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.
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.
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.
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.