Under-construction vs. ready homes: Take your pick

Under-construction vs. ready homes: Take your pick

We have compiled a list of advantages and disadvantages of both, thus allowing you to make a well-informed decision

  Adilemma that often overwhelms homebuyers is choosing between a ready-to-move-in (RTMI) home or an under-construction one.  Therefore, let us spell out the advantages and disadvantages of each option so that you can make an informed decision during your homebuying process.

  Buying a finished project saves you time, but it also means paying a higher price.  Moreover, in the case of RTMI homes, you can check the quality of the final product, which is not possible for a home that is still under construction.

  With under-construction projects, there is greater flexibility in terms of payment as compared to RTMI.  You can pay a token amount, and then easily pay the remaining balance over a longer period until the construction is complete.  Additionally, you have the freedom to personalise the interiors according to your preferences.

  “RTMI properties offer a good value proposition to discerning homebuyers and are least risky.  Not only do they offer instant gratification, but they also do not attract GST.   Under construction properties fall under the purview of GST, levied at five percent of the base cost of a property.  Of course, this does not mean that all RTMI properties are risk-free by default.  The number of illegal constructions or projects with non-sanctioned additional floors now being identified stand mute testimony to that fact,” explains Amit Goenka, CEO, Nisus Finance.

  While earlier there was a difference in pricing (around 10 and 30 percent ) between a ready property and an under-construction property, the gap has begun to simmer down.  “ The gap between ready-to-move-in homes and those still under construction has narrowed down over the years because there was an abundance of unsold homes of under-construction homes are going up due to increased input costs such as land and construction expenses,” mentions Prashanth Thakur, regional director, and head of research Anarock Group.

 What are the key things that a buyer should keep in mind before investing in a home ( irrespective of whether it is a ready home or an under-construction home ) ?  “ Make sure the developer has a good track-record of completing projects on time.  When buying an under-construction home, avoid making a large up-front payment and instead consider construction-linked plans.  If you’re considering a ready-to-move-in property, ensure all the amenities and facilities are up and running.  Check for documents such as the occupancy certificate, title clearance, and other legal requirements.  Lastly, consider your financial situation, family size, and job location, to determine which option suits you best,” says Akash Pharande, managing director of realty firm.

  Manju Yagnik, senior vice president, NAREDCO Maharashtra concludes, “ Invest in a project, which is registered under the Real Estate ( Regulation and Development ) Act (RERA) as it will ensure that the builder follows ethical business practices, making your investment secure.  Secondly, it will reduce the chances of project delays.  Moreover, it will facilitate a speedy resolution of any complaints or issues that may arise during the construction process.”

 

Make Every Inch Of Your Home Count With Multi-Purpose Homes

 Make Every Inch Of Your Home Count With Multi-Purpose Homes

Transform your living environment to live comfortably and efficiently with multifunctional spaces

If you’re dealing with a lack of space at home, multi-purpose homes are the way to go. They provide practical solutions to make the most of limited space while adding your personal touch. With these functional solutions, you can easily create a more spacious and unique style for your home. “Having a multi-purpose space is super important because it means you can use the same area or piece of furniture for multiple things. These kinds of spaces in your house are like chameleons, they can be easily adjusted to fit your everyday life and activities. We believe a room must be both, functional and flexible to meet your needs,” explains Prashant Thakur, regional director, and head of research, Anarock Group.

The pandemic has truly highlighted the importance of multi-purpose spaces and their ability to meet the evolving needs of homeowners. “The demand for multi-purpose spaces in modern homes has seen a significant increase after the pandemic. Many factors have contributed to this trend, particularly the rise of remote work and hybrid work setups. As more people work remotely, there is a growing need for versatile living areas that can easily transition between work and leisure activities. Homeowners are now seeking practical solutions to enhance their property’s functionality and adaptability to create more value-added homes,” affirms Amit Vakharia, VP of projects at a real estate group

How can you create a multi-purpose home?

Akash Pharande, managing director of a real estate firm, shares, “You can use a variety of clever furniture and storage solutions to transform living spaces and adapt them to your changing needs. For instance, you can opt for murphy beds, fold-out wall beds, sleeper sofas, folding tables, and chairs as they can easily convert your living room into a bedroom and vice versa. To customise a room further, you can rely on modular storage units such as cubbies, cabinets, and lofts. These can be arranged in different configurations, giving you the flexibility to fit your specific requirements. Want even more functionality? Consider dual-purpose furniture like tables that double up as desks, ottomans with hidden storage, and benches with seat lids. And to make it even easier to change things up, wheeled cabinets, movable room dividers, and rolling carts are the way to go. With these ideas in mind, you can easily customise your space to fit your ever-evolving lifestyle.”

