In case you are looking to invest in real estate Mumbai and are especially inclined towards renting a house, it is important that you take care of a few things before coming to a final decision. With the increasing demand of property in Mumbai, chances have also increased for the general quality of certain properties to not be up to the mark. Renting such a house can quickly turn into a bad investment for you will find yourself having to continually spend money on putting things right. There are a number of checklists that you must have ticked before your final decision is made, and this 5-minute read aims at acquainting you with some of the factors that you absolutely cannot afford to miss when looking for apartments in Mumbaior houses.
Physical inspection of the flat
With the age of technology having dawned upon us and people becoming increasingly dependent on the internet for getting most of their work done without abandoning the comfort of their homes, it has now become common practice to go ahead with approving a property in Mumbai by just looking at the pictures that have been uploaded on various websites. This is an erroneous method for there are thousands of things that you may miss being able to see in those pictures. You must go down to where your property is located and inspect not only your part of the apartment, but also the location that is immediately surrounding the apartment. You must understand that flats in Mumbai are springing up every day and it is a real possibility that your property is being given away for lower rent because of having certain defects within it. It is also advisable to check if the buildings around have a chance of being worked on in the near future and extended. You can do so by checking with the watchmen and the local shop owners to have an idea of whether or not your view is going to be blocked in a few years’ time.
Maintenance charges and policies
When looking for flats in Mumbai,it is not enough to just inspect your apartment; you must also speak with the other property owners of that building. This will give you an insight about how things are done around there and you can gauge whether you like the system put in place. Ask questions related to how maintenance is taken care of in the building, the people that have been assigned for the job, the work that is included in the maintenance of the building and how often it is carried out in a month. There are also additional policies that every building has regarding water motors, building lights, celebrations within the building and so on. Knowing about the kind of money you will be required to deposit every month as maintenance charge will help you understand if the work done is reasonable in keeping with the charges that you have signed up for.
In case of tangible properties such as apartments in Mumbai, it is common to have a lease agreement in place even if you intend to rent the house. Having a lease agreement in place at the time of renting the house will ensure that you are allowed to move in and stay in your property without any hassle in the absence of your landlord. The legality will help you carry out transparent methods of transaction and interaction with your landlord as well as other property owners in the building.
Pest related problems
Of the many things to make certain of before choosing from an array of flats for sale is whether or not your property is or has ever been a breeding ground for pests. This is one of the most adverse elements that can exist within your property for pests ensure a greater degree of damage on not only the walls of the property but also your furniture and other appliances. You will also be required to spend thousands of money in bringing in workers that can free the house of pests and chances are that it will be a recurring process.
The element of safety
A personal inspection of the locality is crucial to not only understand the future prospects of the properties around you that are directly in relation to the future of the apartment you are looking to rent but also the kind of environment you are signing up for. This is especially important if you are bringing in your family for you must make sure that the locality has civil, well behaved people and the area is free from anti-social activities.
Rent increase percentage
If you are renting one of these flats in Mumbai with a purpose of staying for a considerable period, you must find out about the percentage in which rent is likely to increase every year and if the percentage is viable in terms of your monthly income. Knowing this will help you understand how much of a good financial investment renting the property really is.
Facilities in society
Speaking with the other property owners will let you know about the kind of facilities and privileges you enjoy as a tenant in the apartment and consider whether they are enough for the money, you are paying on rent.