During my first trip to Mallorca last year, I was mesmerised by the sheer beauty of the beach and the large Spanish properties that overlooked the sea view. The perfect place for a perfect home, I thought to myself. However, with the recent worry of the Spanish property bubble bursting, it became extremely apparent to me that this was an ideal spot to buy a property which would be a good investment for renting out to tourists.
There were certainly an abundance of Irish and British tourists in this particular region. However, they were not so noticeable in the ever-trendy capital of Palma, whereby the atmosphere was much more cosmopolitan and modern. The properties in Mallorca are traditionally spacious, tiled, with wide or sliding window doors, indoor fan and a balcony. Small apartments generally come with light furnishing, bringing as much air as it can into the living rooms.
Some properties in Mallorca are more expensive than other properties around Mallorca. This depends upon their location and size. In comparison the UK property prices, these are by far more affordable and more valuable because of their ideal locations. However, some properties are situated in the countryside and may not be near local amenities. In this case, it is always a good idea to research the location, along with the transport links in this area.
From my own observation, the types of properties in Mallorca, which are currently being rented out to holidaymakers, are flats, apartments and small houses. Apartments and flats are easy to rent out, as these come with a reception desk and security at the front of the building. The property itself is generally maintained by the landlord, therefore, if you are an overseas owner, you will need to hire or make sure to take regular visits in order to keep the property at its optimum level.
Other properties in Mallorca, can be in the form of a small villa, which is fast becoming a popular place to stay especially if the people renting are a family, couples or groups of friends. This allows the holidaymakers to have their own independence, provide privacy and cater for themselves. Many villas do have a cleaning service, which may be something to consider if you are looking to invest in a villa. Some villas are so luxurious that they come with their own swimming, golf course and front walkway. These villas are higher up in the price bracket, but make for a good investment and alternative to hotels.
One thing that is for certain, Mallorca is a place, which thrives on their tourist attraction. This is one of the most popular place to holiday in Spain, as it is close to main party attractions such as Magaluf and only a boat ride away from Ibiza. Investing, buying or renting is a good option for anyone looking to make this place a second home, holiday home or possible money-making opportunity, provided they have spent time researching the legal policies and the facts about Spain.
Archive for the ‘Rent Property’ Category
Why Renting Properties In Mallorca Is Cheaper Than Hotels
Saturday, July 18th, 2009Rent property in India
Tuesday, July 14th, 2009Property like always has been an important source to support life in any form. It supports life not only in the direct form but also in the indirect form. The direct form of the property would include property consumption as residential usage in form of houses, apartments, floors, villas and various other structures that are employed in the form used to living. The next form is the commercial usage, which is used for carrying any trade in form of warehouse, trade, office purposes and other forms that can be used with the motive to earn profits. However to perform all the above tasks one needs to posses land or the property. With the increasing rates and the time of recession has prevented people to consider huge investments or even any investment in property or otherwise. Hence there is an alternative proposed by the experts or people with the space in form of property called as Rent. To is now an alternative that everyone who needs the property being considered in across various fields.
These fields extent themselves from the residential to the commercial form, and to do so one can contact various property brokers and agents that are in the market with the expertise helping the clients find the right property for their needs. They also specials in dealing with the renting contracts, these contracts range from a yearly base to the bi annually based. While renting the house with the owner, the client needs to fix various rules and regulations that abide the renter in the course of stay with them. These norms may range from the usage of the property like not nailing on the walls, painting and paying for the damage created by the renter during the stay in the property. Restrictions of parties and other things that may harm the rights of the owner or the property while it is being rented to the renter in the due course of time of stay in the property. While these are the rules that abide the residential property there are4 different rules that abide the commercial property, while renting a commercial property the renter faces a contact that is typically only for an year which can be considered to extent after the completion of an year. Various rules and regulations that may imply to the commercial property are, in course of ceiling or any other problem related to business creating problem to the property would be handled by the proprietor. As on leaving the property the paint and the other repair charges are owned by the renter and among various others rules that the owner and the renter can think of while they get into they contact with each other during renting of the property.
