Rent / Lease property - Tips before you go for it

Planning to go for a rented / lease accommodation ? In this real estate article we bring you few tips which may help you while going for a rented property -

1) If you are are going to view a flat / house , take someone with you. To avoid the possibility of a wasted journey , its probably also worth contacting the landlord before you set out to reconfirm your appointment. Two separate opinions give a more balanced view.

2) The rental market is extremely fast moving in some areas. It is therefore important to act quickly. Rented accommodation may go in a matter of hours , If you are not able to view the property without delay . Hence it may be even worth taking time off work , if necessary , in order to have the Upper hand !

3) You should not agree to rent a property without a full and legally binding agreement between you and the landlord. This agreement where you have to sign , if you do not understand anything in details of the terms of tenancy , don't take any risks . Instead , contact a solicitor.

4) If there are any maintenance charges involved , have it mentioned in the agreement. Make sure there are no outstanding bulk electricity and water bills.  Make a note on the furnishing available and mention in the agreement.

5) If you are looking for accomodation through a property agent, you may be asked for payment to view a list of properties on their books , however not for registering your needs.

6) When you have decided the place , the first thing landlord will ask you is to deposit a sum in order to cover any breakages or unpaid rent during the period of your contract. This amount varies from one landlord to the other. Usually in Bangalore it is a practise to accept 10 months rent as Advance. After this tenure of 10 months , rent gets increased by every 5% for next 10 months and so on . However this varies among the landlords.

7) In most cases deposit amounts to a considerable sum of money. It is therefore important in case of private rentals to verify the identity of the owner before you handover the money. Make sure you are dealing with the actual owner especially when large amounts are involved. 

8) Always ask the owner/landlord to provide a document proof and the receipt for money exchanged , with contact details - their address and phone number for later enquiry.

9) If you are dealing with a accomodation agency / broker , it is advised to pay the fees to them individually rather than handing it over to the landlord.

10) Sometimes if you feel difficult to negotiate prices directly with the landlord , take help of a broker who is in good contact with the landlord. Convey your requirements to them and get it well negotiated. Usually a 15-20% discount negotiation is advised to start with which may end up with 8 to 10%. Also decide at what date of the month , you have to pay rent and the grace period.

11) When you plan to vacate your house , owners may hold back some amount in your deposit - for wall paint charges , pending electricity , water bills etc - so make sure these are discussed well in advance during the agreement.

12) Common problem observed in bengaluru is sometimes landlords resist to refund back the full deposit at the time you vacate the house saying they had invested it somewhere else and are expecting the amount from them or till another party comes for rent. So it is advised you plan and inform the owner well 3-4 months in advance before you vacate. This helps them to arrange deposits at proper time.

13) Lease period is usually 3 years in Bengaluru. Nowadays most owners recommend to rent out rather than go for lease. Discuss the tenure with your owner and the option for money payback in case if you happen to vacate before the lease period.

14) Use a standard E-stamp for your agreements. Once you vacate , make sure you and the landowner provide written statements about the settlements on this agreement and take a xerox copy of the same.

15) Planning to go through a broker ? Usually if you have decided on the property and ready to move in , during price negotiation - usually they charge one month's rent / half of one month's rent as fees. In case of lease - it may be 1 to 2% of the total lease amount. So always wise to give a try to search yourself looking at to-let boards , personal contacts , free ads , property search sites like olx , quickr , 99acres, magicbricks etc and yet not found , approach them !!

Hope the above tips should help you while going for your dream house rented or leased and free from few hassles . If found worth , please share the article with your friends in need. Do share your comments and experiences.