Renting apartments in Bangalore is getting more expensive by the day. So you will want to read this and get to know how you can spend less and still rent apartments in great localities.
Set a budget : You would be wise to spend no more than 30% of your annual income on housing. But that would be possible only if you are earning more than 5 to 10 lakh rupees per year.
If you are single and earning 2 lakhs a year or so, you could perhaps rent with roommates to cut down your expenses. If you choose to do so, ensure that these are people you will really want to live with. Else the compromise may simply not be worth it.
Typically, the longer you are willing to commute every day, the less you will end up spending on apartment rentals. For instance, if you are considering buying an apartment in Bannerghatta road but work in white field or surrounding areas, you will end up spending significantly higher. But if you are willing to live in the outskirts like Ittamadu or Uttara halli, you will save a lot on rentals. To save money on transport, you could car pool with your colleagues.
You would also want to know the rate of increase in the monthly rent and other related expenses. Read the rental agreement carefully, get to know the trends over the past couple of years and get an idea how much more you may be expected to pay in the coming years.
Be aware of the extras : If you are going to be renting with roommates, you would want to agree in advance about sharing cable bills, utility bills, maintenance expenses and the like.
You might also be required to pay a broker's fee, security deposit, non-refundable charges and so on. Have a clear picture of all the expenses, both one time and recurring, and reach an agreement about how they will be handled.
Many first time renters do not take all of the expenses into account before hand. That could be a mistake.
Commute: Before you choose an apartment, see for yourself what the commute looks like at rush hour. Visiting a locality unhurriedly on a Sunday morning and getting to work from there on Monday are two very different things.
Choose the right neighborhood : The key to choosing the right neighborhood is to think long term. Short term thinking can hide many a pitfall when you are looking at a neighborhood.
Even if you plan to change jobs within the next couple of years, do not opt to live in a locality you really do not like.
Choose you live in a place that fits your personality and situation. If you have school going kids, then of course you will want to live somewhere very close to at least one good school your children can go to. But if you are single, then distance to the nearest school should not be a factor. Likewise, if you want to socialize after work, then do not consider living in a neighborhood you would be socially isolated in.
Have a clear idea of what kind of place you want to live in, what your life style and requirements really are. That will help you choose the right neighborhood. Choosing an apartment just on the basis of cost would not be a good idea.
Always verify: Are you thinking of moving to a particular apartment complex just because a friend of your told it's a good deal? Visit the place and see for yourself whether you will want to live there. Will you be comfortable living in the locality? Clearly verbalize the reasons why you want to move there. Write your reasons on a sheet of paper and read them out loud. Visit the place and see whether it still feels the same way. Many folks assume things will be a certain way and act. But when their assumptions turn out to be flawed, they are deeply disappointed. Verify and don't just assume.
Set a budget : You would be wise to spend no more than 30% of your annual income on housing. But that would be possible only if you are earning more than 5 to 10 lakh rupees per year.
If you are single and earning 2 lakhs a year or so, you could perhaps rent with roommates to cut down your expenses. If you choose to do so, ensure that these are people you will really want to live with. Else the compromise may simply not be worth it.
Typically, the longer you are willing to commute every day, the less you will end up spending on apartment rentals. For instance, if you are considering buying an apartment in Bannerghatta road but work in white field or surrounding areas, you will end up spending significantly higher. But if you are willing to live in the outskirts like Ittamadu or Uttara halli, you will save a lot on rentals. To save money on transport, you could car pool with your colleagues.
You would also want to know the rate of increase in the monthly rent and other related expenses. Read the rental agreement carefully, get to know the trends over the past couple of years and get an idea how much more you may be expected to pay in the coming years.
Be aware of the extras : If you are going to be renting with roommates, you would want to agree in advance about sharing cable bills, utility bills, maintenance expenses and the like.
You might also be required to pay a broker's fee, security deposit, non-refundable charges and so on. Have a clear picture of all the expenses, both one time and recurring, and reach an agreement about how they will be handled.
Many first time renters do not take all of the expenses into account before hand. That could be a mistake.
Commute: Before you choose an apartment, see for yourself what the commute looks like at rush hour. Visiting a locality unhurriedly on a Sunday morning and getting to work from there on Monday are two very different things.
Choose the right neighborhood : The key to choosing the right neighborhood is to think long term. Short term thinking can hide many a pitfall when you are looking at a neighborhood.
Even if you plan to change jobs within the next couple of years, do not opt to live in a locality you really do not like.
Choose you live in a place that fits your personality and situation. If you have school going kids, then of course you will want to live somewhere very close to at least one good school your children can go to. But if you are single, then distance to the nearest school should not be a factor. Likewise, if you want to socialize after work, then do not consider living in a neighborhood you would be socially isolated in.
Have a clear idea of what kind of place you want to live in, what your life style and requirements really are. That will help you choose the right neighborhood. Choosing an apartment just on the basis of cost would not be a good idea.
Always verify: Are you thinking of moving to a particular apartment complex just because a friend of your told it's a good deal? Visit the place and see for yourself whether you will want to live there. Will you be comfortable living in the locality? Clearly verbalize the reasons why you want to move there. Write your reasons on a sheet of paper and read them out loud. Visit the place and see whether it still feels the same way. Many folks assume things will be a certain way and act. But when their assumptions turn out to be flawed, they are deeply disappointed. Verify and don't just assume.
