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Home renting tips

Home renting tips

Renting is the best option for the people who have not yet decided to buy their own homes or are frequently moving to different cities as their job requires. Renting a suitable property is of prime concern. Many people find it hard to get good home for rent as they have no prior experience. They should know the following home renting tips.

Your requirements

You should thoroughly review your requirements. This includes the location you want, size of property and number of bedrooms you require. You can search homes in the areas which are near to your work or have good schools, hospitals and road links. After knowing your requirements you can prepare your budget.

Review your budget

You need to review your budget to rent a home. You need to know how much money you can spend as monthly rent payment. It is recommended that one should only spend 30-40% monthly income on rent. You should also prepare your budget for the payment of utility bills. In addition to monthly rent, you have to pay the deposit which is refundable.

Online search and consulting estate agents

After you know your requirement and budget, you can proceed to home hunting. For this you can consult local estate agents and can also search online. You should tell your requirement to the estate agents so they can find you a suitable home for rent. In case of online search, you should note the contact details. The next move is to visit the home you want to rent.

Property visit

Before signing the rent contract, you should personally visit the home. You should thoroughly inspect the home to note its condition and space you need. This will help you to analyze your living experience in that home. You can meet the owner and can ask about the use of utilities and also about neighbors.

Tenant agreement

After you have selected the home for rent, you and the owner can discuss the rent details. You should write down all details in the rent agreement. You should also keep a copy of rent agreement so that you can use it if any dispute arises. Just make sure that both parties have described their rights and duties in the rent agreement.

Your duties and rights

As a tenant you have many rights and also the liabilities. You should keep the property in good condition and need to pay the rent and utility bills on time. As a tenant you have the right of peaceful stay. You have the right to be asked if owner wants to enter the property. You have the right to be given one months’ notice if owner wants you to empty home.

Renewal or end of tenancy

Rent agreement duration is normally for 1 year. After that time you can either renew the tenancy agreement or leave the property. If you decide to leave the property, you have to give 1 months’ notice to the owner. But if you continue your stay, you have to pay 10% increased rent as per law. You don’t need to write down another agreement as original documents are sufficient.

Get your tenancy deposit back when you leave home

You have the right to receive the deposit money when you leave the home. But before that you have to pay the utility bills and rent. You also have to pay the repair cost if anything has been damaged during your stay as a tenant. Owner will return your deposit after deducting the bills, rent or any other amount you have to pay.

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Buy to let investment tips

(11) Comments

  1. Ali Asghar

    on   said 

    Dear Author,
    Whats your take on Prism 9 Dha Lahore. I am waiting for more then a year for prices to go down but the prcies are stubornly stagnant. Is 90lac for average 1kanal plot a good bargain? Or should i continue to wait.

    Reply
    • Anayat Khan
      if you want to buy plot in Lahore you need to consider few;
      Buying plot worth 4 million or buying expensive plot in high-end society
      PROPERTY PRICES ARE FALLING IN PAKISTAN
      The hard hit areas are the high end societies with expensive plots
      You can buy plot worth up to 40 LAC these plots have high demand due to better affordability and price fall will have minimum effect on these plots.
      BUT
      If you want to buy expensive plots, just wait few months are prices are falling
      By the end of the year you will get cheap plots as there is no buyer of expensive properties in Pakistan as BLACK MONEY has be blocked

      Reply
  2. Muhammad azeem uddin

    on   said 

    Sir
    this has been seen that their is a lot of people who are living on rent since a long time. they are cutting their children FOOD and paying rent.It is very bad luck also that they have no chance to buy even a small flat just 2 bedroom because it cost more than 1 million.

    now if they have save few money but it is no means because the inflation is very high and home/ flat prices soaring away more and more from their range.

    my question is from you ???

    what you suggest for these kind of people that how they GET RID of this kind problem which are become DEMAGING their lives badly.

    similarly RICH are become very RICH !!!! And poor is become MORE POOR. This BAD situation have started from the period of Pervez musharaf sahab and it is still continue. NO RELIEF for HOMELESS

    Reply
    • Zahid Ali

      on   said 

      Currently these people can not do anything except dua. They have to wait for their true leader. Among the current lot of politicians, there is no such leader. God knows when the true leader will come.

      Too (Allah) Qadir o Aadil hai, magar teray jahan main
      Hain talkh bohot banda e mazdoor kay oqaat
      Kab doobay ga sarmaya parasti ka safeena
      Dunya teri muntazir hai, aay marg e mafajat

      Reply
    • Muhammad Azeem Uddin
      We need to change the system which is the real problem
      Its true that rich are becoming more richer and poor more poorer. Its the fruit of capitalism. We need to develop Pakistan a welfare state where government will provide the food, shelter, medicine and education to its citizens. Without the assistance of government, homelessness will increase. Only government can start the affordable housing developments in Pakistan.

      Reply

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