To make the contacting even more smoother there are various agents and brokers that have appeared in the market helping the easy transactions of the property on rent and are aware about the contracts that exists between them while the parties get into relating for property between each other. Another factor that one might keep in mind is the advance that the owner demands in the course of renting to make sure that any harm caused to the property is recovered from the advance, which is usually an amount resulting to the two months of the rent. Keeping all these regulation no doubt the rent of property in India has created and bless to the people who cannot buy the property and help them serve all the purpose that they would want with out paying a huge amount that cannot be afforded.
Rented Property Insurance – Safeguard Your Property!
Friday, July 10th, 2009When you are renting out your ancestral property, care should be taken to safeguard your rented property. You can allay your worries about your rented property by availing rented property insurance. Based on the type of house, age of the house, your credit score and other things, the price of the insurance policy and its coverage provided can greatly vary. You may loose several pounds in rental income and legal expenses to claim for your rent in case your tenants default on your rental payment. To avoid this, you can opt for rental guarantee insurance.
Every landlord has a substantial investment in their home or land that they cannot afford to lose. They also have very little control over the amount of physical damage that renters can incur on their investment. Hence, there’s a need for property insurance.
In addition to that, insurance providers also offer insurance on rented property to protect your buildings, the equipment, inventory, furniture and fixtures. It also protects you and your possessions when you are away from home. Basically extending to all your possessions no matter where you are. You worked so hard to acquire everything you own. Be sure to benefit from positive cash flow by protecting your investment.
Get covered for any property damage in the event of a natural calamity such as flood, fire or lightning strike out. In addition to this, any damage caused by your tenants, and cost of relocating property to protect it from further loss. If you are looking out to safeguard content in your rented property, then, you need to avail a special insurance known as Content insurance. Claim can be made if you have an adequate inventory, listing out all the things that are missing or damaged in your house. Some have a comprehensive package, which includes combined insurance policies such as building and content insurance for landlords. This way you get coverage for both your exterior as well as interior contents of your house.
Reach out an online quote system which will help you get your quotes in just a few clicks. It is quite vital for a homeowner to get a quote before purchasing any policy. Shopping around for the most competitive rate with a comprehensive package is wise and can only be done by getting multiple rates from multiple agencies. Find out from experts online, on how they can assist you in protection of your rented property.
Renting Property Abroad Guidance
Tuesday, July 7th, 2009Rental Agreements
Although not essential in all countries it is always best practice to have everyone sign a rental agreement. The agreement should include the Terms & Conditions applicable to the occupant. The names of the occupant, the dates of the intended stay, the deposit paid, disclaimer for withholding the deposit for early departure or damage fees.
Location & Price
For many travellers location is a must and helps determine the price people are willing to pay. Remember to always choose your rental fee carefully and ensure it is competitive to other surrounding rental properties. Look in the local estate agents that rent properties in your area and compare your price.
Employing a Local Agent
If it is a holiday home you are renting then most likely, you will not live close by. You will need to find a reputable person or company to care for and manage your property while you are absent. It is important for your agent to maintain your property, give a routine check-up, be able to organise maintenance and clean up after each client. It is also a very good idea for agents to provide a welcome pack for your customers. This could include a local map, a dining out or eating in guide, where to buy good local food, a bottle of wine or some chocolates, even some milk and cereal. Remember a dirty house and poor service does not promote repeat custom. The welcome pack should definitely include in house instructions and important telephone numbers. For example instructions could be how to open windows or use the hot water and boiler.
Advertising Property
You can’t rely solely on your agent to find occupants for your home. If you want to rent your property while you are away you are going to have to do some work. However that doesn’t mean it is going to be hard and you don’t have to pay huge advertising costs. You just need to know where to get your property seen. Most people search for holiday properties online. For this reason it is a very good idea to have your own website with images that reflect the finest qualities of your property with important contact details and descriptions. If you don’t have a website, create one, it doesn’t have to be fancy and you can create one easily for free. Many domain registrars such as domainmonster.com often allow you to create a simple websites using one of their templates for free. When it comes to property presentation is a must. If you don’t have a knack for photography it might be worthwhile paying for a photographer to expertly take photos of your property. You can then publish these photos on your site and submit them to other websites.
