Monthly Archives: June 2015

Important points to remember by Tenant before signing a lease

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Landlords typically want all adults who will live in the rental unit, including both members of a couple, to sign the lease or rental agreement. Doing this makes everyone who signs responsible for all terms, including the full amount of the rent.

The landlord isn’t the only one who benefits when everyone signs on the dotted line. If you have roommates, you’ll want them to understand that they are bound by the landlord’s rules on guests, noise, pets, and so on, and that one roommate’s serious transgression can result in the ouster of everyone.

Before signing, be sure of the following:

•Establish a good relationship

Being polite and professional is the best way to develop a relationship with a prospective landlord and to create a successful rental negotiation. The way you conduct yourself during a property visit and in phone conversations is a reflection of you as a tenant.

•Think of your first visit as an inspection

Before signing a lease, make sure you really put it to the test. It’s important that your new home meets all of your criteria for function, safety and comfort.

The goal of the inspection is to identify all potential issues before signing the lease so that you can address these with the landlord.

•Document any existing damage prior to moving in

Once the landlord has given you the option to rent the apartment, make sure to document any pre-existing damage before signing a lease. If there is anything that the landlord did not agree to fix from your initial visit inspection such as stained carpeting, broken blinds or missing tiles in the shower, make sure this damage is documented in your lease as pre-existing.

•Know what’s included

Some rental properties include utilities, cable and parking within the monthly rental cost, while other properties do not. This can impact your monthly budget and make an otherwise affordable apartment, not so affordable.

•What’s Your Out Clause?

It’s important that you read the lease termination section of your lease agreement carefully so you understand the implications of breaking your lease early and your obligation of notice when you choose to move out at the end of a lease term.

•Get It In Writing and Read Every Word

Before sealing the deal and signing your name on the dotted line, be sure that your lease agreement incorporates all the points you’ve discussed with the landlord around any improvements that have been guaranteed, any pre-existing conditions and any revisions to policies that may be set forth in the standard lease agreement.

Make sure you sign the lease or rental agreement at the same time as the landlord and that you get a copy then and there. This assures both sides that no changes can be made after only one party has signed.

Points to remember by landlord before renting out your property- Part1

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Renting your house out can be a fun and profitable venture. But just like any business endeavor, becoming a landlord carries some risks. You’re entrusting a major asset—your home—to people who you likely don’t know well, and who are not nearly as invested in its maintenance as you are.

You should typically have all adults who will live in the rental unit, including both members of a couple, to sign the lease or rental agreement. Doing this makes everyone who signs responsible for all terms, including the full amount of the rent.

Further, check this list before renting out the property-

1. State of the property

Before you decide to rent your property you must ensure that your property complies with certain minimum standards under the law (e.g. free from damp, in good structural repair, hot and cold water, adequate means of heating and ventilation, appliances in good working order, electrical wiring, gas, pipes in good repair).

If your property looks like it has been well looked after and respected it is likely that your tenants will treat it with respect and at the end of their lease (or tenancy under the Residential Tenancies Act 2004) the property will be in a reasonable good condition.

2. Get your paperwork ready beyond the lease agreement

There are a number of forms you’ll need to have on hand before renting your house out. These include rental applications, credit check authorisation forms, any disclosures your state requires, move in checklists, move out forms, and various notices to tenants.

3. Run a background check

A background check will give you a detailed report of the tenant’s past. Several companies offer investigative services for a fee, and will provide you with an eviction history, criminal history, credit history, and various public records. You can also get their background checked for any criminal records from your local police station.

4. Tenancy deposit scheme

For your peace of mind, your estate agent is able to hold the tenant’s deposit (usually 2 months’ rent), which can be used at the end of the tenancy to pay for any damage to the property. The deposit will be registered with a recognised deposit protection scheme, in accordance with The Housing Act legislation, within 30 days. This will ensure that any disputes between you and your tenant or agent will be easier to resolve.

5. Terminating rental agreements and evictions

Landlords typically must begin terminating a lease by providing written notice, and can generally do so only if the renter has violated the law or the lease agreement. As long as the agreement itself is legal, violations such as failure to pay the rent or keeping a pet despite a no-pets clause are generally grounds for termination. Depending on the circumstances and the state’s laws, a notice of termination may simply inform the tenant they have a limited time to move out or present them a deadline to remedy lease violations, such as paying owed rent.

