- The first and foremost step is to find the right property! There are various things to consider before choosing the property. Firstly, it should be located in a convenient place so that you can commute easily. Secondly, it should have all the amenities that you need including utilities and security. Additionally, the amount of rent should be well within your budget.
- Another factor that is often overlooked is to see around the neighborhood and to assess what kind of people live nearby. Often, renting decisions are made in haste and later on people have troubles settling in. Make sure that you are comfortable in the area and can live there on a daily basis. Additionally, you need to figure out whether you have easy access to basic facilities nearby. For instance, your house should have access to bookstores, pharmacies as well as public parks, so that you can settle in easily and can get what you need.
- Once you have found the right property, you need to look at your finances. You need to be sure about the source of funds in order to not only cover the rent but also cover any potential overheads. Usually, before you move into a property, there can be a lot of other expenses that you need to take into account. These can include agent fees as well as any purchases you may need. Non-payment of any rent installment may lead to long-lasting consequences so you need to be certain that you can afford the property!
- The next thing is to sign a formal agreement. There are a lot of landlords who insist on inserting clauses which are only suitable for their needs. But you should make sure that you do not agree on any clause which you would regret later. Additionally, since this is a legal document, you need to ask as many questions as possible, in order to get an idea about the property and the rules. Rent agreements are usually binding for a fair amount of time, so you would not want to skim through it and not look at the fine print. Often, rent agreements include hidden costs which can blow away your budget and hence it is important to discuss all potential costs beforehand.
- Thirdly, in most cases, you will need to pay a deposit. You need to discuss this beforehand with the landlord. In many cases, the landlord would insist on large deposits to be made upfront. You need to negotiate and keep the deposit amount to a reasonable level. Although you can get back the deposit later, it blocks your precious funds, so you need to be careful in committing a large amount towards a deposit for the property. Further, you need to be sure that you have sufficient funds to cover the deposit amount.
- If you are moving into a semi-furnished or unfurnished property, you need to make sure that you have the entire inventory before moving in. This could range from furniture to air conditioners. If there is existing furniture, you need to examine it for existing damage so that you cannot be held liable for it later. A casual walk through will not serve the purpose here. You need to be sure about the kind of items that are already being provided to you and the extra things that you will need.
- Finally, it is important to have an exit strategy in mind. Landlords don’t usually worry about customer loyalty since they know students’ needs keep changing with time. They know that hardly any tenant returns once they leave. Therefore, landlords often look to mislead you or to apply extra charges wherever possible. Thus, you need to document any problems that you have well in advance. This will ensure that in case of any conflict, you have a sound back up.
To sum up, renting a house can be a great experience if you manage to find the right landlord as well as the right apartment. If the process is well planned and thought out in advance, it can certainly simplify your search and lead to a smooth experience. By making sure that all of the above points are taken care of, you will not only get the right property, but also be able to devote more time to essential things such as studies and learning.