Advertising Channels
1) If you have a website you can submit your website to numerous business and travel directories for free. There are many directories online which you can submit your website to such as www.onlinetravelworld.co.uk. However these are limited, you can only submit your link. But they are still important to increase your websites presence.
2) There are also many property sites you can submit your details and upload an image that best showcases your property. But you will have to pay a yearly subscription fee or commission with each rental.
3) Another preferred option would be to find websites that allow you to advertise for free. I found Travel Jigsaw which allows you to submit your property for free on their property pages. They also feature property in their monthly newsletter which is sent to over 500,000 people. This option is an excellent way to reach many potential customers without costs of advertising.
4) One last option would be to pay for advertisements in magazines and newspapers. Of course newspapers are reaching a mass market and appealing to those people who skim through the paper with no purpose of booking property. Holiday magazines are ideally targeted towards people looking to go on holiday, but the downside is they are expensive.
My advice is not to follow one channel of marketing but to embrace as many as you can to maximise your reach and optimise your earnings.
Inventory Checklist
Although it helps to offer a fully equipped house you don’t want to buy new equipment with money out of your own pocket each time you rent your property. By creating a list of amenities and equipment your agent will be able to check everything each time they check out a customer. The agent should make your customers aware of damage fees accrued by any breakages and where to report any accidents if they occur. You might also want to take photos of inside your property to keep track of wear and tear.
Local Legalities
Don’t forget to check the local rules and regulations when renting property abroad. Different countries will have different fire stipulations and regulations. Therefore you might have to reconsider the type of furniture you provide, for example is it flame retardant, do you have enough fire exits, extinguishers and smoke alarms? Although different countries have different regulations when it comes to peoples safety you can’t go overboard. However this area will need researching as your property might need a little redevelopment to comply with health and safety laws.
Accepting Payments
If your agent takes your booking they will probably also deal with the payment and collect a deposit and full payment before they leave. If you achieve a booking through your online advertisement you will need to consider how you will collect payment. This can be done through direct bank transfer or through a 3rd party online merchant. Some online merchants such as PayaPal offer online fraud protection. This means you are protected from customers who use unwarranted and stolen credit cards. Nevertheless care should be taken when accepting payments.
These are just a few points for consideration aimed to help you think about renting your property abroad. If in doubt, always research into doing something before doing actually doing it.
Do you Know How to Buy or Rent Property in Spain?
Wednesday, July 1st, 2009Spanish property for sale – finding YOURS
Spain is medium sized country with population thinly spread out throught the entire country. There is vast streches of hilly areas which over look the sea and have become a best location to build villas. These hills have their own water supply and hence it comes a feasible location for building a township or a villa as per the requirements of the customer. The speciality of these areas are that they are a short distance away from the main city. This adds special feature to the hilly locations. They have the peace of the hills and are easily accessible from the main city. Other an the hills, most of he apartments have a own community swimming pool and independent villas of course have their own swimming pools.
Finding a Spanish property for sale that fits the family wishes and requirements can be a daunting task.
First you have to ask what kind of Spanish property for sale that are you looking for. This includes searching for suitable areas, price range, property type etc. This takes some thinking and discussing over the family dinners and also researching Spanish property for sale over the Internet. You will find many a lot of Spanish properties for sale, but more importantly you will get an understanding of the Spanish market. Also, you can find other people who have already found their homes, and some of them share their experiences.
Make contact with the estate agent who has the Spanish property for sale you would like have more information about. This can be done from home, and you should also take time to speak to the agent on the phone (ask them to call you) to find out if the agent understands your wishes and requirements. There are many agents who will show you any Spanish property for sale, but take your time, and if it doesn’t work with the first agent, then just call the next one.