Designing versatile living areas can be a bit tricky for homeowners, as they often encounter various obstacles along the way. The key here is finding the right balance between different functions. You want the space to not only look great but also be functional and organised. “One important aspect to consider is storage. You need smart storage solutions that can meet your diverse storage needs. Figuring out clever ways to hide easily accessible items can be a challenge, but it’s doable. Additionally, choosing furniture and household items that can serve multiple purposes without compromising on comfort or style can also be a hassle. Lastly, practicality is key. You want to make sure the room is convenient for various purposes. This means carefully planning and thinking about innovative solutions to fully utilise the space,” says Nidhi Aggarwal, founder, of a construction and interior-based company. 

Moreover, it is important to find the perfect balance between style and practicality. Aggarwal mentions, “You can opt for a trendy and cosy sofa bed that seamlessly fits into your living room’s decor. This way, it can easily transform into a comfortable bed to accommodate guests. Additionally, clever storage solutions like built-in cabinets and hidden drawers are great for keeping your space clutter-free while creating a warm and inviting atmosphere. Ultimately, the key to designing a versatile room or space lies in the skilful combination of form and function, ensuring that visual appeal doesn’t compromise usability.”

Creating a welcoming and functional space is all about finding the right colour scheme, lighting, and furniture, and experimenting with creative solutions. Hence, one must enjoy the process.

Aggarwal elaborates, “First, start by creating a cohesive colour scheme that brings the place together. A consistent palette will not only reinforce the desired mood but also visually unify the entire space. Next, think about lighting strategically. Position lights in a way that allows for different atmospheres based on the specific functions of each area. For example, adjustable wall fixtures and ceiling pendants can brighten up work areas, while ambient lighting can bring warmth to resting regions. When selecting furniture, opt for pieces with a simple line and versatile design that match the style of the room. Comfort and utility should be prioritised. Look for furniture that also offers storage options, such as internal shelves or secret compartments, to help keep the place organised and free from clutter. Lastly, don’t hesitate to experiment with adjustable furniture like folding screens and sliding partitions. These additions can easily modify the space as needed, while still maintaining a sense of harmony throughout."

Is it possible to sell your under-construction apartment after registering it?

 Is it possible to sell your under-construction apartment after registering it?

If you find yourself in a situation where you are unable to arrange the finances needed to take possession of your under-construction property and are considering selling it off, fret not! We’ve got you covered with detailed information on how to proceed 

Ramesh Sawant ( name changed on request ), a private sector employee, purchased a house in Borivali, Mumbai in January 2022.  However, soon after, the state government announced that they would be imposing an extra one percent metrocess on properties registered after March 2022.  Since Sawant was sure about his purchase and financial situation, he hurriedly finished the registration process before March 2022.  However, things didn’t go as anticipated and his finances hit a roadblock.  Sawant is now in a soup as he cannot make the pending payment nor can he get his booking and registration amount back.  The building is now nearing completion and will get the occupancy certificate (OC) soon.  Sawant now wishes to sell this apartment, but can he do the needful?  Let’s find out.

Can I sell my under-construction house after registration?

The simple answer is, yes.

How can I sell the same?

To sell your booked flat after registration, you will need permission from the developer.  Manmeet Kaur, partner, Karan-jawala & Co.shares, “An under-construction property can be sold subject to the terms and conditions of the Builder Buyer Agreement (BBA).  Usually, the BBA will have a clause for the assignment of allotment to subsequent allottees.  Once your allotment is assigned to a new allottee, i.e. the subsequent purchaser, the subsequent purchaser steps into the shoes of the original owner.  The consideration for such a transfer can be worked out between the seller and the purchaser.  However, such assignments or transfer of rights under BBA are subject to approval and endorsement by the builder.  Usually, the assignment will be through a tripartite agreement between the builder, seller and purchaser wherein the builder will agree to handover possession to the purchaser instead of the seller and the purchaser will undertake to make the remaining payment.  A transfer fee may also be charged by the builder.  If the original purchase has been financed by a bank or financial institution, a No objection certificate (NOC) from such bank or financial institution will be required.”
         However, take note that it is not going to be a simple process and it involves complex paperwork due to the unusual situation of selling a house.  It is advised that you seek legal advice to manage the complexities and ensure a smooth transaction without any legal hurdles.

