Outline: Though
there are many factors that determine the rent of a place, however there are a
few key factors which play a very important role. These factors are based on
your personal ability to pay for the rent as well as the various features and
facilities that come along with it and the market situation.
With the ever growing expenses in India, renting
out a property makes it one of the best options for a person to get an income
especially when they have an extra place available for lease. However, it can
be a very tough deal for the people who take the place; it can be a very big
hole on their pockets. The reasons
for rising rents in India can be a very
big challenge for people who cannot afford to buy a place of their own.
Due to the current economic situation, there are
many challenges that are faced to meet the day to day expenses due to the
increase in the cost of living. A person has to take into consideration a lot
of things before they can finalize a deal or choose a place to stay. Though
there are many factors that determine overall cost of the rent that you would
have to pay, however the 5 reasons
for deciding rents are given below.
The
location and the size of a property
The location of the property plays a very
important role in the determination of the rent that a person would have to
pay. For example, the location of your area is at a prime location, and then
you can get a higher rent, in comparison to a property of the same value which
is located in a road that is off a prime location. This is because a prime
location fetches more crowd and options for people, however not many people
prefer a house that is very inside.
Another aspect that plays a role in the rental
value is the size of the place. The size of the property depends on the square
feet area of the house. The bigger the property the more expensive it is for
rent and it can be an even more challenging factor depending on where the
property is placed.
Accessibility
and available
The accessibility of the property is equally
important. When you choose a property
for rent that is easily accessible it makes it easier for a person to stay.
This would also include the nearby shops, stores, food joints, medical help,
transportation facilities, educational facilities etc. These play a very
important role because this is what determines whether the place is worth
paying.
Amenities
or facilities that come along with the property
It is also important to check and see what all
facilities are being provided along with the property. In this one of the main
factors is to check to see if there is enough security around. With today's
increasing crime rate as well as various kinds of threats, it is very important
that the place you choose should be safe enough for you as well as your loved
ones.
Your
personal budget and financial condition
A budget is very important that can help you
decide on the kind of property you would want. Many a times, due to a low
budget we have to settle for something that is not even close to what we are
looking at. Due to the current market situation as well as the economy,
budgeting our monthly expenses is one of the main things.
When you are choosing a place for rent, this is
also one of the main factors that play in a person's mind. Before finalizing a
place, you need to ask yourself if you can handle the rent or not. It is also
essential when you are taking a place for a long time as the rent would go up
by a certain percentage every year until the end of the contract.
Various
expenses that you would incur
Apart from the budget, you also need to keep in
mind other expenses like the various bills that you would need to pay which
includes the electricity bills, telephone bills, personal expenses etc. If you
are going through a broker, you would also need to find out the commission that
they would take as this differs from agent to agent. You also need to find out
the advance that would be needed by the landlord of the property as that also varies depending on
the requirements and terms and conditions of the landlord. This is also based
on the present going rates of where the place is located. Some people may ask
for a flat amount while some would want the rent amount for certain number of
months like 10 months to one year advance rent as deposit which is refundable.
The above mentioned factors are just a few of the
various other factors that results in rising rents in India.
The writer of the article is an expert in
providing insight information about the real estate market. In this article,
the writer has provided some basic factors that play an important role when you
are deciding to take a place on rent.
Do you have have any questions or suggestions? Write in comment section.
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