5 tips on finding the right Real Estate Agent
Mumbai, also known as the financial capital of India, is a city that attracts a large number of students and young professionals every year. With numerous educational institutions and job opportunities, the city offers a vibrant lifestyle that appeals to many. Renting a home in Mumbai can be a daunting task, especially if you are a student or a young professional new to the city. Mumbai, being one of the most populous and expensive cities in India, can make it challenging to find an affordable, comfortable, and safe place to stay. However, with a little bit of research and preparation, you can make the process of renting in Mumbai a lot easier. In this blog, we will be discussing some best practices that you should keep in mind while renting in Mumbai as a student or young professional.
Start your search early
Finding the right rental accommodation in Mumbai can be a time-consuming process. Therefore, it is advisable to start your search early. This will give you enough time to explore different options and make an informed decision. For college students, it's recommended to begin the apartment search at least nine months prior to the intended move-in date, as they are negotiating for the following year. However, if you have already graduated from college and are seeking a new apartment, it's advised to start your search approximately six weeks before your desired move-in date. You can begin your search by browsing online platforms that list rental properties in Mumbai. These platforms allow you to filter your search based on your budget, location preferences, and other factors.
Define your budget
Mumbai is known for its high cost of living, and rental accommodations can be expensive. It is essential to determine your budget before you start your search for a rental property. As a student, your budget may be limited, so it's important to determine how much you can afford to spend on rent each month. Remember to factor in other expenses such as utilities, groceries, transportation and other expenses. If you are earning then it is advisable to keep your rent within 30% of your monthly income to avoid financial strain.
Choose the right location
Mumbai is a vast city with several localities, each with its unique vibe and features. Research different localities to determine which area suits your needs best. Consider living in a less expensive area to save money on rent. If you are a student, you may want to choose a location that is close to your college or university. If you are a young professional, you may prefer a location that is close to your workplace. You should also consider factors such as safety, accessibility, and availability of transportation and amenities before finalizing a location.
Consider public transportation
Look for areas that are student-friendly and have a good public transport system. This will make it easier for you to get to and from your university or college. For working professionals, if you don't have a personal car or bike or don't want to rely on it, look for properties that are close to public transportation such as buses or trains. This can save you money on transportation costs.
Check for amenities
Even though renting a fully-furnished place might come with a higher rent fee, it can actually be cost-effective in the long term. Just think about the convenience of not having to pack and move furniture, search and save money for a good AC,TV or bed. As a student, it's beneficial to seek out properties that provide amenities like laundry facilities, internet access and study spaces. This can make your life easier and more convenient. As a working professional try looking for a fully-furnished place which offers everything from furniture to internet.
Save on electricity
When rushing to get to class or the office, it's typical for people to forget to switch off appliances like fans or leave the air conditioning on longer than required. We advise using an app that can assist you in controlling your usage. Mumbai's summers can get exceedingly hot, and running the air conditioner all day every day will cost you a lot of money. Try leaving windows open in the early mornings and nights to let the cool breeze in throughout the summer to conserve electricity.
Consider shared accommodation
Shared accommodation is a popular option among students and young professionals in Mumbai. It is a cost-effective way to split rent, utilities, and other expenses with roommates. Additionally, living with roommates can be a great way to make new friends and build a social network in the city.
Be prepared for extra costs
Students and young professionals who are looking to rent a property should anticipate additional expenses that may arise throughout the rental process. In addition to the monthly rent, there may be other costs to consider such as a security deposit, utility bills, internet fees, parking fees, and other potential charges such as maintenance or repair costs. Being prepared and factoring in these additional expenses beforehand can help individuals avoid financial surprises and ensure they are able to comfortably afford the property they wish to rent.
In conclusion, renting a home in Mumbai as a student or young professional can be challenging, but with careful planning and research, it is possible to find a suitable accommodation that fits your budget and requirements. These best practices can help you find a rental home that is safe, affordable, and comfortable.