Can I return the house back to the developer and get a refund? 

          “It is  not possible unless the allottee and the developer both, agree to cancel the allotment/sale.  Under RERA, the developer is entitled to forfeit the amount as specified either in the allotment letter or agreement for sale as the case may be,” shares Sadhav Mishra, partner, SNG & Partners, Advocates & Solicitors.
          However, you do have the option to give it back to the developer if he agrees, but it will probably be a loss-making deal for you.  Ram Naik, director, The Guardians Real Estate Advisory shares, “Start a conversation with the developer and look over the contract for a cancellation clause.  If a refund is agreed upon, follow the steps described, maintaining clear and documented communication throughout the process.  In case of cancellation of the deal, refundable policies provide flexibility by allowing full or partial repayment within a given duration.  However, keep in mind that GST is non-refundable, resulting in a loss of 10 to 12 percent of the property cost if the booking is cancelled.  Developers often charge cancellation fees of roughly 10 percent of the property cost.  Moreover, as buyers, you have already covered the cost of stamp duty and registration fees.  For instance, in Mumbai, the stamp duty rate is set at six percent, and the registration charges amount to one percent of the property value.”  This means that cancelling the property and returning to the developer will mean that you face around 20-25 percent of the total property cost loss.

What if the builder refuses to let you sell the apartment? 

It is also possible that the developer might not permit you to sell the apartment before possession.  In such a scenario, you will have to look for a buyer who is willing to pay the remaining amount on your behalf.  In case you take the home loan and fall short on some amount, the buyer should pay you that amount that you will pay to the developer and after possession, you can transfer the loan to the buyer.
Let’s understand this with the help of an example.  Suppose you bought a house for Rs one crore and now you are unable to take possession.  You have already paid 15 percent of the amount, i.e. Rs 15 lakh as booking and registration charges.  You will have to find a buyer who can give you the remaining Rs 85 lakh before possession.  Suppose the buyer is also not in the position to arrange such a huge amount but can manage Rs 35 lakh, you will have to take a home loan of the remaining Rs 50 lakh in your name and take possession.  Once you get possession, you can transfer the Rs 50 lakh home loan to the buyer and sell it.
              In all such scenarios, you will have to ensure that the buyer is trusted and that proper paperwork is carried out.  As it is such a huge amount, it is preferred that both, the buyer and seller share a good mutual understanding on top of air-tight paperwork.
              Naik concludes, “Maintain transparent communication with the developer, seeking guidance and viable solutions to unanticipated problems.  Conduct extensive market research to identify a reasonable selling price, increasing the chances of a successful resale.  Carefully assess your options, keeping in mind the volatile character of the real estate market, and seek professional guidance to make informed decisions.”

 

Watch out for these hidden costs when applying for a home loan

Watch out for these hidden costs when applying for a home loan

Did you know that whether your home loan is sanctioned or not, you must pay certain charges to the lending bank? Here are some of the lesser-known yet important facts you must know about them 

Many homebuyers apply for a loan to finance their dream home.  However, in the eagerness to get the loan sanctioned, one tends to overlook the fine print.  Here’s a closer look at some pertinent information and expenses that buyers must become aware of.

Loan Processing fee

As soon as you apply for a loan with the required documents, the bank will have to execute a few tasks before sanctioning the amount.  These include verifying your documents and the authenticity of the residential project. You’ve chosen.  They charge a processing fee which is usually non-refundable.  This fee varies from lender to lender.  While some charges a fixed amount, others may charge a certain percentage of the loan amount.  What’s more, paying the processing fee is not a guarantee that the loan will be sanctioned.  So, if your loan application is rejected, the processing fee will not be refunded.

Legal and technical property assessment fee 

When you apply for the loan by furnishing all documents including copies of the sale deed and sale agreement of the property and have paid the processing fee, the bank gets their legal and technical teams on the job to verify the documents and assess the property.  These could be employed by the bank or the services could be outsourced to a third party.
The legal team is tasked with assessing whether the property you are buying with the loan is free from encumbrance and if there are any legal disputes on the property ownership.  The technical team reviews the property to gauge its worth and decide whether the loan application is indeed for the property mentioned.

