Whether the house is rented or owned, it is a place that gives peace of mind and solace after a long day. However, it takes days and sometimes months to find and rent a house as per your requirements such as city, area, size, price, amenities offered, security, safety, and more.
Among all these factors, one factor stands out and weighs a lot while renting a house in India – your budget. Renting a house is a big commitment and comes with various other expenses like paying a security deposit which is proportional to the rent of the house.
If you are someone who is looking for a house for rent near me, this article is for you. We will cover top factors that can help you rent a house in your budget.
Find a budget-friendly home for rent in India in 2024
Consider these easy-to-follow tips to get a house for rent on a budget in 2024.
1. Decide on a budget
The first and foremost thing while searching a house for rent is to decide how much money you are willing to pay to rent the house. Understand that this is a monthly expense for you and thus, you need to consider your overall income inflow, outflow, and any EMIs that are on an ongoing basis, along with a buffer amount for emergencies, unforeseen circumstances, and irregular expenses.
You will also need to pay maintenance charges as well as a security deposit, which will be based on the overall rental. This makes it even more important to decide on a budget and stick to it.
2. Decide on the geographic location
Once you have decided on a budget you are comfortable with, now is the time to decide where you want to rent a house. This factor is influenced by different things such as distance from your workplace, family members, city centre, and more.
Also, based on the city and area, the rent amount varies a lot. For example, renting a 1BHK house in Prabhadevi, Mumbai can be much more expensive than renting a 1BHK house in Goregaon, Mumbai. The overall locality matters and you need to decide here on what kind of locality you are looking for.
3. Choose the type and size of home
Once you narrow down to a locality and area, you need to analyse what kind of and what size of house you want to rent. Types of houses include flats, tenements, bungalows, villas, high-rise apartments, etc. The price varies for each one with flats costing on the lower end and villas costing on the higher end.
Along with this, you need to decide on the size of the home such as 1BHK, 2BHK, and there onwards. This choice depends on whether you are sharing the house with anyone else or you are renting it for your entire family. Your budget also dictates this choice. Considering all these factors, you need to select what type of house you are looking at and its size.
4. Consider overall house maintenance
This is the step you have to act upon when you are visiting a house in person. Check for wear and tear in the house such as torn window frames and door frames, condition of the roof and paint, etc.
Also, check washrooms and wash areas to understand the overall maintenance condition of the house. The better the condition, the better would be for you to avoid any expenses related to maintenance. However, this will also mean that the rent would be on a little higher side.
5. Security and maintenance charges
While renting a house, you are required to pay a security deposit. This is the amount that the owner of the house receives from you at the time of signing the house rental agreement. You get this deposit back when you vacate the house and if there is no damage to the property during your stay. This deposit is usually equal to 1-3 months of your rent based on the property type, location, etc.
Along with this, there are monthly maintenance charges. This is something that you can discuss with the homeowner to cover and can be decided on a mutual basis.
6. Check overall connectivity
This is another important factor to consider. Maybe you can get a house for cheap rent on the outskirts of the city. But that means that either i) you need to spend a lot of time commuting from office to home or any other place or ii) you need to spend more money commuting. In the long run, this costs more than the house rent.
Thus, check if the place you are planning to rent is connected well via public or private transport and if so, what would be the cost. Think long-term here.
7. Check the availability of water and electricity
Suppose you found a home for rent in your budget, but what if you have to face a frequent shortage of water and electricity? You may have to spend on arranging for those things on your own, right? This is an additional cost that can be burdensome on your monthly finances.
Thus, ask questions related to it. If possible, meet potential neighbours and clarify your doubts.
8. Availability of additional amenities and add-ons
Many properties nowadays offer amenities such as a gym, swimming pool, security guard, clubhouse, and more. This is an added benefit but you need to check whether you may need to pay additional charges to use these.
Also, many owners rent their houses fully furnished along with appliances like AC, refrigerators, sofas, and more. This will save you on the cost of buying stuff while renting a house. However, note that the homeowner may consider this in rent and you may need to pay a bit more for such well-maintained houses.
9. Choose a trusted platform to avoid brokerage
One of the biggest expenses while renting a house is paying brokerage. This equals the rent of a month in most cases. If you are contacting a broker, he/she will charge you brokerage fees.
To avoid this, you can choose an online marketplace like OLX that lets you connect with homeowners directly. OLX verifies the listing to add a layer of safety. Also, this way you can save money on brokerage fees.
10. Create a rental agreement
Now is the final step of finding a house for rent near you. Once you have found your dream house for rent on your budget, contact a lawyer and make an agreement. This will lay out all the required terms and conditions along with rent increase clauses.
Make sure you read this before you sign. Also, signing a rental agreement has its own fees, negotiate this fee as 50:50 with the house owner. One more point you must check the house ownership papers to avoid any consequences of fraudulent activities at a later stage.
Conclusion
These 10 tips would help you a lot in your journey of renting a house near you. It is important to stay within your budget and choose a house size and locality as per your needs. To save money while looking for a house to rent, OLX can help you. OLX has numerous house rent listings that offer you the benefit of no brokerage, helping you rent a house within your budget.
