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Renting Property - 7 tips to keep in mind

Owning a residential property is a common aspiration for Indians. But, the reality is that most of us will rent a property to live in before we finally get to own our dream home. Here we share with you tips to keep in mind when renting a property.

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1. Keep Everything In Writing
   

   You must sign a lease with the landlord. This is a legal contract. It must clearly state all the terms and conditions of your rental agreement. Specifically, it must make obvious the amount of rent, the due date, any penalties for late payment, the amount of security deposit the landlord will charge, and the duration of the lease.

   A lease should also make clear your tenant rights - what you can and cannot do, as well as the obligations of the landlord towards you (the renter). Its worth spending a few thousand rupees to have your lease reviewed by a lawyer to ensure that you aren't entering into a one-sided and unfair deal.

2. Security Deposit - Understand Your Rights
   

   We have come across many cases where the landlord does not pay back this deposit on time, and it becomes a sore point between the tenant and the landlord.

   Your lease must specify a time within which the landlord is obliged to pay back your security deposit. Just like the landlord might charge a penalty for late payment of rent, you must ensure that you force the landlord to pay a penalty in case the repayment of your security deposit is late.

3. Sub-letting Rights - Can Your Friends/Family Use the Property If You Don't
   

   One of the advantages of renting is the flexibility that it offers. Today's job opportunities demand a level of job mobility and freedom to move around India. No one wants to be tied into a lease and lose out on a better career move.

   Understand if the lease will allow you to sub-let the property if you are not around to use it. Not all landlords might be agreeable to sub-lets, so get it in writing in the lease agreement if you can do so or not.

4. Maintenance & Repairs - Who Keeps the Property In Good Shape?
   

   Every property suffers from wear and tear due to daily usage and the effect of natural causes like the weather. Understand who is responsible for what kind of repair - you or the landlord. What happens if the electrical supply box needs to get fixed, or if there is a flooding in the bathroom.

   Each party's rights and obligations must be clearly stated in the lease agreement.

5. Are You Willing To Give 24x7 Access To The Landlord?
   

   The landlord will likely want access to their property periodically to ensure that the property is in good shape and that you are not misusing the premises. However, this does not mean that the landlord can have unrestricted access to your rented property whenever they desire.

   Specify that the landlord can have access to their property upon the giving some reasonable notice to you, which has been pre-determined between the two of you. Otherwise, would you be comfortable if the landlord shows up unannounced at your property while your parents were resting or your children are studying?

6. Research Your Landlord's Reputation
   

   People often rent because renting is easier and often cheaper than owning. However, if your landlord is going to be a nuisance, it defeats the purpose of renting.

   Ask your landlord for references from previous tenants and what their experiences were like at the property. We understand this might be hard to do, but in the least you can ask the inhabitants of neighbouring properties about what your prospective landlord is like and how flexible have they been in the past.

7. Have Previous Tenants Paid Their Past Bills
   

   Before you assume your lease, ensure that the previous tenant has paid all their utility bills and other dues to local authorities, and if not then the landlord will ensure that these liabilities don't get passed on to you. Otherwise, you might be at risk that your utilities connections might be turned off, affecting your quality of life.

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