Many consider Pune to be India’s second-largest information technology metropolis and the country’s primary automotive manufacturing centre. Due to the diversity of educational institutions housed there, it has been dubbed the Oxford of the East. Given the significant number of students that come to Pune to seek higher education, they’ll need to rent flats in Pune while there.
Pune, nestled in the picturesque Sahyadri foothills, offers mild temperatures year-round. The heat and cold in north India aren’t comparable, and neither is the humidity in south India. During the months of July, August, and September, Pune sees a lot of rain. While you’re working hard, Pune’s nice weather and a cup of adrak-elaichi chai can help you relax.
Here’s a step-by-step guide to finding a place to rent in Pune, including everything you need to know from getting started to settling in a neighbourhood.
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- Neighbourhood
The sort of renters you attract and your vacancy rate will be determined by the community in which you purchase. If you are buying near a university, students are likely to be the majority of your prospective renters, and you may struggle to fill vacancies over the summer. To prevent rental conversions, some communities charge high licencing costs and add layers of red tape.
- Taxes on property
You need to know how much you’ll be saving in property taxes since they will likely vary substantially in your preferred location. If you live in a desirable neighbourhood where long-term renters are drawn to the area, paying more property taxes may not be a terrible thing. However, there are other less desirable areas with similarly high rates.
Alternatively, you might inquire with local property owners or the municipality’s assessment office. Don’t forget to find out whether future property tax hikes are expected. Any community experiencing financial difficulties may raise taxes well beyond what a landlord may charge in rent.
- Schools
The quality of the schools in the area should be taken into consideration while looking for a property for a large family. In spite of your primary worry being monthly cash flow, the value of your rental property comes into play when you decide to sell it down the road. Investing in a property if there aren’t any decent schools nearby might impact the value of the property.
- Crime
People don’t want to reside adjacent to a crime hotspot. However, there should be reliable crime data for each neighbourhood available from the local police or public library. Check the rates of vandalism and significant and minor crimes, and don’t forget to keep track of whether criminal activity is rising or falling. Also, inquire about the frequency of police patrols in your area.
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- Employer Pool
Tenants flock to areas where there are more prospects for work. Visit your local library or the U.S. Bureau of Labor Statistics (BLS) to see how many jobs are available in your region. There will be a rush of people looking for a place to reside if a large corporation is relocating into the neighbourhood. Depending on the type of company, this might increase or decrease in home costs. If you do, your tenants are likely to want that business in their backyard.
- Amenities
Look around and see whether there are parks, restaurants, gyms, movie theatres, and public transit options that might be appealing to tenants. Your local city hall may provide information on where to find the optimum balance of public and private facilities.
- Prospects for the Future
This information may be found at the municipal planning department responsible for zoning and planning in the region. An excellent growth region is one where there is a lot of building. Avoid new projects that might have a negative impact on the market value of nearby homes. Your property may potentially face competition from new construction.
- Vacancy and Listing Count
Finding out whether a neighbourhood is experiencing a seasonal cycle or a downward trend in value is essential if a vast number of properties are being listed in the area. In both cases, landlords are forced to decrease rents to entice new renters because of high vacancy rates. Landlords may boost rents because of low vacancy rates.
- The average cost of renting a home
As a landlord, you’ll need to know what the typical rent in the region is so that you can budget accordingly. Make sure any property you’re considering can handle your mortgage payment, taxes, and other costs before deciding whether to purchase it. You should be able to predict where the region will be in five years by doing thorough research. Taxes may rise in the future, so if you can afford the area now, you may end up bankrupt if you wait too long.
- Natural Catastrophes:
Insurance is an additional price that must be included in your returns, so it’s essential to know how much it will cost. Insurance expenses might cut into your rental revenue if you live in an earthquake or flood-prone location.
- Obtaining Knowledge
Official sources are fantastic, but you’ll need to speak with your neighbours to obtain a more accurate picture. Talk to both landlords and tenants. Because they have no stake in the community, renters are more candid about its flaws. Visit get a sense of what your new neighbours are like, go to the neighbourhood at various times of the day and on different days of the week.
This brings the talk to close — simple procedures for finding and shifting to their dream furnished flat on rent in Pune. As a result, proceed with the following actions.