Frequently Asked Questions
Question about selling
Yes, a home can depreciate in value. There are several factors that can cause a home to lose value over time, including:
1. Economic conditions: If the local economy is struggling, it can lead to a decrease in demand for homes, which can cause prices to drop.
2. Location: Homes in less desirable locations, such as those near busy roads or in high-crime areas, may lose value over time.
3. Age and condition: Older homes or homes in poor condition may lose value as they require more maintenance and repairs.
4. Changes in the neighborhood: If the neighborhood changes in a negative way, such as an increase in crime or a decline in schools, it can impact the value of homes in the area.
5. Natural disasters: Homes that are damaged by natural disasters, such as floods or hurricanes, may lose value as a result.
In general, the value of an older home versus a new home depends on various factors such as location, condition, and amenities. Older homes may have more character and charm, but they may also require more maintenance and repairs. New homes may have modern features and energy-efficient systems, but they may also be more expensive. Ultimately, the value of a home depends on individual preferences and needs.
As per the MahaRERA (Maharashtra Real Estate Regulatory Authority) definition, a real estate agent is a person who negotiates or acts on behalf of one person in a transaction of transfer of ownership of a property, whether it is a sale, purchase, lease, or rental. The real estate agent can be an individual or a firm, and they are required to be registered with the respective state’s RERA authority to carry out their business activities. The real estate agent is responsible for providing accurate information about the property, facilitating the transaction process, and ensuring compliance with the relevant laws and regulations.
Question about renting
A security deposit is a sum of money paid by a tenant to a landlord at the beginning of a tenancy agreement. The purpose of the security deposit is to cover any damages or unpaid rent that may occur during the tenancy.
As per the Model Tenancy Act 2021, the maximum security deposit that can be charged by a landlord is two months’ rent for residential properties and six months’ rent for non-residential properties. The security deposit must be refunded to the tenant within one month of the end of the tenancy agreement, after deducting any outstanding rent or damages.
A month-to-month lease is a rental agreement that allows the tenant to rent the property on a monthly basis. The lease automatically renews each month until either the tenant or landlord gives notice to terminate the lease. This type of lease provides flexibility for both the tenant and landlord, as either party can end the lease with proper notice.
A fixed-term lease, on the other hand, is a rental agreement that has a set start and end date. The lease cannot be terminated before the end date without penalty, unless there is a specific clause in the lease that allows for early termination. This type of lease provides stability for both the tenant and landlord, as they know exactly how long the lease will last.