can be beneficial and fool-proof. If you have kids who may damage or color the walls then take the onus of stopping them from doing that. Any damage done, even if it is unintentionally, can screw your stay to a good extent.
Avoid these mistakes and treat the property like your own. This mindset can stop you from going the wrong way. For sure!
Vineeta Tiwari is a keen writer on Global Economy and Realty market. She has written articles on Global realty market and ongoing trends and tips for investors. An ardent reader, she is happy to pen down research based write-ups for global audience. Currently, she is professionally associated with popular realty portal, 99acres.com.