Finding a place to stay

Home is where the heart is. It is natural that you would like to stay in and around a place that comforts you; it can be a clean surrounding with clean air, beautiful scenery, and developed with facilities. These are the basic things that we look for before finding a place to stay. So, let’s have a look at this checklist to assess if we covered every aspect before making a decision. [ihc-hide-content ihc_mb_type="show" ihc_mb_who="4" ihc_mb_template="3"] The neighbourhood? The size and style of the house? The area around the neighbourhood - grocery store, medical clinic, pharmaceuticals, public transport facility, safety factor. The interior of the house and the floor plan? Feng-shui of the locality Negotiating the rent? Who is the broker that you have to engage with? Let’s look at an example: I like to pick a house where the air is unpolluted, refreshing, and the neighbourhood is calm. I would like to live in a house where the people are accommodating, understanding and amicable with each other. The surroundings should be well maintained and should have some greenery around. This allows me to take a stroll on days when I wish to take a break from my daily routine and feel safe at all times. I would like to stay in an area where the grocery shop is near. I have access to medical facilities and a clinic for emergency situations. I would prefer to have quick access to local means of transport such as bus stops, auto stands, and taxi stands. In short, I would love to pick an area that makes my life convenient and safe to live in without travelling too much. Terms you need to know when finding a place to stay. Rent: A rent is a payment or the fee that you pay to someone so that you can live in their space for a stipulated period of time. You don’t own this place, but you are paying a monthly rent which allows you to stay and use the space for the agreed period of time. Usually, in such a situation, you (who has rented the property) is a tenant, and the person (whose property you have rented) is the landlord or the owner. Example: I rented a place out across the street for a year now. Broker: A broker is a person or a middleman who helps you find a place to stay. A broker’s job is to connect the buyer and seller of a property with the aim to either rent, lease or purchase that property or land. The broker takes a commission fee from both parties if the deal is successfully closed. A broker’s network helps you as a customer to stop looking for places individually and save a lot of time. A broker will ask you for your budget and other requirements, based on which - they will show you the most appropriate locations suiting your requirement. Example: The broker helped me find a place to stay. Landlord/Landlady: When you rent a place for a specific period of time, you have hired this place for a particular time period for which you will be using this space. This is called rent. However, it is important to understand that you are staying in a space that is owned by some third party. This third party or the owner of your rented space is called the landlord. A landlord is a person who owns the rental space. You pay your rent to the landlord. Example: My landlord asked me to vacate the apartment in 4 weeks. Abatement: Now, let’s say there is some leakage in the flat you are staying in, or there is some civil work that needs to be done from the landlord’s side. In such a case, rent abatement can be followed. But why? This is because you have rented out this property, and it is the landlord’s duty to fix basic problems such as running taps, leakage, tiling issue, etc. - so that you can live properly. When rent abatement takes place, you need not pay the entire rent. Only a part of the rent needs to be paid to the landlord until they fix the pending work in your apartment. When you lease or rent the property, the abatement clause is always mentioned in the contract. So if the property becomes uninhabitable - under such circumstances, the landlord can decide to reduce a portion of your rent or completely let go of the rent until the place is fixed again. Example: There is an abatement in rent because the running water supply is under repair. Security or Deposit: When you decide to rent out a property, apart from the rent, you are asked to create a security deposit before renting out the property. This security deposit ensures that you will be paying timely rent and not abandoning the property without prior notice. This security deposit also ensures that you take full responsibility for the property’s protection and do not damage it at any cost. In case there is any damage to the property from your end, the landlord deducts this cost from your security deposit. So let’s say you have rented a flat for one year and the rent per month is Rs 10,000. So, your annual rent is 1 lakh 20 thousand. But, the landlord might ask you to pay XYZ amount as a security deposit over and above the rent charges. This is how security deposits work. Notice: Let’s say you are a tenant and get a job in another country. Now, you have to move out before your rent agreement ends. So, consider you lived six months in a place, and now you need to move out. You will need your security deposit back, plus inform your landlord so that they can find another party to rent the property out. In such cases, you need to give notice. This notice informs the landlord that you will be moving out of the property and all the paperwork and formalities that need to be completed - the landlord can get started with the same. Now, this can happen vice versa as well. The landlord, too, can provide a notice one month in advance to the tenant and ask them to vacate the property. The waiting period - from the time you create this notice to the time you finally move out is called the notice period. Example: The landlord asked me to vacate the property in 2 months. Key takeaways Some things to keep in mind while looking for a place to stay are the type of place you want to stay, the size of the place, the rent, finding the right broker, etc. Terms you need to know if you are looking for a place to stay are- rent, broker, landlord, abatement, security deposit, and notice. Citations : [citationic styles="apa,mla,chicago,harvard,vancouver,ieee"] Power Words : Checklist Amicable Tenant Assess Stroll Commission Negotiating Prefer Abatement Accommodating Stipulated Uninhabitable Critical thinking challenge question : Explain in your own words, what do you understand by the following terms Security deposit Notice period Lease Broker Abatement Watch this video for further learning : [presto_player id=11204] [quiz-cat id="11203"] Are you ready to solve the puzzle? Start Puzzle [/ihc-hide-content] Hashtags : #GPSforLifeAndCareer #ConsciousIntelligence #Kidswiki #MindInTheMaking #RelevanceInEducation #MeaningfulLearning #RealWorldSkills #SafeContent #360DegreeDevelopment #Skillioma #BeyondCurriculum #SkillsBeyondSchool

This content is locked

Hashtags :

Leave a Reply Cancel reply

COMPANY

COURSES

CONTACT