Relocation to a new place can be daunting and exhausting if you haven’t prepared yourself for the move beforehand. It goes without saying that the first and foremost requirement would be to hire a professional movers and packers agency who can handle your cargo with care (and plenty of bubble wraps). But there are some equally important steps to take to make the transition stress-free and smooth from day one. Practical moves require precise planning. Here’s our compilation of basic but essential tips for shifting to a new environment, applicable for homeowners as well as tenants (for temporary or permanent relocation).
Forward your mail/correspondence
If you’re receiving regular subscriptions or monthly deliveries on your old address, change it to the new address well in advance so that there’s no mix-up once you move in. This could include changing the address on digital e-commerce platforms also since out of habit, you could just end up ordering products delivered to the old address and cause unnecessary inconvenience.
Get to know the neighbors
It’s ideal to meet and greet your neighbours and exchange pleasantries. This is not just a formality or an obligatory action but also a genuine gesture to show goodwill and community bonding. Besides, if you’re moving to a new town, befriending the neighbors is the first step. Introduce yourself at a convenient time and exchange numbers if needed. Your neighbours can keep an eye on your house while you’re away and can help you out during emergencies. It’s also a good idea to organise a housewarming party and extend invites to your neighbours.
Know the utility/daily supplies sources
Another imperative step after the relocation is to scout the neighborhood for essential supplies and utilities such as cable, internet, groceries, etc. You must plan and get the gas and light meter activated on the day of moving so that it provides that much ease. Try the nearby eateries and explore the area like a local to get a feel of the place and get oriented towards the neighborhood.
Apply security measures
Check the current security practices in place in the housing society and accordingly deploy your own security measures. For instance, if your society has only security guards and limited CCTV cameras, you could install smart doorbells and locks to tighten your home’s security. If you’re so inclined, you could also invest in a home security system equipped with sensors, motion detectors, locks, and alarms.
A society with an intelligent society management app like MyGate can provide end-to-end gate security with passcode verification-based entry/exit makes the security of your home robust from the get-go. The solution ensures that no unwanted or suspicious visitors can enter the society premises without prior approval from the resident.
Learn about the society rules
Every society has codes of conduct, maintenance bill practices, and distinct bylaws. You must be aware of every pertinent rule in the beginning. Eventually, you can settle in and look into the details of the bylaws but initially, you must know the below:
- Maintenance amount and due date (not if you’re a tenant)
- Society MC/RWA contact numbers
- Society- specific code of conduct and compliance
- Rules regarding pets and guest parking
Meet the MC/RWA members/Secretary
A single point of contact would suffice at the beginning, i.e. you could introduce yourself to either the Secretary or any other committee member who’d be able to answer your questions and be available to help you get familiar with the community rules.
Trash Management
Nowadays housing societies have special protocols for the segregation of dry, wet, and toxic waste. Quite a few societies may even have composting units for which wet waste is collected from each household. Plastic recycling procedures may also be applied in some cases. Inquire about the waste disposal procedure so you can arrange for appropriate waste handling supplies like color-coded trash cans.
Figure out the parking space allotment
If you have a two-wheeler/four-wheeler, you must get yourself a parking slot assigned. You may be assigned a temporary spot initially until the MC can find a permanent place for your vehicle. You must also be aware of the parking charges per month.
Be aware of any unknown variables
Some areas in and around your neighborhood may be unsafe or unsavory. There may also be some specific towers or floors in your society that may be sealed due to Covid positive cases. Inquire about such restrictions or safety measures once you move in.
MyGate society management app has tie-ups with reputed grocers, food delivery apps and provides discounts on medicines with Covid proof delivery protocols in place which you must avail for convenience and safety.
