Costs Involved in the Property Rental Process

Renting implies a lower economic effort than buying a home, but it also requires a certain amount of savings to cover the initial expenses, which can be several thousand bucks. In this new delivery of our guide on the rent, we tell you what the payment is that a new tenant has to assume after signing the lease. It includes the amount of the deposit and the first monthly payment until the move, through the tax payment.

Living for rent brings more flexibility than buying and requires less initial effort, but an individual sacrifice. The expenses that will have to be faced to rent a floor will depend on each specific case based on if the owner requires us to guarantee, extra guarantees or the payment of some insurance. The most common are:

1. The first monthly payment: The initial payment to be incurred after signing the contract is the payment of the first monthly payment, being the first expense to have.

2. The guarantee: Its objective is to cover the damages that the rented property in Noida can suffer as a result of the tenant or possible non-payments. It is obligatory by law and is equivalent to another month of rent. The owner must deposit it in the body that its autonomous community indicates for this purpose. Although at the end of the contract will recover this money, will mean having to overtake it at the time of entering the house.

3. Additional guarantees: The urban lease law allows the landlord and tenant to agree to the payment of any other type of guarantee of the tenant’s performance of the obligations. Some owners, therefore, require payment of one or more monthly installments on account of this additional guarantee.

4. The guarantee: Some owners may need constitution of the bank as a part of guarantee to prevent any cases of no payment. The money, loan money that the collateral implies, is deposited as the guaranteed amount for a duration of around six months to one year.

5. Fees: The agency fees, in case, a real estate agent in Noida has helped you find your flat. This amount will be variable but usually is around one more monthly, which can be paid by tenant or owner.

6. The discharge of supplies: When the rented property in Noida is new and has never had data of high supplies like water, electricity or gas, will have to agree to the contract which pays the discharge of these services. If the tenant does, you will have to know that the cost can exceed thousands.

7. Tax (ITP): This is a tax almost unknown for most renters, but according to the law it is necessary to pay after signing the rental agreement.

8. Additional insurances: Some owners who fear to suffer a default or damage in their home decides to take out some insurance that covers these risks. In some cases, they also require the tenant to pay the insurance premium as a supplement or alternative to the guarantee.

9. Moving: Whether done through a professional company or done on your own, a move always involves an expense.

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