Mumbai is a city every Indian wants to be in, be it for jobs, studies or to get a glimpse of your favourite movie stars. Working in Mumbai might be easy since the city is driven by extreme energy and honesty, but problem arises if you are a newcomer. And what could be more difficult than finding a place to live in? This is a problem faced by most people who get to Mumbai with dreams of a glorious career.
Finding a home is very difficult and with rising prices it is becoming more and more difficult. The two options are that you have to stay on rent or buy a house. While the latter is almost impossible for newcomers, it is feasible to know about the details of getting a rented apartment in Mumbai. Here is a list of the things that you should keep in mind when finding a house in Mumbai:
6. Flat on Rent Is Easier Than Buying One
A 2BHK flat consisting of 2 bedrooms, a hall and a kitchen will start from 50lakhs in the least. Before you get hold of that money or a job to be able to pay the money you should look for a rented apartment. Also, the charges that are laid for each square meter of place are not always transparent. Before getting acquainted with the city, it is better to avoid this enterprise. The only way out is to rent a house.
5. Get Hold of a Broker and Be Prepared to Pay Him Hefty
While you must never trust anyone blindfolded, yet it will be practical if you get in touch with a broker from a source on which you can rely on. You can ask a friend of yours who lives in Mumbai to help you out. The brokers usually help in finding apartments of your choice and in your preferred locations. For fee, they generally settle for as much is two month’s rent of house they get you. During the finding process you have to be extremely patient because finding a house abiding by your wishes is very difficult.
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4. Have All Papers Ready
3. Keep an Estimate of 10 Months’ Rent At Hand
Whenever you get on talking terms with a landlord, know beforehand that most of them might ask for 10 month’s advance rent. You have to pay that amount before entering a flat, which is kept as refundable amount paid back when you leave the house. The flats are rented for not more than 11 months and the papers are made on that. After this time you have to either renew it or change the apartment as your renter or your wish. This is actually kept for security purposes. After the end of your term in that house you will get back the term amount, but the valuation of that money (due to inflation) will fall and you will have to lose financially.
2. Hidden Costs and Expenses – Fixing and Furnishing is your Headache
You will not find a single nail inside the house that you buy or get on rent. The whole cost of setting up the house has to be bared by you and that is again a huge cost. So you must keep cash ready for fixing, furnishing and setting up a house. You also will have to pay maintenance fee, which is mandatory since you will want to live amidst clean surroundings. This goes for both owners and rentees.
1. Making Acquaintances in the City – Locals can Suggest Reliable Brokers
To get along in Mumbai you must find friends and acquaintances who will help you find good deals. People who have been living in Mumbai for long will know about the city well and that is what you need. But be careful on what kind of friends you make. Trust someone only after being sure about befriending people.