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Getting a fair deal on a house you love is less of a stroke of luck and more of due diligence. First-time buyers should do their homework before launching into a real estate transaction. Here’s how:
Check comparable listings
Visit multiple properties with similar amenities, room size, square feet, and other features and investigate the difference in listing prices. Square feet matter the most and you should consider properties falling within 10% of your property. You can start by using online tools to estimate the value of the property. However, it’s best to manually compare the actual property prices by physically inspecting them and talking to the seller. If an asking price seems suspiciously lower or higher than the average rate, something could be amiss.
Investigate comparable sold and unsold listings
Check the average sale price for properties sold in the last three months. Also, evaluate properties preferably across from each other or in a close radius, and which are of the same age and condition. It’s also necessary to compare the asking or listing price against the actual sold prices to get an idea of how much wiggle room you have during negotiations. Real estates prepare a document called Comparative Market Analysis which is a fair way to understand the current prices. Pragmatic sellers know not to overprice the property unnecessarily to stay competitive in the market. If the house has been on the market for too long, it could be because of overpricing. So it’s important to ask how long the owner has been trying to sell it.
For reasons unknown
If the house seems underpriced, it could be because the owner is either in a hurry to sell it off for personal reasons or because the house has some structural or foundational problem that could later turn into an expensive affair. You should get a thorough inspection if you suspect the latter.
Market considerations
The market value of a house is a starting point for a negotiation based on CMA and property features and location. However, the appraisal value is done by a licensed third-party professional. Based on the inputs you have, get an appraisal value of the house. But don’t just go by online calculators.
It would be wise to also consider the assessed value of a home which is the monetary value set for taxation. The assessed value is usually lower than the market value, however, evaluators may use the assessment rate to correctly estimate the value. If you find that assessed and appraised values are abnormally less than the asking price, you must ask the seller to justify the excessive overpricing. Usually, it may be priced higher for negotiation purposes, but if you’re not aware of the correct market value, you’d be getting yourself into a deal that puts you at a disadvantage.
Get help from a professional appraiser or property valuer, plenty of which are available in the real estate market. If you find after an appraisal that some components in the appraisal report should not be overpriced as per the asking price, you should confidently negotiate. Some of these factors are curb appeal, valuation of similar properties, amenities, and home improvements. Any reasonable buyer will price their home fairly knowing that the assessment and appraisal will be a countermeasure that buyers could use.
Gathering data from various sources
Don’t just take the seller’s word as final, no matter how many different homes you visit or how convincing or unshakeable each seller seems. You can start by using different online property valuation tools to get an initial idea. Another way is to check online property portals to compare similar properties in an area. You can also download National Housing Bank Residex data for a particular city to get the housing price index. Contact several different real estate agents to understand the pricing differences and micro trends for the neighborhood. Use your own sphere of influence to get the numbers on actual sale prices of past sales or similar sales.
Convenience matters
Sometimes the sellers may agree with the general market value of the property but may price it higher due to facilities provided such as luxurious fixtures, appliances, fully equipped modular kitchen, air conditioning, etc. In such cases, it’s better to get such components appraised and assets checked for quality so that there’s no overcharging.
At times, if the seller already knows that the house is convenient practically or a dream house for you, they might overprice and lure you into a high bidding war. Some may overprice a home simply because of the property’s prime location, but the home itself may not be worth the ask in terms of assets and amenities. In such cases, you’d have to be discerning about your priorities and be firm during negotiations. As such, it’s a good approach to not let the seller sense just how badly you want the house, so that he may not manipulate you into paying higher than the worth.
While broaching the subject of convenience, it’s a good practice to inquire if the housing society has an intelligent digital management app like MyGate. It automates security by passcode-based entry/exit, enables multiple types of digital maintenance payments, and facilitates end-to-end management of society matters on one single app.
Buying and selling of property is not an everyday event in one’s life. Most people know ‘if it ain’t broke, don’t fix it’ quite intuitively, i.e. if there is no need to sell your house, you simply won’t. But if you’ve been mulling over the question of whether to sell your property now or in the near future, you must consider the below signs before jumping into the real estate market.
