Navigating buying houses can be a tough job when you are unclear about where to start, what factors you need to keep in mind, and what checklists you should adhere to before starting your house hunt. When it comes to renting instead of buying, it’s another ball game altogether, like finding a broker, finding the best neighborhood, managing your finances, and finding a landlord who will adhere to all your terms and conditions. You know there’s a defined structure for everything in this world, from learning how to hold a bat and hit the ball to solving a complicated rubix cube to landing in the perfect position with your flatmates.
There are a few secrets we will let loose just for you, it will help you in a myriad of ways. We promise one of them is to find cheap flats in Mumbai for rent, just so when you move forward on this path you feel comfortable comprehending and making a decision on your own. Let’s start listing down all the factors you should be wary of before signing that lease agreement.
- Determining your Budget: Mumbai is the city of dreams; it’s called so also because a large number of people migrate to Mumbai in the hope of getting a job, meeting their family, meeting a superstar, exploring the food market, etc. This city has been an abode for millions of dreams, so it’s bound to be pricey. You should determine your budget. This is not limited to keeping a note of your monthly rent; it also goes beyond that, where you should be cognizant of the other miscellaneous expenses, like utility bills, transportation costs, security deposits, and brokerage fees, if any. Plan everything to the T, so that you’re not on a deficit of anything.
- Proximity to Locations: Mumbai is very diverse and vast. There’s a lot of territory it spans, which you, even as a Mumbaikar, will be delighted to know. It may span from Matunga to Juhu, Bandra to Malad, and even Andheri. Pick the locality that is closest to your workplace; it will make your travel more efficient and convenient and cut down on unnecessary commute from one place to another.
- Online Rental Platforms: India has a hoard of rental marketplaces that have hosted more than a million customers who have secured and gotten help on a number of issues related to rental listings, area, technology, and even housekeeping services. Some of those marketplaces include Jugyah, Magicbricks, Housing.com, OLX, and Nestaway.
- Networking with Locals: Mumbai is a new city, but at the same time, it has a number of heritage houses and buildings still belonging to families who have lived in this city for more than 40 years. If you have friends, parents, colleagues, or acquaintances who have lived in this city for that long, you can expect help from them for finding places with affordable rental prices, your way of getting through to the landlord, and any other leads. The spirit of helping each other out, even for the most petty of things, hasn’t stopped the city; over the past few years, the sense of community building has only strengthened.
- Shared Renting: If your circle has helped you find the perfect home in the location that you need with the amenities that are on your list, but the only backlog is your budget. What do you do? Do you let this opportunity slide and wait for better options? Or do you carve out another alternative for yourself? We would suggest renting out the place with a few of your friends “together.” Consider it; it’s a viable option. You have nothing to lose but all to gain! Segregating the budget in a way that works for everybody should be the plan here.
- Negotiating your Rent: If you have breathed the same air as other Mumbaikars have for the past decade or so, you know the people here live and breathe negotiation & bargaining. Finding cheap flats in Mumbai for rent, is a task you can only be good at once you have mastered the skill of “arbitration”. If the property has been vacant for a really long time and the landlord has no tenants, it is feasible to persuade them to reduce the rental amount. On some occasions, with some communication, the landlords are more than ready to reduce the rent amount.
- Peak Demand: Mumbai is a city that is extremely hasty and operates at high energy for almost 90 % of the year—oh, wait, we will correct it—99% of the year! So there’s no room to be lax regarding your house hunting, but it’s also crucial to approach it strategically and be aware of the peak season. There’s a time cycle of demand for everything—yes, even rooms. Don’t start your house hunting during the inception of the academic cycle or even during festivals when hoards of people visit Mumbai from neighboring cities.
- Fresh Infrastructural Projects: Since the past few years, the central authorities have been investing a lot of their money and attention in building new roads, buildings, and other projects in the suburban locality of Mumbai. The properties usually have rates that touch the heavens, but it may also give you a minute to inquire whether these localities have vacant houses or apartments you can reside in.
- Avoiding Fraudulent Deals: If you’re new to the city, you’re new to everything here: the people, the food, the neighborhoods, the workplace, the localities, and even the scammers. Avoiding scams can be easy if you have complete information on how the rental agreement works, how the rent act in Maharashtra has been amended in the last few years, and how real estate agents operate in Mumbai. Be extremely cautious of deals that sound too good to be true or any deals that require prior payment; conduct due verification before any transfer of cash. In our quest to find cheap flats in Mumbai for rent, we shouldn’t ever compromise on safety regulations of our accommodation, that’s something this city teaches you on day 1, awareness & alertness regarding your surroundings.
- Connect with the local Real estate broker: Connecting with the sole authority who knows the city inside and out can be your best bet to not only know about properties but also about other parties who can help you navigate the rental market.