Who says that purchasing a house is a difficult task? Finding a suitable rental apartment that meets your needs or fits into your budget is equally challenging. No matter how attractive the local real estate market looks like, the method of finding a place that fits into your budget, meet your needs, and timeframe can be quite hectic and stressful. Understanding the existing market and following the experts’ tips can assist you in mitigating the stress involved and reaching suitable options.
Understanding the Realty Market
You might not believe it, but the fact is that in most of the leading cities in Pakistan, renting has grown to be the most significant expense compared to rental values a decade ago. Moving to the bigger cities in search of a job and better lifestyle, along with the rise of the nucleus family concept, has raised the demand for rental properties in Islamabad, Lahore, and Karachi that outplaces supply and resultantly rental prices are driving up. The increase in employment opportunities in metropolitans led to the shortage of suitable quality luxury apartments, which makes potential tenants spend a notable portion of their income on rent.
Manage Your Expectations
In this challenging real estate market, you need to search rental apartment only after fully understanding the dynamics and what you can afford. If your monthly income varies, you must see the minimum of it to understand what you can afford easily. Do not forget to consider the security payments and a little bit of renovation while calculating the rent for a new studio apartment or house. Look thoroughly at all the additional costs and then plan to move into a new apartment.
Use Online Portals
Most of the tenants favor using online property portals to find their next rental accommodation. Locating a rental property online is far more comfortable than turning to newspaper classifieds or driving around the neighborhood looking for a ‘For Rent’ sign. When you see something online, you must contact the agent on an instant basis. Prepare your wants and needs list in advance, and as soon as you find something reliable, act quickly. Resultantly, you can expect the landlord to get back to you soon due to the availability of a growing number of online communication tools.
What to Do When You Find a Place
It is a common practice that tenants sign a twelve-month lease document. Though, you need to read the contract thoroughly to understand every term in the agreement. If the contract does not cover all aspects, it indicates you are not legally bound. Otherwise, you should be mentally ready 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 intentions to move out of the current rental property once the contract ends, you should begin searching for your house ahead of time. You should start seeing properties at least two months before the lease contract ends. It will give you some time to see different options and pick the best one. Otherwise, the landlord will raise the rent after the term.
Rent is not your only financial concerns with a new apartment. Even before the monthly expense, you have to save for the upfront costs. Between a security deposit, application fees, a pet deposit if applicable, and first and last month’s rent as a deposit, you are going to shell out some money before you even get the keys to your first apartment.
Besides budgeting for your first apartment, it is helpful to gather all the paperwork, a property manager will demand during the application process. Getting this ready in advance can speed up the review. They will also often ask for verification of your financial stability, identity, and employment. Collect recent bank statements and pay stubs and have your photo ID with you when you fill out rental forms.
This might be the first time you are reviewing a legal document, and it might be hard to interpret. Bulk up on commonly used terms within a rental agreement and then read your lease thoroughly.
If you do not understand something, ask about it before you sign the document. Check the areas about restrictions and regulations for behavior, the policy on late rent, and what steps can lead to eviction. If you do not agree with something in the lease, discuss it with your property manager. It is OK to ask for changes to your lease, but do not assume you will win every discussion.
Another thing to consider before moving in is storage. Most apartments in Islamabad do not have huge walk-in closets and built-in shelving to store your essentials. You will have to strategize on space-saving solutions.
One of the great items to get is under-bed storage bins. They slide neatly under the bed and are a perfect storage solution for off-season clothing. Other options can be furniture pieces that do double duty, like an ottoman that opens up for extra space. Shelving, Bookcases, or decorative bins also come in handy for storage and look nice. One should aim to avoid making their apartment feel cluttered, so a combination of storage solutions is often the best way to go.