Renting a property is often a hectic process for both first-time renters and experienced ones. It needs precise consideration and good awareness to ensure a sophisticated living experience at an affordable rental cost.
If you are searching for a rental property or a flat for a short duration or an extended period, then understanding the basics, checklists, and guidelines for renting a property is crucial. This blog will help you provide the necessary information about renting a property.
Understanding the Basics of Renting a Property
Renting is the process of building a contractual relationship between the tenant and the landlord. Renting allows the tenant to legally use the property owned by the landlord for a specified period in exchange for regular payments of money.
Once both parties agree, the renting process is legalized using the rental agreement, which provides the terms, conditions, responsibilities, duration, and rent amount. After the tenancy agreement is finalized, the tenant can move in and use the property legally, but the landlord retains ownership.
Checklist for Renting a Property or a Flat
Accessibility
Location plays a major role in renting a property. The chosen location should be easily accessible to basic amenities such as a market, hospital, office, school, and recreational spaces should be given priority. More than accessibility, safety and security should not be compromised.
Physical Inspection
Before renting, it is necessary to have a physical inspection to analyse the current condition of the property. Check for issues and potential problems associated with the property including dampness, plumbing, leaks, pests, the usage of electrical appliances, and sanitary fittings.
Amenities
Ensure that the property has basic amenities such as elevators, security, parking, water supply, power backup, usable outer spaces, proper drainage systems, and other amenities for your comfort.
Maintenance and Utility Charges
Before renting the flat, it is essential to discuss the annual and monthly rent, including the inclusivity of additional payments for maintenance, electricity, gas, and water. It is necessary to discuss cost arrangements for minor and major maintenance during your duration of stay.
Brokerage
If you found and finalised a flat or property using a broker, the commission rate should be discussed at the beginning, as the commission rates could vary from one month to a few months, depending on the location. It is recommended to associate with a broker who is registered under the Real Estate Regulations Act (RERA).
Rental Agreement
It is crucial to thoroughly go through the rental agreement to understand the information provided related to the terms, conditions, responsibilities, rent, and duration of stay. Ensure that the documents contain key information about,
- Start and end date of the tenancy
- Payable rental amount and frequency
- Service or Maintenance charges
- Responsibility for repair and maintenance
- Conditions for contract termination
- Notice period for vacating
- Percentage increase in rent for contract renewal
- Provisions for basic amenities
Lock-in and Notice Periods
A tenant needs to discuss the lock-in period with the landlord in the beginning to ensure that both parties cannot terminate the agreement during the time of tenancy. The notice period is another important aspect that needs to be discussed to ensure that the advance security deposit and other bills are paid before vacating the property.
Guide to Renting a Property in Chennai
Identify Requirements
The first step involves deciding the type of property you are looking to rent. It can be a residential apartment, individual villa, commercial property, or a workable office space. After identifying the requirements, choose the location that best suits your needs for easy accessibility, enhanced safety, and more.
Set Budget
Set a budget that you can afford for rent each month, considering other expenses such as maintenance charges, utility bills, and security deposits.
Search Properties
Search for rental properties according to the location and affordability on online platforms, or hire a broker or real estate agent to find properties that best suit your needs quickly,
Physical Visit
After selecting a handful of properties through various sources, schedule visits to multiple properties to compare the available options. Check for the property’s condition, amenities, and surroundings.
Negotiate Terms
After the physical inspection, negotiate the monthly rent to ensure it best suits your budget. Similarly, discuss the length of tenancy, renting terms, conditions, and responsibilities.
Legal Documentation
After negotiating and finalising, it must be documented through a rental agreement highlighting all the terms and conditions. The written agreement is registered with the local authorities for legal binding. After registering, pay the security deposit by agreeing to the return conditions.
Move In
After legal formalities are completed, plan to move in by coordinating with the landlord for preparations and setting up basic utilities such as water, electricity, gas, the internet and other things, before moving in.
Maintain Good Rapport
After moving in, maintain a good rapport with the landlord throughout the tenancy phase to address any issues promptly and adhere to the terms mentioned in the rental agreement.
Conclusion
In summary, renting a property in today’s world needs close inspection and thorough analysis of various factors such as budget, location, amenities, leasing terms, and other important factors. It is necessary to ensure that your comfort matches the rental property for a smooth and sophisticated tenancy period.
Proper documentation and registration of tenancy is crucial to legalise your stay to avoid any problems during your duration of stay and to know your tenancy terms and responsibilities. Although it is a comprehensive process, finding the right broker, real estate agent, and available sources can make it a hassle-free experience.