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Planning To Rent Your Property? Here Is Everything You Need To Know

Renting your own property may feel exciting. However, if you’re not keen enough, you may end up making big mistakes and wasting your hard-earned money. Therefore, whether renting an apartment, house, or any other given rental property, there are certainly a lot of factors you ought to put into consideration for you to make a smart and informed decision. For example, you would want to choose the best location, have a budget in mind, and understand the lease agreement, just to name a few.

Also, rental properties come in different varieties, shapes, sizes, and setups. Therefore, identifying your specific needs and preferences should be the first thing when hunting for a perfect rental property that meets your specific needs. If you are the owner and want to rent out your property, on the other hand, you have to know the right way to go about it. With a larger bias on renters, here is a brief outlook of things you need to know when planning to rent your property.

1. The Location Matters

Choosing a conveniently located property is an essential factor to consider when renting your property. For example, you want to make sure the location doesn’t add unnecessary minutes to your commute or increase your cost of travel. Also, if you can’t get to your friends easily or they can’t get to you without trouble, then the location is not suitable for you. Additionally, it is overwhelming to rent a property whereby you have to wake up two hours earlier to get to your job. Most importantly, you should also check the crime rate of the particular location to be sure you are safe even walking down the street or walking around on a weekend, and so on.

2. Use a Reputed Rental Agency

The fastest and most convenient way to find the ideal property for your needs is through a property management agency. The best part is that these services are available online, so you can even do it at the comfort of your current home or out on the go. The professionals behind point out that you can find a rental in minutes online based on your preferred location, budget, size, and amenities. You can even scroll through the listings and compare your options to decide on the property that suits you best.

3. Check the Floors and Walls for Any Alarming Damages

Truth be told, the first things you will notice when you enter a rental property are the floors and the walls. If there are any damages such as large holes on the walls and noticeable stains or damages on the floor, ensure all that is clearly recorded on the inspection report as the fault of the previous owner. You may also take some pictures using your phone and keep them as additional evidence. Then, later on, you may make arrangements with the leasing agency or the landlord on how the repairs will be done.

4. Ensure You Can Afford the Property

Having a clearly set budget comes in handy in ensuring you can afford to pay rent for the rental property. While it is easy to start with a clear budget, you may realize as you continue with the search, the prices have exceeded your budget range. In such a scenario, don’t convince yourself that you can afford it while you can’t. The rule of the thumb here is to go for a rental property you can afford without straining so much. Also, don’t forget to include other expenses you would incur, such as the council taxes, and utility bills, energy bills, and so on.

5. Ensure Safety Equipment is Working Properly.

Since emergencies never give us a knock on the door when they are about to happen, renting a property with functional safety equipment e.g. smoke detectors and carbon monoxide detectors will make you feel confident enough that in case of an emergency you are sorted out. If safety equipment isn’t working properly you should inform the landlord or the leasing agency and have them fixed before moving in.

6. Confirm the Bathroom is In Good Condition

Frankly, quite often, we might not even think of flushing the toilet or even turning on the bathroom faucets when doing a walkthrough with the landlord. We assume they are functional, especially if there is nothing visually wrong. However, a rental property inspection is important when hunting for a rental. Make an effort of flushing the toilet, check that the faucets are not leaking and anything else related to ensure the plumbing is on point.

7. Read and Understand the Contract

When renting a property, don’t just sign any document that is presented to you without reading and understanding the terms. In fact, it is okay to ask for more time to go read and understand the contract. If you encounter some clause that is not clear to you, don’t hesitate to seek legal advice before putting your signature on that document. Moreover, all the agreements reached during the offer should be incorporated into the contract.

8. You Can Negotiate the Lease Terms

Surprisingly, many property renters aren’t aware that you can actually negotiate some of the terms in the leasing contract. Negotiating is very much allowed. You never know. You may end up saving some money to do other important things in your new property such as adding a piece of new furniture. Also, if, for instance, the lease requires you to move in from January 1st but you are not ready, you could comfortably explain yourself to the landlord or the property manager and ask for a reasonable move-in date along with the costs.

When planning to rent your own property you would want to make sure you have figured all the necessary factors to avoid making irreversible mistakes. In that regard, the tips given in this piece will be hugely helpful.


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