The real estate agent assists you in finding a Spanish property for sale
Typically an agent will be escorting you on the viewing trip to see the any Spanish property for sale you have asked for and explain about the areas where they are located. The viewings are always arranged on a “one to one” basis, where you are the only client. The same agent will support you from start to finish, saving you the stress, and time, and hassle re-explaining your wishes and requirements. It is important to come to a decision with peace of mind and at your own pace. The buying procedure and how to obtain a mortgage will also be explained on the viewing tour if needed.
We found our “Dream Home” – support please!
A thorough step-by-step walk through of the buying process is often required, including the legal aspects of buying a property in Spain. An agent should go through different options on how to get the mortgage in place, and should visit one or more banks with you.
After having bought the Spanish property for sale where are looking for, the agent should be your contact to the Spanish, and assist you with renting, renovation work or any other help needed with your property.
Renting Property As An Investment Use These Secrets To Win The Buy-To-Let Game!
Tuesday, June 23rd, 2009You have probably heard the buzz words “buy-to-let” recently. So many people are deciding to try their hand at renting property as an investment.
The problem is that most of them don’t know how to go about this the right way.
Times have changed and investors need to learn new strategies to experience success. The good news is that I’m going to let you in on an important secret. You can use this information to turn your rental properties into a lucrative investment.
Are you curious yet?
Well, read on
First, I’m going to discuss some of the current changes in the 2007 buy-to-let market.
I know you’re anxious to find out the secret, but I don’t want to make it too easy. Besides, it’s important to know about these changes; they play an important role in the world of buy-to-let investing.
The current high property demand has been influenced by the following factors:
High European Divorce Rates
Fragmentation Of Families
Property Shortage
Increasing UK Population
Less Council-owned Properties
Mobile Workforce Expansion
Huge Increase In Immigrants From EU Countries
Very Low Interest Rates
More Lenders Offering Buy-To-Let Mortgages
This has resulted in a huge increase in the price of UK property. In fact, prices actually doubled from 1998 to 2002!
Renting property as an investment also involves many costs such as maintenance, service charges, furniture, property tax, tenant deposit schemes, property management and buy-to-let house insurance. Every investor who chooses to play the buy-to-let game has to pay these costs.
So what is the main difference between successful investors and ones who fail?
Location! Location! Location!
I can’t emphasise this point enough. Many people purchase local property for convenience. Unfortunately, this isn’t usually the best choice.
Experienced investors are more interested in an area where the numbers stack up for the investment rather than owning a property near to where they live.
So what’s the big secret?
Consider investing in Northern England and Scotland!
The reason is simple: prices in these areas are currently below the national average with yields of approximately 7-8%.
In this part of the country property is still affordable for first-time buyers.
Also the enlargement of the European Union has fueled demand for rent. A large number of people from Central and Eastern Europe have recently moved to Scotland. As you can imagine, this is great news for the buy to let investor as demand for property exceeds supply, fueling the capital growth.
Did you know you can still buy a one bedroom flat for 45,000 pounds with a rent of 300 pounds per month giving you a healthy return of 8% yield.
I have personally moved all my property portfolio from the south of the country to the north because of the high capital growth anticipated for at least the next five years.
Goa properties info thru Magic Masons, Goa Realty, division
Saturday, June 6th, 2009ou planning on Buying property in Goa?? Then we at Magic Masons feel that congratulations are in order, as, in light of the golbal financial melt down there is no better time to purchase property in Goa than right now.
http://www.magicmasons.com
For your conveninence we have provided you with all the information you would require to purchase your property with the least amount of stress. “Forewarned is Forearmed” right?
We have cateogerized them as follows:
Reserve Bank of India Rules for Non-Residents Home Finance for NRIs & PIOs Buying Process Typical Payment Schedule for Off-Plan Property Purchase Magic Masons Charges
Further:
we periodically update/ add, fresh, relevant yet vital information for your benifit. Including how to go about choosing the right representation, i.e. Real estae agency, Legal Counsel, etc. And how to avoid clandestine agencies or operators from turning your dream into a night mare.
