Who says that just buying a house is a difficult task? I believe finding a suitable rental home or apartment that meets your needs or fits into your budget is equally challenging. No matter, how attractive local real estate market looks like, the process of finding a place that fits into your budget, meet your needs and timeframe can be hectic and stressful. Understanding the current market and following the experts’ tips can help you mitigate the stress involved and reach suitable options.
Understanding the Realty Market
You may not believe but the fact is that in most of the leading cities in Pakistan, renting has become the biggest expense compared to rental values a decade ago. Migration to the bigger cities in search of job and better lifestyle along with the rise of the nucleus family concept have increased the demand of rental properties in Islamabad,Lahore and Karachi and that out place supply and resultantly rental prices are driving up. Boom in employment opportunities in metropolitans led to the shortage of good quality apartments and homes, which makes potential tenants spend significant portion of their income on rent.
Manage Your Expectations
In this challenging realty market, you need to search rental apartment only after completely understanding the dynamics and what you can afford. If your monthly income fluctuates, you must see the minimum of it to see what you can afford. Do not forget to consider the security payment and little bit renovation while calculating the rent for new apartment or home. Look carefully at all the additional costs and then plan to move into a new apartment.
Use Online Portals
Most of the tenants prefer using online property portals to find your next rental property. Finding a rental property online is far easier than turning to newspaper classifieds or driving around the neighbourhood looking for a “For Rent” sign. When you find something online, you must contact the agent on immediate basis. Prepare your wants and needs list in advance and as soon as you find something appropriate, act immediately. Resultantly, you can expect landlord to get back to you quickly due to availability of growing number of online communication tools.
What to Do When You Find a Place
It is a common practice that tenants sign a 12-month lease document. However, you need to read the contract thoroughly to understand every term in the agreement. If the contract does not cover every aspect, it means you are not being legally bound. Otherwise, you should be mentally prepared to face the financial penalties, if you break the lease. At the same time, be fully aware of your rights as tenants. Talk about everything with your landlord.
If you have plans to move out of the current rental property once the contract ends, you should start searching for your home ahead of time. You should start seeing properties at least two months before the lease contract ends. It will give you time to see different options and pick the best one. Otherwise, the landlord will increase the rent after the term.