Loan administration fee 

Once the bank has completed the legal and technical verification, becomes convinced that you deserve the loan, and sanctions your loan, you will have to pay the administration fee.  This amount, too, depends on each lending institution.  While it's a fixed fee in some places, a few others might charge a higher amount if you are aiming for a high-end home.  Others might waive off the administration fee if you request them since you’re on a good wicket with the loan sanction.

Loan documentation fee 

Although most documentation of your home loan is done online today and you may not need to visit the bank to physically sign the documents, banks still charge a fee to keep them in safe custody.  If you are repaying the EMIs from your bank account through the electronic clearing system (ECS) , your lending bank will charge a fee to activate the ECS.  Moreover, during your homeloan application, you are required to submit the original property documents to the bank after the documents are registered with the local sub registrar.  The bank transports these documents to their assigned, usually centralised, branch to keep them secure in their custody.  Professional third-party security and logistics services are hired to do this job for which they are paid.  This is then charged to you, the borrower.

GST charges on home loan 

The bank’s services rendered to you at the time of processing the home loan come under the Goods and Services Tax (GST) bracket.  While the loan amount sanctioned is not liable for GST, you will have to pay the charge on other services such as the processing fee, administration fee, legal and technical assessment charges, documentation fee, etc.
Paying attention to these small details and expenses can save you a world of trouble as you navigate property buying.

Is interior designing on a budget possible?

 Is interior designing on a budget possible?

Tight on budget but still wish to have a wonderful home interior? Here are some suggestions for you

Interior design plays a pivotal role in creating spaces that are not only affordable but also functional and aesthetically pleasing. This article explores interior design trends tailored to affordable housing projects, focusing on cost-effective materials, space-saving solutions, and community-centric designs that are redefining the concept of affordable homeownership.

Embracing cost-effective materials

Designers are increasingly turning to cost-effective materials that offer both durability and aesthetic appeal.

One such material is engineered wood, which closely resembles traditional hardwood but comes at a fraction of the cost. Engineered wood is a sustainable choice and can be used for flooring, cabinetry, and wall cladding.

Furthermore, laminate countertops are gaining popularity as a budget-friendly alternative to expensive stone or solid surface options. These laminates mimic the look of natural materials and are easy to clean and maintain, making them ideal for kitchens and bathrooms. Additionally, designers are exploring creative uses of reclaimed materials. Salvaged wood, repurposed metals, and second-hand furniture items can add character to affordable homes while minimising costs. Not only do these materials save money, but they also contribute to a sustainable, eco-friendly approach to interior design.

Maximising space with clever design solutions

In smaller living spaces, making every square foot count is essential. Removing walls between the kitchen, dining area, and living room can create a sense of spaciousness and improve the flow of natural light. Multipurpose furniture, such as sofa beds, fold-out desks, and wall-mounted dining tables, maximises functionality without sacrificing aesthetics. Built-in storage, under-bed drawers, and vertical shelving help keep clutter at bay and make small spaces feel more organised. Sliding doors or room dividers save space compared to traditional hinged doors while adding a modern touch to interiors. Furthermore, a minimalist design approach can make small spaces appear larger and less cluttered.

Utilising vertical space with indoor gardens not only adds greenery but also maximises the use of available space in a budget-conscious manner. Mirrors strategically placed on walls can reflect light and create the illusion of more space.

These space-saving solutions not only make affordable homes more functional but also contribute to a visually appealing and comfortable living environment.

Conclusion

Affordable housing innovations in interior design are making homeownership more attainable and enjoyable for a wider range of individuals and families. By embracing cost-effective materials, optimising space through clever design solutions, and prioritising community-centric designs, designers are helping to create affordable housing solutions that are not just places to live but places to thrive. Affordable housing is no longer about sacrificing comfort or style; it's about reimagining what's possible in the realm of affordable and sustainable living spaces.

Buying a home for the first time? Don’t forget to claim these benefits

 Buying a home for the first time? Don’t forget to claim these benefits

As a first-time homebuyer, you may qualify for some sweet perks like tax savings, reduced interest rates, and even special discounts from developers. So, keep an eye out  as you might have a chance to save a handsome amount

Purchasing your first home can be pretty overwhelming. But don’t worry, there are a bunch of perks that can make this experience a bit smoother - not to mention easier on your wallet!

