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5 Things You Should Check Before Renting A New House

  • Highlights

  • Rent a home that comes with excellent amenities

  • Ensure that the property is sturdy and well-maintained

  • Check if the locality is conveniently located

  • Go through the rent agreement carefully before signing

For young professionals and families alike, renting a home is often the most feasible option given the rising rates of real estate. Renting a home also helps those who relocate from one city to another often, owing to the nature of their job. If you find yourself renting an apartment or independent home, the key to ensuring that you have a pleasant, stress-free experience is to choose the right property.

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While your budget will always be a determinant when zeroing in on the ideal home, also look at 5 other things that you should check. This will give you a better idea of the costs involved with moving and also alert you to any red flags.

Everyday amenities

The home you’re viewing should come with most, if not all, the amenities that you require on a daily basis. This means checking for excellent bathroom fittings including a geyser, adequate fans and lights, ample plug points, kitchen fittings, water inlet and outlet for a washing machine and more. Having these basics in place will ensure that your everyday tasks don’t become bothersome chores.

Make note of what you can ask the landlord to repair or add, and also note down the things that you’ll have to purchase—this could be adding another tap for your water purifier or anti-skid flooring in your toddler’s play area.

Structural integrity

The home you’re choosing should appear to be sturdy and well-maintained. So look for cracks in the walls, loose floor tiles, mould, dampness or leakages, chipped stairs and other such signs. They’re a reliable indicator of whether or not the property has been maintained over the years. Also look at the windows and see whether they open, and check for any gaps between the window frame and the wall as this is where rain water could seep in from.

The locality

It’s also important to consider the locality the new home is situated in. Does it offer easy access to facilities such as schools, hospitals and markets? Does it have recreational avenues within easy reach be it stores, malls, parks or restaurants? Asking such questions will help you assess if the locality fits in with your lifestyle and basic needs. Moreover, the distance between your current home and new home will also determine how expensive it will be to shift.

Security features

Whether you work long hours or simply worry about the rising crime rate, having a home with good security is sure to be a priority. To this effect, note that the landlord is likely to provide only the basics, that is a peephole and a safety chain on the door. Should you wish to ramp up the security, check if you can add a video doorbell, a CCTV camera outside your home if the society’s/building’s CCTV system doesn’t cover this area, a better lock, as well as a security door. The landlord may not consider all these measures to be necessary, and so, you may have to bear the cost of the advanced security systems such as the CCTV camera or video doorbell. Do make a note of this for easy cost-benefit analysis later on.

Agreement period

Also enquire about the terms and conditions of the leave and license agreement. While you’ll have to go through it in detail once it is drafted, you can check with the landlord if he/she is considering a lock-in period or multi-year agreement. In case of the latter, check what the percentage of increase in rent in the subsequent years will be. Having clarity from the get-go will eliminate the possibility of rude surprises later on.

Once you check these 5 aspects, also analyse the costs associated with moving. This will give you a clear picture of the expenditure involved on the whole. However, don’t worry about financing these expenses as you can simply avail a rental deposit loan, such as the one offered by Bajaj Finserv, and ease the stress on your finances. Such a loan offers you an ample amount, around Rs.5 lakh, to finance everything from the security deposit to the purchases for the new home, shifting costs and brokerage.

With a loan that helps you manage your cash flow better and this 5-point checklist, you no longer have to look at renting a home as a tedious procedure that’s riddled with stress. Also, you can avail an Instant Personal Loan upto 25 lakhs from Bajaj Finserv to fulfill your multiple financial needs.

The content of this document is meant merely for information purposes. The personal loan features mentioned in this article are subject to updation, completion, revision, verification and the same may change materially based on policy revisions. For more details, please visit our Personal Loan terms and conditions page here.

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