Woes of a rent leaser

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Hefty Security Deposit, Does it ring a bell?

Throngs of young workforce migrate to the IT City with hopes of beginning a new phase of their life. Right out of college they take baby steps towards their dream by working for one the big 4 IT companies.

 

 


Most of them find it difficult to acquire an accommodation though larger apartment complexes have become synonymous to college hostels. According to the 2011 census, Bangalore exhibits a contrasting behaviour to its State, with more people agreeing to live on rent rather than owning a home. With the increase in the number of rent tenants the woes affecting them have also increased exponentially.

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In a recent survey of the people living on the rent, house maintenance has emerged as one of the main hurdles in deciding the prospective flats to live.

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Each of the tenants tries to personalize the home according to their taste with designer painted walls and arrangement of furniture. All of these customizations are at the discretion of the landlord. However, the most troubling aspect of the survey is the haggle over the return of the deposits to the tenants based on the condition of the house. In such instances even, a small nudge to the wall may cost thousands.
Amongst the landlords, the most prominent reason to cut back the deposit is damage to the property with cleaning costs closely following in second. For an incessant mover, the cost of such cutbacks in deposits surges into six digits.

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It is sensible to touch up the house before relieving the possession to the landlord. The cost of maintenance in most cases is minuscule as compared to the haggle over the deposits and the relationship gone sour with the landlord. Specialised packages like Gapoon’s Maintenance Cover (GMC)– Move in/ move out packages can be useful in such circumstances. With costs at more than 30% discount, all the deep cleaning, pest control, painting requirement at the time of move are taken care of along with a free maintenance audit. Benefits of leaving home in a better condition than encountered will save those bucks from the deposits. For those who don’t like to settle and shift frequently; there are yearly maintenance packages which covers all your minor to major plumbing, electrical, carpentry & home appliance repair & maintenance at cost as low as Rs. 250/ month. Now can save enough to buy the new iPhone X that too with both kidneys intact!


References:
https://www.99acres.com/articles/points-you-cannot-ignore-if-you-are-taking-a-home-on-rent.html
http://censuskarnataka.gov.in/2011%20Houselisting%20&%20Housing%20Census%20Data,%20Karnataka_Highlights%20&%20Key%20Results.pdf
https://www.thebalance.com/keep-a-tenants-security-deposit-2124998

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