The growth in apartment numbers in Bangalore comes with problems. Not all have a water supply from the Bangalore’s Water Supply and Sewerage Board. In fact, 70% of apartments have to get their water from some other source.
Good apartments that are affordable and desirable are hard to find. Read on learn 7 simple steps that will help you find the perfect apartment.
1. Research the Market
There’s no substitute for doing your homework. Finding your perfect apartment is going to take time and effort. It’s the simple truth that unless you are happy to settle for poor quality and value you will have to do some work.
Researching available apartments on real estate websites is the obvious thing to do. Of course, everybody does that so expect to face high competition. Be competitive if you want to get the best apartment you can.
You need to check these sites very frequently. You have to respond quickly to any new listing if you hope to be successful. Doing this for every apartment that comes available so you need a strategy that helps you focus your effort.
Refine the criteria that you are searching for. Research housing types and conditions to identify what areas you would like to live in. Check crime figures, amenities, and transport infrastructure for any positive or negative indications.
Check alternative sources of information including craigslist, local news sites and community websites. The more information you have the more confidence you can be about narrowing your focus. Once you have selected a few areas, step up your search frequency in those areas and chaise down any opportunities.
2. Credit Check
Landlords will often run a credit check on you before taking you on as a tenant. They want to know that you can afford to pay the rent. A credit check will pick up if you have any unpaid bills or if you are bankrupt.
You may have all your bills paid up to date but your credit report may not be accurate. You can dispute a credit report but if you are doing this while negotiating with a landlord it’s likely that the landlord won’t wait. It’s easier for them to find an alternative tenant with no complications.
Get a free credit report from credit reporting agencies. They have to give you a free report once a year and it won’t affect your rating if you ask for one. If there are any problems, get them resolved and you can be confident that any prospective landlord will be satisfied with their credit check.
3. Set a Budget
How much can you afford? Researching apartments that you cannot afford is a waste of effort. Work out how much you can afford and focus your search on that price point.
If you don’t have a personal budget, draw one up. You can’t know how much you can afford without one. Take account of your personal circumstances and your income.
Work out your outgoings including utilities, car payments, and insurance. Estimate the cost of groceries, gasoline, and entertainment. Don’t forget clothes, personal items and any loans you are paying back.
You should allow some money for saving, healthcare, and retirement. Once you’ve deducted all your expenses from your income after tax, the remainder is what you can afford for rent.
4. Good Apartments for Less
If you find that all the good apartments cost too much there are some ways of getting more for less.
Check locations that are outside of the urban center. They may be cheaper but factor in transport and convenience.
You may be able to get a better apartment if you are prepared to share. Getting a roommate, so long as the landlord approves, reduces the burden. Have a written agreement with your roommate about how the liabilities for the rent and other costs will be allocated.
Consider a smaller apartment. It may be better to have less space and less stress with lower rent.
5. Prepare Well
Being quick to respond to an opportunity is key when looking for an apartment so it will help if you are ready to make your move as soon as you find the perfect place.
As part of the landlord’s checks, you are likely to be asked for certain documents. A letter from your employer with details of your salary, your dates of employment and their letterhead will usually be helpful. Partner it with pay stubs, tax returns if you are self-employed, and reference letters from previous landlords and you have a bulletproof case for claiming to be a great tenant.
Don’t find the perfect apartment and then lose it to a better-prepared competitor.
6. Down payment
You are going to need a down payment. Most landlords will ask for one. If you don’t have it start saving now.
Expect to pay your first month’s rent and your last month’s rent, on signing the lease. There is likely to be a returnable security deposit too. Expect this to be equal to a month’s rent.
Without a down payment, all your searching will be for nothing.
7. Before Signing the Lease
Before you sign any lease, check it thoroughly. That means reading everything. Don’t be rushed into signing something until you thoroughly understand what you are committing to.
Make a final check of the apartment. Does everything work, is it clean, do doors lock and is anything damaged. Agree, any work that needs doing, with the landlord.
Make Your Move
Finding good apartments is simple when you are prepared to work at it. Make a plan and focus. Your perfect apartment is out there.
If you’re on the hunt for a luxury apartment that will satisfy all your needs, check out our properties.