In the past few decades, Gurgaon has emerged as a favourite destination for most of the property buyers in the National Capital Region (NCR). The main reason is the rapid infrastructural development in the city that has proven beneficial for both commercial and residential real estate in Gurgaon. Also, the developers have been selling their projects in Gurgaon as an economic and restful place for the buyers.
On the other hand, Gurgaon has also become one of the biggest hubs in terms of creating jobs in the services sector in India. Thus, the market for rented apartments and houses is also soaring in Gurgaon. If you want to take advantage of this situation, you must take certain factors into consideration to rent or purchase a house in Gurgaon.
Renting a House in Gurgaon:
Some important facts that should be kept in mind while renting a flat in Gurgaon are explained here.
- Physical Inspection: The physical inspection of the property is highly important for any potential tenant. One should properly check the fixtures, plumbing, electrical, and sanitary fittings to avoid any issues later. You should also talk to the owner of the place about the changes you want to make in the house once you move in.
- Maintenance Charges: Maintenance is a major reason for clash between tenants and landlords and it always better to discuss such issues in advance. As a tenant, you should be well-informed about all the expenses you would have to bear after renting the house or apartment. Regular issues such as wiring or electrical maintenance are usually not a problem but expenses such as colouring the walls and damage repair should be discussed right away if you plan to stay for a long-term.
- Brokerage Commission: You should carefully discuss the charges or commission of the broker if the house is being finalised through a broker. The commission amount should be set prior to the confirmation as it varies from broker to broker and region to region within a city. The amount can range from 15 days rent to a full–month’s rent.
- Lock-in-Period and Percentage of Rent Increase after the Expiry of Contract: You should thoroughly discuss the lock-in period and rent increase with the owner so that there are no surprises at the time of payment. The lease agreement should clearly mention such terms and conditions along with the percentage of rent increase after the expiry of contract. Usually, the rent is increased every year by a percentage of the original rent fixed at the time of signing the contract.
- Connectivity and Related Facilities: This is one of the most important factors while deciding a property as it greatly affects the quality of your life and overall expenses. A house or apartment from where you can commute easily to your workplace and other important places is certainly a preferred choice. Other amenities include the facilities in the society or community such as electricity and water. All of these factors can play an important role in finalising a property.
- Documents: Before taking any property on rent, you have to make sure that it is free from any legal issues. To ensure that, you can check related documents such as chain title or recent water or electricity bills of the owner to make sure that the person you are dealing with is the actual owner of the property.
Buying a House in Gurgaon:
Buying a property in Gurgaon is certainly not an easy task. You have to consider a number of factors along with the socio-economic environment of the region. And the expectations of family members also need to be considered while selecting a property. Some other aspects that can help you in buying a residential property in Gurgaon are mentioned here.
- Find a Trustworthy Realty Agent: This is one of the most important aspects of buying good property in Gurgaon. People often ignore the importance of a trustworthy realty agent and end up making wrong or less beneficial deals. A good realty agent will try to close the best possible deal for you. This is because his/her reputation also remains at stake at the time of buying or selling a house. In such situations, a trustworthy realty agent will try his best to get you the best deal that suits your needs and also suits your pocket.
- Consider Your Financing Options: You should start considering your financing options once you start looking for a place to buy if you do not have enough funds to make the purchase by paying upfront. The best way to do that is to take a home loan with a decent down payment. Such wise decisions can save you from heavy financial burdens each month. A good way to approach that is to look for better home loan schemes from several financial institutions. It will give you an understanding of the current market condition and save some bucks in the form of lowered rates of interest as well.