There was a time when people aspired to buy a new home. They still do but with a difference. There is so much happening in the real estate sector; people are slowly getting in a wait and watch mode. Another reason is the sky-rocketing prices of properties, especially in metros and mini-metros.
Ironically, this is where the highest demand and supply for residential properties exists. Even with different media reports doing rounds, there really is no on-ground difference in the price. In addition, sporadic news like a reputed project developer caught in a legal battle makes an ordinary home buyer a tad nervous.
But again, what to do, when majority of the job offers comes from select areas only? Take for example Delhi/NCR. It is no longer wise to address Gurgaon a close neighbor of Delhi, when it comes to commuting distance between the two cities. Gurgaon, on its own, is a full-fledged city, with corporate opportunities and residential sector, contributing to Haryana economic landscape.
So, what are your options? Well, it is anybody’s guess- be a smart investor and rent a home!
The renting a home scenario in present times is very different from what it used to be earlier. It is no longer looked down upon as an option, and is rather works, if you wish to stay close to your office, or desire comfort of a posh locality. One can really afford the rent, if not the price of the house.
In addition, it is a more secured option now. Gone are the days when people were scared of letting out a property, in fear of having problem with their tenants. Practically, both landlord and their tenants are now aware of their rights. A registered rental agreement adds weight to the complete the process.
Additional professional service options like police verification, background check, documents in order, etc, are of great help. Even though it is mandatory, we cannot really claim how many of us really adhere to it. But, it is really for good, given the rise in crime rate across India.
The extra-bit you need to do before signing a rental agreement (as a tenant)
- Searching for an area close to your workplace is obvious. Just choose the apartment society more wisely. Make sure this is 24×7 water and electricity supply in the housing society. Also, there should be reliable security not just by-the-way
- Parking facilities, lifts, kids facilities, gym, or other recreational facilities, are a must
- Make sure the property is maintained and clean, as you will have to bear the maintenance costs ultimately
- Take time out to discuss with RWA members or neighbors, to get a fair sense of people behavior, and the right amount of rental to pay
- Look for good public transport connectivity options. Even though you might be ready to use a car, it is good to have a reliable support system
- Word-of-mouth recommendation from friends, relatives, acquaintances is good
- Do a background check on your landlord and his family if you have a good resource to back-up your choice
Same applies for a landlord, before the property is rented to a suitable tenant.