Rules Governing Property Purchase in Goa by Non-Residents Rules pertaining to purchase and ownership of immovable property in India are governed by the Reserve Bank of India. A summary of the current prevailing laws are enumerated below. to view full details on Reserve Bank of India’s official website. Rules for NRIs (Non Resident Indians) and PIOs (Persons of Indian Origin):
· An NRI is defined as a person residing outside India who is a citizen of India.
A PIO is defined as a person who has at any time held an Indian passport, or whose father or grandfather has been a citizen of India. NRIs & PIOs are permitted to purchase any number of residential/commercial properties in India. No special permission or filing of documents is required with the RBI. Under the general RBI permission available to NRIs & PIOs, funds must be remitted to India through normal banking channel or funds held in his NRE / FCNR (B) / NRO account. No consideration should be paid outside India. The NRI / PIO may repatriate the sale proceeds of immovable property in India acquired by way of inward remittance through normal banking channels or by debit to NRE /FCNR (B) account. The amount to be repatriated should not exceed the amount paid for acquisition of the immovable property. Repatriation of sale proceeds of residential property purchased by NRI / PIO out of foreign exchange is restricted to not more than two such properties. Capital gains, if any, may be credited to the NRO account from where the NRI/PIO may repatriate an amount up to USD one million per financial year subject to tax compliance. (Please refer the RBI Website for full details)
Rules for Foreign Nationals of Non-Indian Origin:
Foreign Nationals are permitted to lease property in India for a period of up to 5 years without the need for any special permission from the Reserve Bank of India. Foreign companies who have been permitted to open an office in India are also allowed to acquire any immovable property in India, which is necessary for or incidental to carrying on such activity. This stipulation is not available to entities which are permitted to open liaison offices in India. Though RBI rules allow a foreign national who is a Resident of India (i.e. one who has completed more than 182 days stay in India in the previous financial year) to buy property, the rule also states that “… the person concerned would have to obtain the approvals, and fulfill the requirements if any, prescribed by other authorities, such as the concerned State Government”. (Please Note: We DO NOT advise foreign nationals to attempt to purchase property in Goa via this route at the moment.) (Please refer the RBI Website for full details)
Home Finance for NRIs & PIOs All major banks in India provide Home Finance for NRIs and PIOs. Check the details below for an overview of home financing options available from ICICI Bank. Majority of properties on Magic Masons Marketing Services are already pre-approved for Home Loans by reputed banks.
Purpose of Loan: Loans are offered for purchase, construction, extension or renovation of a new house or apartment.
Tenure of Loan:
For Salaried persons – Up to 15 yrs. For Self-employed persons – Up to 10 yrs.
Maximum Loan Eligibility: 85% of the total cost of the property
Documents Required: Click here if you reside in the USA
Click here if you reside in UK
Click here if you reside in UAE
Click here if you reside in Other Countries
Tools: Loan Amount Eligibility Calculator
EMI Calculator (Floating Rate)
EMI Calculator (Fixed Rate)
Buying Process Once you decide to buy a particular property, the following typical process is recommended. However, please note that this process may differ slightly from Developer to Developer, depending on the property selected.
On receipt of your enquiry we will check back with the owners/developers to re-confirm availability of the property and revert to you.
Though the properties on our site are of reputed owners/developers, purely as a matter of ‘Due Diligence’ we recommend that a legal scrutiny be done by a local Goa lawyer appointed by you. (Magic Masons provides complete assistance for this, making it hassle free for you. See MM Services. In cases where the project has already been legally checked and pre-approved by Banks, this step is optional.
Once the Lawyer completes the scrutiny (usually a period of 4-5 days) and gives his approval, you decide whether you/your representative wants to make a site visit/meet the owner/developer. If so, Magic Masons makes all the arrangements for this. (If you are not visiting personally but sending a representative, you need to give us a letter of authorization for your representative).
Once you decide to purchase the property a Booking/Token Amount is to be paid by you to the Seller/Developer to confirm your intent to buy the property. An official receipt for the same is issued to you by the Seller/Developer as acknowledgment of your payment and that the property has been reserved for you.
Magic Masons Sourcing & Coordination Fees of 2% + Govt. Service Tax is also to be paid by you at this time.
