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It’s not easy to rent properties in the current tough economic condition. So if you’re considering downgrading to a smaller property or finding cheaper options, you should be aware of the following five tips:
1) Understand Your Lease
You need to become thoroughly acquainted with the details of your lease. As a tenant, you need to be aware of all the conditions and stipulations of the leases before even preparing to move out. Check all notice periods and make sure that you’re delivering notices on time since you don’t want to lose a significant amount of money by being caught off guard.
2) Negotiate for Lower Rent
If you can get your rent lowered, you could potentially save yourself from the trouble of moving out in the first place. Landlords will be receptive to hearing your suggestions; as business owners, they’re going to be cautious about taking unnecessary risks. If you’re a reliable and worry-free tenant, they’d rather keep working with you than rolling the dice by trying to find new occupants. Additionally, they’re inclined to making maximize profits by avoiding the gaps in financial yield that would result from a vacancy in their property.
3) Rates and Responsibilities
You need to know exactly what you’re paying for. No matter whether you’re looking for a new property or re-negotiating rates with your current landlord, always take insurance and utility costs into account. Being savvy about all the aspects of your financial responsibilities will prove to be an enormous help in every stage of this process.
4) Check Your Damages
If you’re planning on moving out, make sure you’ve left the property like you found it. In other words, become aware of any dilapidations and do your research. In the event that the property has suffered from damages during your tenancy, try and figure out a cost-effective way to do repairs independently. This can often prove cheaper than leaving it up to your landlord. The most important thing is to make sure that the building matches its written description before moving in.
5) Exercise Caution in Assigning Tenancies
If you assign your tenancy, read the lease very carefully in order to make sure you aren’t assuming any financial responsibilities you aren’t aware of. If the new tenant defaults and you’ve unknowingly agreed to compensate your landlord in the case of this eventuality, you’re going to be in for a nasty surprise as well as the loss of a significant amount of money. If you decide to proceed with a lease that contains such a clause, use good judgment. You’d be well advised to have a hand in the next tenant’s selection.
While nothing can give you a 100% guarantee of success in tricky renting situations, these guidelines will provide you with all the help you need to make smart decisions. Stay educated and make sure you’re up-to-date with the current market. Most importantly, keep these 5 tips in mind to survive in difficult economic situations.
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