Benefits galore:

Under Section 80C, first-time buyers can claim tax benefits of up to Rs 1.5 lakh on the principal repayment of a house loan, but this is applicable only for homes that are completed and owned for at least five years from the date of acquisition; 

Additionally, Sections 80EE and 80EEA provide a tax credit of Rs 50,000 on interest repayment for first-time homebuyers;

You can also get interest deductions of up to Rs two lakh per year under Section 24, provided the home is owned and not rented;

Section 80EEA of the Income Tax Act, 1961, provides an additional deduction on home loan interest for first-time homebuyers of affordable housing. The deduction is limited to a maximum amount of Rs 1.5 lakh per financial year, provided the property value is up to Rs 45 lakh and the loan is sanctioned between specific timeframes. 

“The Real Estate Regulation Act (RERA) ensures transparency and accountability in the real estate sector, thus protecting the interests of buyers by curbing malpractices. The Pradhan Mantri Awas Yojana (PMAY) is aimed at providing “housing for everyone” and benefits first-time home purchasers from lower and middle-income families. The subsidy rates on the principal amount vary based on the buyer’s income, with additional income brackets recently introduced to extend the benefits to a wider segment of the population. Moreover, the housing subsidy GST has been reduced from 12 per cent to eight per cent for residences acquired under PMAY, allowing eligible first-time homeowners to avail of a higher subsidy of up to Rs 2.7 lakh,” informs Pritam Chivukula, vice president, CREDAI-MCHI.

Money matters :

First-time homebuyers can avail of competitive home loan interest rates from top banks and lenders. These rates are generally tailored based on various eligibility criteria. Besides, if you’re a salaried employee, your interest rates could be lowered by 15-20 basis points as compared to those who are self-employed. Akash Pharande, managing director of a real estate firm adds, “Banks occasionally roll out special offers for first-time homebuyers. You might see slight reductions in interest rates or other benefits such as a waiver on processing fees and prepayment charges, among others. However, these offers are usually available during the festive season. So, keep an eye out for these sweet deals.” The interest rates you might end up paying on your home loan depend on several factors which include the size of your loan, the term of the loan, and your credit score. So, keep these factors in mind while planning your finances.

“Bigger loans, longer payback periods, or a weak CIBIL score may attract slightly higher interest rates. Remember, not all banks and financial institutions offer the same rates and terms for their loans. It’s essential to compare offerings from multiple lenders to get the best deal,” says Vickash Choudhary, founder of a real estate firm.

The one mistake that first-time homebuyers often make is that they focus mainly on securing lower interest rates, but they should also consider other terms such as prepayment charges and processing fees while comparing loan offers.

Developers play their part :

Developers often extend special reductions and benefits to attract first-time homebuyers and promote their projects. These benefits can vary depending on the developer’s marketing strategy and the property being offered. Common offers include discounts on the base price of the property, thus making it more affordable for first-time buyers. Some developers may also provide additional incentives such as free furniture or appliances, or free membership to gyms or clubhouses. Additionally, to ease the financial burden on first-time buyers, developers might offer flexible payment plans with staggered payments or lower initial down payment requirements. Developers may offer discounted prices to first-time homebuyers, especially in affordable housing projects. Some developers may waive off additional charges such as floor rise charges, preferred location charges, or clubhouse membership fees to attract first-time buyers. Developers may have tie-ups with specific banks or financial institutions, thus providing special home loan interest rates or processing fee waivers for buyers of their properties. Chivukula cautions, “Prospective homebuyers should thoroughly review all the terms and conditions of such offers before making any decisions to ensure they fully understand the benefits and implications.”

Make the right choice : Standalone home vs. flat

 Make the right choice : Standalone home vs. flat

In the bustling real estate landscape of Chennai, here is a guide to help you choose between an independent house and apartment

With its diverse real estate landscape offering everything from luxurious villas to modern apartments, prospective homebuyers in Chennai are often confused with a pivotal decision: whether to invest in a standalone home or an apartment. Each option presents its own unique set of advantages and considerations.

Current market scenario

As per Anarock Research, as many as 28,300 units are available for sale in Chennai as of H2 2023. These include all property types such as apartments, villas, plotted developments, etc. Though apartments are the first choice of property seekers, it’s interesting to know that villas as a property type gained much traction during the pandemic. This was also revealed in Anarock’s Consumer Sentiment survey wherein demand for villas went up across cities. Interestingly, villas were popular among buyers in Tier II and III cities. As per the survey, almost 27 per cent of respondents who are looking to buy in Tier-II and III cities chose villas as their first preference. As for the top seven cities, notably the southern cities have a higher demand for villas. For instance, in Hyderabad, almost 19 per cent of respondents preferred to buy villas, in Bengaluru 14 per cent preferred it, while in Chennai, nine per cent of respondents preferred villas.