If you’re not financially prepared
If you intend to sell your house and wish to downsize, the profit you make on the sale should be enough to cover additional expenses of moving, sale deeds, and other property-related charges. But if you’re hoping to upgrade to a new or more expensive property, you’ll have to pay the difference out of your own pocket. If you have not saved enough to cover any additional expenses, you might want to hold off and wait till you’re financially more secure.
Home loan restrictions
If you’ve purchased your current home on a bank loan, you will have to follow through with some legalities like obtaining an NOC from the lending bank, and get the original title deed transferred to the new buyer. Do not attempt to sell your house without fulfilling the stipulations along with the tax liabilities. Other than that, if you sell your house within one year of purchasing it on a loan, you’re liable for paying (STCG) Tax which is the tax applicable on investments sold within one year (percentage may vary between 10-30%).
The market conditions
If it’s a buyer’s market, beware. It means that the buyers have plenty of options to choose from. This could mean that sellers will have a disadvantage when it comes to negotiation and get a good price on the sale. It makes no sense to sell your house in market conditions where you may get a lesser price than you deserve. One way to check if it’s a seller’s market is to take a stock of the number of houses for sale in your neighborhood and beyond to see if the inventory is low, indicating that it’s a seller’s market. Another reliable way is to consult a certified real estate agent and understand if the market is favorable for a sale.
Sentimental value
If you are emotionally invested in your house and have great memories, you may feel reluctant to give in to the pressure of selling it if it’s not absolutely mandatory. In other words, you’re not ready to sell if your intuition nudges you not to. However, there may come a point in time when moving becomes imperative. But don’t jump the gun if you’re not emotionally ready.
Practical considerations
At times, you might have to consider several situational and physical factors that determine your decision to sell. For instance, if your job or occupation requires you to reside close by or if it’s simply not feasible due to other family or work priorities, you shouldn’t need to sell your home.
Factors for first-time sellers
If you don’t have any experience in buying or selling property, you might want to refrain from selling your house right away or accepting any offer that comes in. It’s necessary that you do enough research online/offline, and hire a credible realtor to strike a good deal on your behalf. You may have to pay the estate agent fees but it’s better to handle the sale professionally instead of going through an unnecessary struggle.
Number of residents
If your family size is the same since you’ve moved into the current home or has reduced (e.g if your children have moved out), you might not want to uproot yourself from your home and move to a new one. Conversely, even if the number of residents has increased in your family (e.g. birth of a child), but you find yourself not satisfied with the offers you’re receiving on the house, you might want to wait till a desirable offer presents itself.
Bidding war
If you are putting your house for sale in a seller’s market, you may receive quite a few tempting offers. It’s wise not to accept the very first offer you receive. Weigh your options, use solid negotiation skills, and zero in on the best offer.
Condition of the property
If your house is in disrepair or requires painting and structural restoration, you should first address these issues before putting it out in the market. If you don’t make your house appealing and attractive to buyers, you may not get the price you’re expecting.
If you live in a housing society with an intelligent society management app like MyGate, you can leverage it as a plus point. It provides end-to-end security, communication, and financial management such as passcode-based gate verification, online maintenance payments, online amenities booking, domestic help tracking, secure deliveries, and many more useful features for the convenience of an urban buyer.
Most of all, enlist your priorities (financial needs, family size, offers in hand, etc.) and use your discernment to take the final call.
Also, Read- When is the right time to sell your home soon
Disclaimer: Thank you for visiting our site. The information provided by MyGate (“we,” “us” or “our”) on https://www.mygates.techletsolutions.com (the “Site”) is for general informational purposes only. We strive to provide our readers with accurate information that helps learn more about the topics. It is not intended as a substitute for professional advice. We do not accept responsibility for the accuracy of information sourced from an external entity or take personal/ legal responsibility for your use of this information.
