7 Tips to Rent Perfect House

There are more tenants than the landlords. And if you have had an experience of living on rent, the itch must have occurred. You must have had an exchange of words with your landlord over maintenance, or some other issue. That is the very reason people are always on the lookout for a new roof, even though they are financially not prepared. Through this article, we will help you take the measures before finalizing a flat or a house for rent for yourself.
Finding a house is a herculean task and we are trying to share some fundamentals, which will help you while searching for accommodation on rent. I have only once stayed in a rented house when I got an assignment with HDFC Mutual Fund outside my hometown. So I am sharing my practical experience which you probably can relate to.

tips for rent house

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Tips for Rent House

Tip 1 – Make a budget & stick to it: Every extra facility in a house has a cost attached to it. When you search for new premises with an extra balcony or a terrace, it probably would increase the rent. Stick to your budget. An increase in the budget should be justified and need-based.

Tip 2 – Finalize the location: The location is a very important parameter. My friend recently rented a flat in a posh locality and shifted there with his family including aged parents. When I went to his house, aunty complained that the temple is so far away from their home that now they go there only on weekends. Although my friend is paying more than he can afford to live in a posh area, his own family is not happy. The best thing is to draw up a priority list of your locality requirements. Having a grocery store for your daily needs in the neighborhood would help reduce fuel costs and save you time.

Tip 3 – Know what you actually need: This is an extension of the previous point. The goals that you wish to derive from the new premises should be realistic. Sit with your family members and come to a conclusion over the requirements. Important things to consider are the distance from the workplace, the location of the school for the kids, and the proximity to the medical facilities.

Tip 4 – Start your search: You may now start the search on your own, through your friend circle, ads in newspapers or a broker, or through websites. The last two media have a cost attached to them and hence should be used when necessary.

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Tip 5 – Schedule viewing: Now you will get calls, to view the property. Schedule the sessions. The best-looking deals should be viewed first. During the visit stay organized. Take notes, as people tend to forget the details afterward. Ask a lot of questions. See the condition and supply of utilities. With the main premises, also check the common areas like a terrace, parking, etc.

Tip 6 – Don’t get discouraged or frustrated: Looking for a rented house is a time-consuming activity. Do not get frustrated if you are not getting the desired premises. Keep on looking and revisiting your requirement list. The house might not meet all your requirements but go for the one which gets you closest to the entire list. Once you finalize any property, do a double-check on it. Show it to our family and get their approval as they will also spend equal time at this new house, if not more.

Tip 7 – Sign the agreement: Before you sign, discuss all the payments terms, and payments other than the rent. Ask for a copy of the rent agreement and study it. If you are not well-versed with the legal language, take the help of someone who is. Finally, see what is needed before your shift. Apart from the usual repair and painting see if there are major changes required and ask the landlord to facilitate these requirements. After all, this, sign the contract and shift with a peaceful mind.

I wrote the article for The Financial Planners’ Guild, India where I am a member. This article also got published in Indian Express.

Would you like to share your experience?

tips for rent house
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Hemant Beniwal is a CERTIFIED FINANCIAL PLANNER and his Company Ark Primary Advisors Pvt Ltd is registered as an Investment Adviser with SEBI. Hemant is also a member of the Financial Planning Association, U.S.A and registered as a life planner with Kinder Institute of Life Planning, U.S.A. He started his Financial Planning Practice & TFL Guide Blog in 2009. "The Financial Literates" is a dream & mission to make Indians Financial Literate.

7 COMMENTS

  1. I know a family that recently changed houses because of their super annoying landlords. They were living in a furnished house so had to pay up some 50K as security deposit, and were worried that the landlord will forfeit the deposit in some way or the other.

    Because of this they extended the stay as far as possible.

    That was a good lesson for me – both in terms of how the perceived benefit of furniture might be a lot less than nuisance that comes with it and also to try and minimize the deposit as much as possible; though I don’t know how much that will be possible.

    • Hi Manshu,

      Thank god I am lucky enough – most of the time god gave me role of landlord. 🙂

      But similar thing happened with my sister in Mumbai & deposit was even bigger than your stated amount. She took lot of pain(panga) to get the refund.

  2. Indeed, very well write up and to the point. It’s common practice in Bangalore, security deposit of “10x to the rent” irrespective of furnished/ unfurnished house/ flat which is not so logical when it is unfurnished.

  3. Hi Hemant
    I consider myself lucky.Most of the time I have served in public sector undertakings where the accomodation was provided by the company.I have spent around ten years in Navi Mumbai where I had to look for the flats myself.The only problem there was that flats were offered on Leave and Licence basis only for eleven months.After eleven months the agreement had to be renewed with ten percent increase in rent.A deposit of ten months rent was the norm.If the land lord was not happy you had to look for another flat.During my stay there I had to change my flats four times.Rent and deposit was not a problem as it was paid by the employer.Now finally I am living in my own house in my home town.I am also a land lord as I have another house given on rent.

  4. Useful content Hemant.
    I lived in rental accomodation with my parents. We never faced a problem with landlords (by God’s grace all were good), but there are other things which are required to be taken care of. Your article mentions all the details.
    Another good work.

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