Mumbai, A city that never sleeps!
Whether you are a family seeking a new home or a young profession or a young student, finding the perfect accommodation fitting in your location and budget, in Mumbai can be challenging
Here’s a step-by-step guide to help you navigate it:
1. Define Your Budget:-
· Monthly Rent: Decide your maximum monthly rent.
· Upfront Costs: Prepare for initial costs such as a security deposit (typically 2-3 months' rent), brokerage fees (usually one month’s rent), and moving expenses.
· Utilities and Maintenance: Include additional expenses for utilities (electricity, water, gas, internet & running costs)
2. Choose the Location:- this has to be purely set based on your lifestyle preferences
· Commute: Proximity to your workplace or study location.
· Amenities: Availability of schools, hospitals, grocery stores, supermarkets, and entertainment options.
· Neighbourhood: Consider safety, noise levels, and lifestyle fit (e.g., family-friendly, vibrant nightlife).
3. Apartment Hunting:- Start looking for an Abode only once you have a clear idea of your budget and preferred neighbourhoods.
· Online Portals: Use websites like Magic Bricks, 99acres, Housing.com, and No Broker.
· Real Estate Agents: Engage a reputable agent who understands your needs.
· Local Networks: Ask friends, and colleagues, or use local WhatsApp and Facebook groups.
· However, don’t forget to ask questions regarding rent, amenities, lease terms, and maintenance policies along with a walk around the neighbourhood where the apartment is located.
4. Visit and Inspect Properties:-
· Condition Check: Inspect the apartment for any damages, pest issues, water leakage, and the overall condition of the property.
· Amenities: Ensure that promised amenities (e.g., parking, gym, security) are available and functional.
· Utilities: Check the availability and condition of basic utilities such as water, electricity, and gas.
5. Verify documentation:-
· Property Ownership: Confirm the ownership of the property and ensure the landlord has the legal right to rent it out.
. Compliance: Ensure the property complies with local regulations and has the necessary occupancy certificate
6. Negotiate Terms:-
· Rent and Deposit: Negotiate the monthly rent and the security deposit amount. Ensure these are clearly stated in the rental agreement.
· Maintenance and Repairs: Discuss who will be responsible for regular maintenance and repairs.
· Rent Increase: Clarify any potential rent increases and the conditions under which they may occur.
7. Lease Agreement:-
· Drafting the Agreement: The rental agreement should include all terms and conditions, such as the rent amount, security deposit, lease duration, payment schedule, maintenance responsibilities, and notice period for termination. Check the identification proof, security deposit receipt, NOC, utility bills etc, are in order and accurately reflect the terms discussed.
· Registration: Register the lease agreement with the local sub-registrar office, a legal requirement for rental contracts exceeding 11 months. Also get a police verification done.
· It's important to meet the building manager or secretary and hand over a copy of the police verification document along with the rent agreement to ensure safety and cooperation from the society members in all respects.
8. Move-In Checklist :-
· Inventory List: Create an inventory list of all items provided by the landlord, noting their condition.
· Utility Connections: Make sure all utilities such as Ac, geysers, Light fittings, Plumbing fittings , water connections, gas, and internet are in working condition.
· Security Deposit Receipt: Obtain a receipt for the security deposit and ensure it’s documented in the rental agreement.
Additional Tips
· Avoid Scams: Always verify the credentials of the landlord and avoid making any advance payments without proper documentation.
· Brokerage Fees: If using a broker, clarify the brokerage fee upfront. Typically, it is equivalent to one month’s rent.
· Timing: The best time to find rental properties in Mumbai is during the off-peak season (May to August) when there is less competition and better deals.
Comments