Are you looking to rent your first apartment but not sure where to start? Let’s walk through each step of the process, from signing the lease to getting the keys to your new home.
What to consider before renting an apartment?
Physical inspection of the flat
You should physically inspect the flat to see the exact location and check every space including all shared spaces, outdoor spaces, and any amenities offered like parking, gyms, and parks. Cross-check the furniture and fixtures, including plumbing, electrical and sanitary fittings. Make sure you are comfortable with the level of security, the amount of noise in the building, and the type of light the apartment receives.
View Multiple Rentals
Before you choose, make sure to see multiple apartments. The right one might not be among the first few you check out.
Check rent affordability
Make sure the apartment fits within your budget and the rent are reasonable considering the size of the home, number of bedrooms and bathrooms and other facilities.
Maintenance charges
Enquire about the annual and monthly maintenance charges and other terms and conditions before renting an apartment.
Facilities in society
Keep informed about all the paid and unpaid services you are eligible for like parking facilities, club, gym, swimming pool, door-to-door services etc.
Brokerage commission discussion
If the apartment is being finalised through a broker, the commission amount should be discussed and finalised in the beginning.
Flat documents
Make sure the property is free of any fraud or title issue. You can request for documents, such as chain of title transfer, last paid electricity and water bills, relation of owner with the broker (if any) and basic know-how of the last tenant who lived there.
Lock-in period and rent increase percentage after expiry of the contract
Make sure that the lease agreement clearly mentions about minimum stay duration and notice period for vacating the flat. Also, adjustment of advance security and electricity bill payment should also be discussed. The discussion related to the percentage increase in the rental amount must be taken up at the time of signing the agreement.
Read the agreement thoroughly
The lease agreement should be read carefully, and confusion should be clarified before signing the agreement. Make sure that the below points are detailed.
- Include the start and end date of the tenancy
- Rent amount payable and the frequency of payment (monthly/quarterly)
- Security deposit amount paid
- Service/maintenance charges
- Responsibility for the payment of repair and maintenance
- Conditions of termination of the agreement
- The notice period for vacating the house
- Provisions of electricity, water and power facility
Renting your first apartment isn’t as hard as it seems. From signing the lease to getting the keys, it’s all about taking it one step at a time.