The next step is to sign the ‘Agreement of Sale’ (for properties under construction). If a property is ready for possession, this is not required and one can directly sign the final ‘Sale Deed’ against payment of the balance amount due for purchase of the property. Sale Deeds must be registered with the Registrars office.
At the time of signing the ‘Agreement of Sale’ most Developers require you to pay up the value of all installments that as per their Payment Schedule (linked to progress of construction) fell due for payment up to the current stage of completion of construction. Once signed, the ‘Agreement of Sale’ should to be registered with the concerned authorities. Subsequent payments are to be made in installments as per the developer’s payment schedule for the remaining part of the construction. The ‘Sale Deed’ is signed once construction is completed and you can take possession of your property.
Stamp Duty & Registration charges for properties in Goa is currently at 4%. Usually 50% of this is paid at time of signing the ‘Agreement of Sale’ and the balance at the time of signing the ‘Sale Deed’.
It is best to be personally present in Goa for signing the ‘Agreem
ent of Sale’ and ‘Sale Deed’ and registration of these legal documents. However if this is absolutely not Possible, you may appoint a ‘Power of Attorney’ to sign and register the documents on your behalf.
Typical Payment Schedule (for Under-Construction Properties) Following is the typical schedule of payment asked for by developers in Goa for properties under construction. This is only a representative sample and details may vary from developer to developer and type of property. Typical Schedule of Payment:
40% – Down Payment to sign ‘Agreement of Sale’. For completion of plinth and work up to 1st slab level. 20% – For completion of 1st slab, and advance for primary masonry and 2nd slab work. 20% – On completion of 2nd slab and masonry, and advance for plastering, wiring, plumbing. 15% – On completion of plastering, wiring, plumbing, and advance for tiling and finishing. 5% - On Final completion and signing of ‘Sale Deed’.
Stamp Duty & Registration Charges: Government Stamp Duty and Registration Charges are payable on all property transactions and these are borne by the Buyer. The prevailing rate for Stamp Duty and Registration Fee for purchase of properties in Goa is 4% of the property value.
Research Firm Assails Rent Control in Middle East
Monday, May 25th, 2009Rent control, seen by many economists as old-fashioned, has recently made a surprising comeback in one group of high-growth, dynamic economies – the Gulf.
In December 2007 Dubai’s government toughened up its 2005 Rent Law and reduced the maximum 2008 rent increase to only 5%. Abu Dhabi has likewise capped 2008 rent hikes at only 5%.
In neighboring Qatar, a rent freeze has been implemented while the government is determining the new rent increase cap. For the past two years to February 2008 rent increases were limited to 10% annually
In adopting rent control the Gulf has moved in the opposite direction to the rest of the world. Elsewhere, rent control regimes have generally been dismantled or softened since the mid-1990s.
Rent control has been removed in most of Eastern and Central Europe. Asia has also followed the trend: China, Japan, Malaysia and Singapore have lifted rent controls since the early 2000s.
The Gulf measures have dismayed landlords, and alarmed property investors.
In an extended research article, regimes in about 40 countries are reviewed by the Global Property Guide, an international research firm.
“We believe that rent control is generally harmful,” says Prince Christian Cruz, senior economist at the Global Property Guide.
“But rent control can be benign, if: 1.) it is implemented so that its market-restraining effects are modest; 2.) it helps to defuse public protest about high rents; and 3.) it assists landlords and tenants by providing an agreed framework for contracts,” he continues.
“Most of these conditions are not present in rent control measures in Qatar and UAE. If rent control persists in its current form, the property market boom might grind to a halt,” Cruz notes.
According to a study by economists Basu and Emerson, “he removal of rent control can not only increase efficiency in the rental market, but can also lead to a general lowering of rents, making all tenants better off.”
“Qatar and UAE can learn a thing or two from Canada,” says Cruz. “Although the laws appear to be pro-tenant, the system is not entirely disadvantageous to landlords. Allowable rent increases are based on each province’s CPI, allowing regional disparity,” he continues.
