10 things to
know before signing a lease
When you find an apartment you love, all you want to do is move in
quickly. But look before you leap and lease. Here are 10 things you should
know.
1. Be
sure about the area and rent
Before you
finalise a property agreement, check how accessible it is. An important factor
directly related to locality is rent. Consider the rent and how far you can
stretch your budget. Do a detailed analysis of rent vis-à-vis convenience.
2. Know
the landlord
Remember to
get information about the owner as well. If a broker is involved, ask him the
owner’s name, profession, and other details. It is best to meet the owner in
person. Developing a rapport with the landlord is crucial. It will help you to
address your concerns later and negotiate better.
3. Examine
the place for damage
Before you
sign on the dotted line, visit the premises for a thorough inspection. You do
not want to be stuck with issues like leakage and a non-functional AC after you
have moved in. If you spot any issue, speak to the landlord beforehand to get
it repaired. If it cannot be repaired, remember to mention it in the lease
contract as a pre-existing condition.
4. Discuss
the inclusions and exclusions
Have a clear
discussion with the landlord about what is included in the monthly rent. Ask if
it includes the costs of utilities, maintenance, cable, and parking. If these
are excluded, they could push up your cost substantially. It could have a big
impact on your budget and lifestyle.
5. Verify
the lease
As with any
contract, read your lease contract carefully before signing. Read between
the lines to find any hidden costs or obligations. You need to be aware of
everything mentioned in the contract. It would help you in case any conflicts
arise.
6. Be
aware of the exit terms
It is
extremely important to have a mutually agreed upon termination clause. Other
than the notice period, check for any other conditions that are mentioned. You
must know about the penalties you might incur in case of early termination.
7. Find
out the society rules
These days,
societies have their own set of rules and by-laws. The rules may relate to
maintaining surroundings, pets, visitors, and parking for visitors. For some
reason, the rules are stricter for tenants. Find out about these rules for they
may require you to compromise a bit.
8. Check
if you can make changes
When you
stay at a place, you want things to be in a certain way to feel at home.
Hanging artworks or painting the walls may not be allowed. It is advisable to
check if you are allowed to do so. Also, find out if you would have to redo
everything before moving out.
9. Know
the renewal terms
Some lease
contracts are renewed directly, while others require you to go through the
process again. You may consider adding the direct renewal clause to avoid the
hassle if you plan to stay long-term. Another clause included in the renewal
terms is the rent. The rent you are supposed to pay will also increase at a
certain rate at the time of renewal.
10. Check
if you can sub-let
To cover the
cost of rent, you may want to ask a friend to share the apartment with you. But
before you do that, check if you are allowed to do so. If you are not, consider
requesting your landlord for permission. Failing to do so may lead to legal
trouble.
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