It has been for a while already when the economy started to lose track and fall down. Many are affected and equally devastated. That is the reason why, together the nation fights the degrading economic condition through training and retraining programs.

There are many things to consider when you are planning to rent a property. Being cautious is a lot better since it is but a reality that many tenants don’t have good experiences with regards to renting a property in Tampa. More often than not, there is a greater chance of meeting someone who had rented a property and can only say negative impression about the rental house or any considerable factors related to it.

These tenants are considered as those who had learned things the hard way. In anyhow, you cannot blame the property or the owners for these. Why is this so? Well, it is but a fact that tenants have a choice of the rental property they want. Therefore, what they had rented is typically a choice of their own and has nothing to do with the owner who is innocent enough in putting his rental property in market. It is somehow considered as the tenants fault for not having time to check out every aspect of the property to avoid problems in the long run.

If you are one that is planning to rent a property, it should be a lesson to you to be meticulous enough to check the details. And so, to help you through in avoiding such problems encountered in renting a house, consider these issues that are necessary to take into notice before deciding where to rent.

1. Safety

Safety is the top priority to consider when renting a property. Necessary safety precautions are taken as well as additional means of keeping tenants safe are strictly implemented by most companies since most of the tenants have families and small children with them.

In checking for basic house facilities and extra amenities, be sure to ask owners about the safety policies that they offer to tenants.

2. Neighbors

A perfect house is one that is good-looking, well organized, clean house with good neighbors. Checking about the neighborhood is important in deciding whether you like the surroundings of the house or not, or if you can live with the kind of neighborhood the prospective house have.

Although some did not care about neighbors, it is very important for a tenant to know the benefits of checking the type of neighborhood you have. Well, those that do find time checking the surrounding neighbors are usually the ones than plans to stay in a certain place for a long period of time. One thing to make sure here is that you must “feel at home” with the neighborhood so you don’t have to worry about the kind of people who are likely to meet and possibly become friends with.

3. Noise

Loud noises especially those from trucks and cars in the busy street is definitely a no-no to those who love a quiet, serene environment. So expect a noisy living if you choose a rental property located near streets or highways. Some sources of noise include recreational areas like a gymnasium or business centers nearby.

These are the some of the top issues that you as tenant should check out and consider while still in the process of checking out the rental property that you have chosen, by doing so, you save yourself from dilemmas of finding out the bad side of your chosen property.

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As home loan rates soared from an average of 7 per cent to as high as 12-13 per cent., demand for real estate property decreased by nearly 25-30 per cent in the country over the last 18 months after the cut in Cash Reserve Ratio by the RBI, the developers are expecting the home loan rates to fall.

“The home loan rate in India is among the highest in the world and we expect it to be reduced by at least 100 basis points after the cut in CRR,” said Mr Pradip Kumar Chopra, Chairman, PS Group.

According to a study by the Associated Chambers of Commerce and Industry of India (Assocham), housing demand in small towns witnessed a 25 percent fall during February-July 2008 period because of higher cost of borrowing. The report said realty transaction has gone down by nearly 25 percent in most of tier II and tier III cities between February and July 2008. Assocham Secretary General D.S. Rawat said:

“Approximately 15 million people in about 30-40 tier II and tier III cities were unable to make purchases as higher inflation and interest rate have dampened their enthusiasm and eroded their budget.”

The Assocham study is based on feedback from affiliated real estate majors like Parsvnath, Omaxe, DLF, Unitech, and BPTP, which are developing projects in small towns. Besides rising cost, non-availability of inputs such as bricks, cement and steel, and power shortage also cause inordinate delays in project completion.

The chamber has urged the government to introduce real estate investment trusts (REITs) to bring the much needed class of institutional investors to strongly support the domestic real estate market. According to the Assocham, REITs can also help develop commercial mortgage backed securities (CMBS) market and create a source of cheaper debt for commercial real estate.

The recent move by RBI is expected to enhance liquidity to the primary and secondary real estate funding, while arresting further de-growth in real estate investments in the country. While banks had been reducing disbursements to the real estate sector over the last one and half years, the loans extended to “risky” projects dried up after banks fell short of liquidity, following the global financial crisis, Banks are funding real estate sector with caution only after a project is sanctioned and construction has started. Time will say whether the cut in CRR will have any positive impact on the sector.

Realtors, who are disappointed with this year’s budget, believe a cut in home loan rates is the only way to ramp up the demand for housing. High interest rates have drastically affected the growth of the sector. The growth is at 6 per cent compared with 30 per cent three years ago, when home loan rates were really low.”

Although average home loan rates at 7 per cent to 8 per cent were conducive for the growth of the sector, some economist predicts that it will not fall below 10.5 to 11 per cent. The rates vary from 9.5 to 12.5 per cent for loans up to Rs 20 lakh and 11 to 13.5 per cent for greater amounts. Real estate players are disappointed with finance minister P. Chidambaram for not renewing the income tax relief on the construction of affordable housing.

The benefit, which allowed builders to claim tax exemption on profits for making such small homes or flats, expired last year. Real estate players want the benefit to be revived to encourage middle and lower middle-class buyers of housing.

Real estate companies also complained that a hefty service tax on mall owners imposed in a previous budget had added to the higher pricing of flats. Analysts forecast that this service tax is ultimately a burden on end-users. It will add the extra expense incurred to the rentals. As a result, the cost of commercial space will become steeper and there will be fewer buyers.

India, one of the world’s fastest growing economies will continue to witness growth in its real estate sector according to a report by Deutsche Bank. The findings said that the long-term growth prospects remain very good.

The report titled “Real Estate Investments In China and In: Big Returns In Big Countries?” remarked growth in the cities and urban areas will show significant increases and is forecasting the situation to remain that way for number of years to come.

An important contributor to this real estate boom is the increasing growth of the urban population. India is projected to increase its population by 55 per cent by 2050. Another driving factor is the anticipated rising population of ‘working age.’ The working age population in India is predicted to reach over 65 per cent by 2050.

Presently supply is not keeping up with demand for affordable housing, despite the real estate sector attracting foreign investors and investment.

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On July 29^th, the Reserve Bank of India (RBI) announced it was increasing its key interest rates in a move to tackle inflation and reduce it to levels approaching 7 per cent, by March 2009.

Since April, the RBI has increased the repo rate by 125 basis points and the cash reserve ratio by 150 basis points. The bank has raised its key repo rate, the rate at which it lends money to other banks, by 50 basis points to 9 per cent.

In response, India’s Housing Development Finance Corp. (HDFC) said it has raised its retail prime lending rate (RPLR), on which its adjustable rate home loans (ARHL) are benchmarked by 0.75 per cent from 1^st August 2008.

The housing finance company said that for new home loan customers, the ARHL loans will now be priced at 11.75 per cent per annum, while the fixed rates will be at 14.00 per cent per annum.

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