Apartment or an independent house: What is the ideal choice in Chennai?

Both apartments and villas depreciate over time in terms of value and strength, as compared to the newer buildings. Buying a home in a new building would always be a tad bit more expensive than the resale market. What one thus needs to consider is the purpose of their purchase. Apartments generally come with lesser work in renovations and repair (water connection, electricity, gas line, etc). On the other hand, if buying a villa, along with the utilities, you may also have to take care of either building the structure or renovating the existing one including the desired type of fencing as everyone’s security needs vary. The stress of ensuring there are no trespassers also lies with the owner in the case of a villa. However, your preferences and needs should be the priority before deciding between the two.

Where to buy a house in Chennai?

“In the past, central regions of Chennai like Nungambakkam, Alwarpet, and Mylapore have typically featured standalone homes. As the city expanded, some of these homes were transformed into apartments due to an increase in the number of buyers and evolving consumer preference for gated communities catering to urban lifestyles. This shift has also been supported by the growth of the office sector, with increasing IT/ITeS firms in OMR in South Chennai and buoyant industrial activity in Oragadam-Sriperumbudur and surrounding locations in West Chennai. Thus, over the recent years, South and West Chennai have garnered a dominant share in launches and sales of housing units. Notably, South Chennai now holds around 60 per cent of the city’s housing stock, with prominent zones such as OMR, GST Road, ECR, and neighborhoods such as Velachery and Adyar. This growth has also been fuelled by urban expansion and increased property values in central areas,” informs Anshuman Magazine, chairman and CEO - India, South-East Asia, Middle East & Africa, CBRE.

What is the best bet for you?

Advantages of apartments:

 Apartments offer convenience and shared amenities. They often come with security features and have maintenance handled by society management. Their central locations provide easy access to various facilities and can be more affordable than houses.

Disadvantages of apartments:

 There are often rules set in place by the building management that can limit how much you can personalize the space. Plus, the resale value of an apartment might not increase quite as quickly as you’re hoping.

Advantages of independent houses:

 Independent houses offer ample space and privacy. They often come with private outdoor areas, giving residents more freedom for gardening and outdoor activities. The resale value can be pretty good, and no shared amenities or restrictive rules usually exist.

Disadvantages of independent houses: 

Apartments come with minimum hassles of maintenance. On the other hand, in an independent home, the owner must go through the hassles of finding plumbers or carpenters, and even take it upon himself to manicure the lawns. Although most of the amenities (pool, and garden) can be built into an individual house, the financial implications are huge. Also, owners have to install CCTV cameras or burglar alarms to monitor the property, which is an additional expense.

– Manju Yagnik, senior vice-president, NAREDCO

Questions To Ask Your Landlord !!

 

Questions To Ask Your Landlord !!

Here’s a handy list of questions to ask your landlord to ensure your stay at your new place is hassle-free

Thinking about renting a home? It’s crucial to have a chat with your landlord about some key points first. This way, you won’t face any surprises down the line.

1. Rent and payment terms

What is the monthly rent, and when is it due?
What are the accepted modes of payment (e.g., bank transfer, check, cash)?

2. Security deposit

How much is the security deposit?
When will the security deposit be returned once you vacate the property?

3. Maintenance and repairs

How are maintenance and repairs handled?
If something breaks, who will repair it?

4. Utilities and amenities

Which utilities are included in the rent (e.g., water, electricity, gas, etc)?

Are there any shared amenities (e.g., gym, swimming pool), and are they included in the rent?

5. Guest policy

Is there a policy regarding guests and overnight visitors?
Are there any restrictions on the number of occupants?

6. Security and safety

            What security measures are in place (e.g., locks, security cameras)?
        Does the property come equipped with fire safety gear, such as smoke detectors? 

7. Parking and storage

           Is parking available, and if so, is it included in the rent?
       Is there storage space available for tenants?

8. Notice period

          How much advance notice do we need to give to terminate the lease agreement?
      Can either party terminate the lease before its expiration, and under what conditions?

9. Legal obligations

          Can you review a copy of the lease agreement before signing it?
      Are there any specific rules or regulations you should be aware of, such as building rules or local law?    

10. Appliance and furniture

           Which appliances and pieces of furniture come with the rental? 

Asking these questions can help you make an informed decision. Besides, you should also make sure that everything that you have mutually agreed upon should be documented in writing, preferably within the lease agreement, to avoid any disputes in the future.