Cooperative Housing SocietyLandlords across India are known to deny tenancy to bachelors for several reasons, some justifiable and some baseless. If you’re interested in renting your property, you might need to consider a few factors with respect to the type of tenant you want vis-a-vis your practical needs. Let’s explore the difference between Bachelor and Family tenants.
Important factors to decide for the landlord:
How big is your house?
If you have a small 1BHK or 1RK, it’s most likely to be suitable for one or two people to reside, in which case it’s better to rent to bachelors.
Is your house furnished?
Families already have furniture and appliances of their own but bachelor may not come with a lot of baggage. If your home is furnished and well-equipped, you may have to remove some of it for a family. Bachelors or students may not be able to afford a higher rent for a furnished home. On the other hand, a steadily employed and trustworthy bachelor (or a couple) who can afford to pay a higher rent for your furnished home, maybe more suitable.
Do you want to rent your home to a family with children?
Little kids are likely to cause some damage to the property like paint on the walls or break fixtures. Responsible parents would pay for the restoration but if you are not interested in taking chances, rent to singles.
What are your rent and agreement expectations?
Singles may not always be able to afford higher rents. If you have a bigger and furnished house in a good locality, it may appeal to families or working professionals who have the financial clout. Lease agreements have a lock-in period of 3-6 months which may not be acceptable to some short-term renters.
Disadvantages of renting to bachelors
There is no legal mandate in any national or regional cooperative acts that prohibit bachelors from renting out a place in residential societies, however, society members are usually reluctant to allow bachelors into a gated community environment for the following reasons:
Bachelors rent out an apartment usually to share together whether they’re working or studying but in many cases, they could just be single occupants. Landlords have experienced often that singles and students may be irregular when paying rent and maybe irresponsible in general with respect to paying utility bills as well. Due to this, there may be delays in receiving rent and frequent power/ gas disconnections.
Another reason is that bachelors do not stay for longer durations in one place so that’s an inconvenience over and above the lack of stability. Usually, landlords prefer a two-year commitment to the accommodation.
There may sometimes be loud parties and get-togethers late into the night that might be a nuisance to the neighbors.
They may not always keep the apartment clean, and follow the rules of the society regarding code of conduct, parking, waste management others since they don’t have any real stake in the functioning of the society.
They may not have proper identification proofs, be able to furnish local references, for the leasing agreement, and may not always be who they claim to be.
Even though the landlord may be willing to rent out to bachelors, the housing society may have reservations and apprehensions about it.
Benefits of renting to bachelors
If you’re renting to a couple of bachelors, they would split the rent, hence be able to afford your asking price.
If they’re properly screened, vetted, and vouched for while being made aware of the society rules from the beginning, they can be the ideal tenants as they’re independent and keep to themselves without causing any trouble.
They can be helpful to the landlord in case of emergencies if the landlord is out of town or lives away.
With the growing number of students and professionals who migrate to cities, there is a good opportunity to find many renters and earn continuous income.
Why do landlords prefer families?
They’re willing to lease for 2-5 years at least as families don’t prefer to move too often.
Families blend easily with the beat and lifestyle of other residents, which is why societies don’t object to having them as tenants.
They are regular with the rent and bill payments and adhere to all rules.
Qualified bachelors vs questionable families
At the end of the day, the landlord should be able to discern between two potential candidates and decide whether they’re bachelors or families on the basis of the quality of their conduct and background credentials. Screening them through diligent reference checks is the right approach. You may make the mistake of assuming that if you’re renting to a family, you’ll be safe. The family you rent to can be disruptive or make trouble due to a number of reasons once they occupy the premises. For instance, they may be uncivilized, loud, crass, or have unsavory guests visit often. On the other hand, an educated and responsible working professional, in spite of being single, can be a great tenant owing to their urban, independent, or quiet lifestyle. The same goes for students; those with good family values and straight priorities can make good tenants. It’s wrong to discriminate on the basis of a traditional mindset.