Will Repo Rate Cut benefit Real Estate buyers?

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Repo Rate is the rate at which the central bank of a country (Reserve Bank of India in case of India) lends money to commercial banks in the event of any shortfall of funds. It is used by monetary authorities to control inflation.

A cut in Repo Rate has a positive influence on the Real Estate Industry in the following ways:

Firstly, it will boost affordable housing: Gaurav Gupta, General Secretary, CREDAI-RNE says, “Such rate cuts are helpful for housing projects falling under the affordable price segment. Home loan interest rates impact the home buying decision of middle class buyers the most as they hugely depend on financing.”

Secondly, it will reduce EMIs: The reduction in the repo rate will help reduce the EMIs of homebuyers and lessen their burden, as they are already loaded with various other taxes.

Thirdly, for the real estate sector, it will improve sales figures: The rate cut is anticipated to revive buyer sentiments and bring back some to the market, resulting in improved conversion rates and sale volumes as more potential customers will think of buying homes due to reduced interest rates.

Last, but not the least, it reduces interest rate on home loans: While the Repo Rates have been cut for the third time in this fiscal year, home loan interest rates have been cut only once. But this cut, might just force banking institutions to revise interest rates again.

This is why the real estate industry, along with investors and homebuyers look forward to Repo Rate cuts eagerly.

Advantages of living in an apartment

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Residents of the city are increasingly choosing to buy apartments over land or independent houses. These are several advantages that apartments enjoy over bungalows. Here are a few:

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1. Location

Location is the key when it comes to homes and apartments as no one wants to live in a high-crime neighborhood or an area that is far away from work. Location is also one of the factors that most directly affect the price of a building. It’s easier for an apartment complex to afford a desirable location than for a single house.

2. Lifestyle

Another upside of the location is the lifestyle apartments frequently offer. Being close to the action means that everything is literally at your doorstep, from schools, hospitals and restaurants to malls and theatres, sporting facilities and parks.

3. Maintenance

When it comes to an apartment, expect less maintenance than with a house. First off, they tend to be smaller, meaning less upkeep and cleaning. In new developments, it should also mean you’re moving into a brand new facility built to the very latest safety and construction requirements. Likewise, any maintenance issues with the building at large will be handled by the society.

4. Amenities

Things like a swimming pool, tennis courts or a fitness room are things that many people would like in their homes, but may not be able to afford. However, it’s easily available in many apartment complexes – particularly larger ones – as it is easier to have them as common amenities in the premises than in individual houses.

5. Security

An apartment complex offers a certain amount of security – not just anyone can get in. Good buildings have guards at the door, and CCTVs monitor car parks, lobby and possibly hallways or communal areas.

Apartment living offers some wonderful benefits and is definitely a lifestyle worth considering.

How to prepare your home for the Rainy Season?

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Don’t we all love the rains… sitting by a window or balcony, sipping on a cup of steaming hot tea with our favourite snacks! But rains can bring some trouble too; especially if your home is not prepared for it – such as roof leakage, water stagnation around the house, moisture seeping through the walls, etc. So it is always advised to prepare your home well before the monsoon arrives and take safety measures from all perspectives.

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Below are some tips to help protect your community and prevent water damage and numerous untimely emergency calls:

•Balcony- Ensure proper drainage in balconies. This is the most prominent area, prone to rainwater leakage!  

•Roofs- Have roofs and flashings evaluated for damages and check for areas that can be sensitive to leaks such as edge metals.  Get proposals for repairs before the rain.

•Rain gutters- Have your rain gutter cleaned of leaves and debris. It is wise to have this done once post autumn and again just before the monsoons.

•Windows and Doors– Check to make sure your doors and windows close all the way with no gaps. This is a very easy way for water to enter and cause leaks, especially on the higher floors. Check for water intrusion around the doors and windows. Look for cracking and stained drywall.

•Pools- Have water levels lowered in pool & Jacuzzi before rain storms. Clean all community and pool floor drains. Store all flyaway items such as umbrellas, trashcans, awnings, and lightweight pool furniture. If you are residing in a residential society, make sure the maintenance staff covers it.

•Electrical– Have all power boxes and exposed electrical wires secured. Any exposed wiring may cause a short circuit or shock.

With the changing climatic conditions, sudden showers have become quite common these days. Thus, it is a good idea to keep your home monsoon-safe at all times!