Things to avoid before Buying & Moving to rental house in mumbai
Posted: May 01, 2018
Mumbai being the capital city of the Indian state of Maharashtra is among most populated cities in India. Rental properties in this Mumbai is a good investment since Mumbai is the economic center of India and it always has a positive appreciation value. The prices for real estates are among the highest in the world and getting a decent apartment is critical for one to have a comfortable stay in this city.
Four things to keep in mind when buying properties in Mumbai.
Properties and homes are one of everyone's most important investments and it is always important to consider the costs that are covered in the process to avoid disappointments. Some of the costs are sometimes not taken into much consideration while they are essential and can raise the budget bar to almost twenty-five percent. These costs include;
Registration and stamp duty.
Property registration charges are the functional property value and are a major contribution to the property budget. The state government is paid this fee when registering the property with your name. The charges under stamp duty take from five percent to seven percent of the value of the property and it differs in the different states, while registration fees cover around one percent to two percent of the total property value.
Service tax and value-added tax (VAT).
These are additional charges from your property that the government is paid. VAT is only applied when the properties are under construction and it takes from one to five percent.
The government levies service tax and this is applicable for the properties under construction. Service tax is generally eight to ten percent of the price on the property and it is a function of the property costs and other maintenance costs.
Maintenance deposit advance in new societies is charged by the builders. It is charged by society members as a deposit in the existing societies. This fee covers common basic infrastructure facilities like water and lighting and also other utilities in the project like gardens and others.
Preferential Location charges.
This payment is paid for the properties that are in a better location in the city and with better layouts and positions. These charges vary in different properties and can be priced according to higher floors, special attributes like facing a unique direction or better location. This is a very subjective parameter taking into consideration of the population in the city of Mumbai.
Things to avoid before moving to a rental house in Mumbai.Rental properties in Mumbai can be found in almost any part of the city according to your budget, social needs, and personal preferences.The following should be taken into consideration before getting into a property for rent in Mumbai.
Poorly conditioned walls
Check thoroughly for seepage issues and make sure there are no damages to the windows and that all locks are in good condition
Check in advance the condition of the floors and this will prevent you from being charged undue charges when vacating the house.
Mobile signal reception
You should go to each room of the house and test the network reception before deciding to move int the house.
Rodents and insects infestation.
Inspect the house for any insects or rodents droppings to prevent such problems from affecting you later on during your stay.
Power points in the property.
It is important to check if the power points move accordingly with your electrical appliances and check for high voltage points in the kitchen. Charging points besides the bed are also necessary.
Properties should be charged accordingly which means if you are renting a furnished property, the appliances should be in good condition. Replacement and repairs should be done before you move in and it is important to avoid moving into the house without checking,
It is important to make sure you do necessary checks on both the property and house agreement.
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