Tenancy 101: Five Things to Know Before Renting Residential Properties

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“If you have not found it yet, keep looking. Do not settle. As with all matters of the heart, you will know it when you find it.” -Steve Jobs

Owning a home has long been considered the pinnacle of your financial goals. After all, a home is considered as a keystone of wealth and stability insomuch that owning one would pretty much settle you for life. However, while owning real estate is regarded as one of the best investments in the world, it does not mean that you should jump right onto it. At this point in your life — –whether financially, emotionally or physically–it might make more sense to rent a flat out instead of buying it. However, just because you are renting does not mean you do not have to be the least meticulous about the prospective properties you are looking to rent out.

One of the pivotal aspects of renting a residential property is looking for one that befits your lifestyle and is strategically located such as a 1br condo for rent in BGC. Some other things that may contribute to your decision-making process would be the monthly lease and the size. In any case, before you rent out property, it is imperative to have a list of considerations and see if the potential properties you are checking out will meet your criteria. If you do not know where to start, take a gander at the list below to have an idea of what you should be looking for when you are looking for a residential property to rent:

1.) Research the area

Before moving in, it is best to have a general idea about where you will be billeting yourself. Sure, it might be just a few blocks away from where you work, but is it near a hospital? If you have kids, is the location in proximity to any good schools? Is it located just right across a noisy club? Before signing the lease contract, you need to be a hundred percent sure that you are okay with the surroundings. You might be paying an affordable rent only to discover that you can barely sleep at night owing to the noise right across the street.

2.) Know if pets are allowed

If you have any furry friends with you, then know if they are as welcome as you are in your prospective rental flat. Ask the landlord what his or her policy on pets are. Just because you love your little pooch does not mean that your landlord would automatically love them as well. Discuss it early on so that you can either reach a compromise or look elsewhere if little scruffy is not allowed in the area.

3.) Check the appliances

Ideally, it is best to live in a rental flat that comes with all the basic amenities such as kitchen and laundry appliances. If the prospective rental property you are checking out has them, be sure to thoroughly inspect them and report any defects or signs of disrepair. Generally, if appliances are included in the inventory on the agreement, the landlord is obligated to deliver them in working order to the tenant and to confirm in writing that they are all working accordingly. Should there be any defective items, clarify with your landlord in writing as well as to whether the landlord would agree to repair or replace said items.

4.) Inspect every nook and cranny

It is imperative that you do a thorough inspection of the prospective property you are hoping to rent. In this regard, check for any leaks and run taps on the shower and see if the shower works accordingly. Any problems found can be reported and addressed early on by the landlord. Doing a comprehensive sweep of the property before signing the lease contract is important so that these are all resolved even before moving in. Overlooking them now might place you in a difficult situation wherein you would not be able to settle them later.

5.) Know how much money you need to pay in advance

Having an idea of how much you need to pay in advance would help you determine how much you need to save in order to afford moving in. A month’s worth of rent is generally what most landlords would ask for, although it would purely depend on what the landlord will stipulate. Moreover, deposits are usually within the scope of a landlord’s discretion, but you can negotiate that amount as well. Just be sure to be on the same page as your landlord is so that you would not get yourself into a legal snarl.

 

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