Looking for a Rented Home ?

Owning a house is every ones dream. But, its wise to build our home only after raising enough money for the down payment. During the accumulation phase most of us need to rent a flat or house. Here are some of the tips to keep in mind before renting a property.

1. Lease Agreement
   Its a legal contract between you and the landlord. It should have details about
1. The monthly rent amount
2. Pay by date
3. Penalties for late payment
4. Amount of security deposit
5. Duration of the lease.
   A agreement should also make clear the tenant rights like what you can and cannot do, as well as the obligations of the landlord towards the renter. Its better review the lease agreement by a lawyer to ensure that we aren't entering into a one-sided and unfair deal.
2. Security Deposit - Understand Your Rights too.
   There may be many cases where the landlord does not pay back security deposit on time. The lease agreement must specify a time within which the landlord is obliged to pay back the security deposit. Usually there would be a clause like the landlord can charge a penalty for late payment of rent, we must ensure that there is a clause to force the landlord to pay a penalty in case, the repayment of security deposit is late.
   
3. Sub-letting Rights - to Friends, Family members.
   Today's job environment demands job mobility and freedom to move around India or abroad. There may be on-site assignments for few months or years and you may not want to lose your rented home once you came back. Understand if the lease agreement allow you to sub-let the property to your friends or family members in your absence.
   
4. Maintenance & Repairs.
   In case of natural cause like lightning or flood an electric fan or the main switch box can get damaged. There can be leakage from the roof or underwater flowing into the bathroom. Understand who will take care of such kind of damages - you or the landlord. All these rights and obligations must be clearly mentioned in the lease agreement.
   
5. Did Previous Tenants Paid Their Past Bills
   Confirm that the previous tenant has paid all their cable connection bills, telephone bills, electricity bills and other dues to local authorities. If not the landlord should ensure that these liabilities won't get passed on to you. Otherwise, you might be at risk that those utilities might be turned off by the concerned authorities and can seriously affecting the quality of life.
6. Water Quality and Electrical Fittings
Ensure that the quality of water available in the kitchen and bathrooms are good and bedrooms have enough cupboards and all the switches and electrical fittings are working properly. Its better to report all the defects in the beginning. Otherwise you will be responsible for any kind of damages.

All the very best. Wish you a happy life in your newly rented house.