A landlord can usually petition for a rent increase above the “rent increase guidelines” set for the province. Landlords doing so have to apply to that province’s rent authority. Landlord-tenant disputes are resolved by the provincial (small claims) court system, or through a tribunal/arbitration system. The system is very efficient.
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Description:
The Global Property Guide is an on-line property research house.
Terms of Use:
On-line newspapers, magazines, sites, etc wishing to use material from this press release MUST provide a clickable link to www.globalpropertyguide.com Sites and newspapers found not to be providing a link to us will be removed from our press list.
Economics Team:
Prince Christian Cruz, Senior Economist
Phone: (+632) 750 0560
Cell: (+63) 917 735 2228
Email: prince@globalpropertyguide.com
Publisher and Strategist:
Matthew Montagu-Pollock Phone: (+632) 867 4220 Cell: (+63) 917 321 7073
Email: editor@globalpropertyguide.com
Global Property Guide
http://www.globalpropertyguide.com
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Renting property in Delhi/NCR
Tuesday, May 5th, 2009Delhi/NCR region has always been the most favored destination for buying, selling or renting property in India. Many people look for affordable options for a rented home in Delhi/NCR region as many MNCs have set up their business here. Besides that, close proximity to other cites and well connected medium of transport are some of the main reasons. Looking for a property is not an easy job especially if you are new to the place. All you have to do is to follow some simple steps and make your work easy.
First of all you should plan your budget and does some research work before renting a property. Either you can go to property portals and browse property online and contact the appropriate person or you can go to some broker to find the kind of property you are looking for. If online browsing is not helping you much, you can contact property agents they will find you a suitable house and in turn will charge you with some commission for their services. Once you have finalized a house, make sure that water and electricity is not a problem and its location in terms of distance is not much far from your workplace or medical stores, grocery or nearby market etc.
It depends on you whether you want fully furnished flats or unfurnished flats as both options are there. But you have to make these decisions according to your budget.
Rental values in Delhi
Delhi offers multitude of rental options to people from diversified background like professionals, students, businessmen, trader’s etc. Surging property prices have attracted many people. In Delhi, you can easily find a luxury house as well as affordable house depending upon your budget. The rental values of property vary from location to location. Property prices have witnessed a fall in Delhi/ NCR region and all over India but rental values have not been affected much. You can get 1BHK around Rs.4000- Rs.10000 in East and West Delhi but in south Delhi it can cost you from Rs.10000 to Rs.15000. In case of 2BHK it can cost you around Rs.15000 in South Delhi – Lajpat Nagar area and can cost you even more than Rs.20000 to Rs.25000 in posh colonies like Defence colony, Hauz Khas etc,whereas in north and east Delhi 2BHK can range from Rs.9000 to Rs.15000. If you want to go for some luxury houses like 3BHK, they ’ ll probably cost you much more, starting from Rs.20000 to Rs.50000 and even more depending upon the location. Rental values are more in South Delhi as compared to East and West Delhi.
Rental values in Gurgaon
Gurgaon has many luxury options like villas, condominiums, penthouses, affordable flats, independent houses etc on offer. As it has emerged as IT hub and various MNCs, BPOs, corporate houses have set up their business here, there is a huge demand for rental property here. The rental rates in Gurgaon are quite high as compared to south Delhi or other parts of Delhi. The rental value for 60 square yards 1BHK is around Rs.6000 to Rs.7000 per month. According to a property broker, rental prices in areas like Sushant Lok ,South City, and DLF is much high even in times of this slowdown. If you want to rent a 1BHK apartment, it can cost you up to Rs.12000 to Rs.16000 per month so you can rent in Gurgaon according to your budget.
Rental values in Noida
Even though there has been an escalation of rental prices in Noida, demand for rental property in Noida has not declined. The city offers a high class standard of living, comfortable lifestyle, all basic amenities and better connectivity to other regions. If you want to rent a house in Noida, the prices can vary depending upon the size like 1BHK can cost you up to Rs.5000, 2BHK up to Rs.7000 and 3BHK up to Rs.12000 or even more that also depends on location of various sectors so you can rent in Noida according to your requirements.