Tag : rent

Types of rental contracts

Have you decided to rent a house of room? Congratulations on your first step! But now comes the hardest part. Where do you begin? What kind of house or room do you want to rent and are there any scams that you have to keep in mind? Yes, unfortunately there are many types of scames in renting in India.  There are always people who will try  to make easy money. Usually those scams have something to do with the contract you sign. Here are some tips on rental contracts.

Always sign a contract. There are landlords who do not want to make a contract in the first place and let you pay your monthly rent in cash. This might seem very casual and friendly but it is not. If something goed wrong you do not have any rights and the landlord could kick you out whenever he wants. You also need a contract so you can proof you have a permanent adress.

There are two types of rental contracts. Contracts that are up to twelve months and contracts that have a minimum of twelve months. The contracts up to twelve months benefit the landlord because it gives him more rights. If you have a contract that has a minimum of twelve months you will have more rights because you will be covered by rent control laws. This means for example that rental ownership is transfered to the tenant fora n indefinate period of time. This can cause a lot of trouble for a landlord when a tenant refuses to move out.

Before you sign on check whether you have a contract for a maximum of twelve months or a minumum of twelve months. Then you will know what kind of rights you have while renting.

Renting apartments in the city

Are you a single male or female and looking for a place of your own in the big city? Apart from some requirement that you might have for your new place, like a balcony or a bath tub, you also need to think about how much you can spend on rent each month. Apartments in the city can be quite expensive, and when you have to pay all expenses from just one income, you need to do some maths before visiting any places.

A simple rule of thumb is that no more than one third of your disposable income should be used for paying the rent. This also includes the costs for electricity and the water bill, or cable TV. If you have an income of about Rs. 150.000, a third of your income would be Rs. 50.000. However, if you take off the costs of utilities and other related expenses, this would leave you with about Rs. 40.000 that you can spend on the actual rent each month.

However, apartments in the big cities like Mumbai and New Delhi can be very expensive. A Rs. 40.000 budget will probably give you the choice between a small 3 bedroom unfurnished apartment, or a 2 bedroom furnished one. If you feel that you have to break the ‘one third rule’ to find a place to live, then maybe you should consider to look for alternatives in a less expensive area.

To get your house hunt started, you could take a look at the website of Quikr. Here you find a wide range of apartments rented out by brokers or individuals in all the big cities of India.