Things You Must Remember As a Tenant
So, you have decided to move out of your daddy’s home and become a first-time tenant? If you are planning to rent a property, there are several things you should keep in mind. Moving in as a renter comes with many responsibilities. Paying the rent on time should be your top priority.
Are You Prepared to Pay Rent?
Before you choose a rental property, you must be aware of what you can pay. Set a budget for yourself. The rent must not consume 30% of your income. At all times, check if you can afford the rent. In most regions, tenants don’t receive a grace period on rents. The landlord will expect you to pay rent on time. In fact, late rent can come with penalties. While considering the rent you can afford, you must be aware of all monthly expenditures. Create checklist on your expenditures. This could be anything like deposit, food, education, travel, rent and other utilities. Before you make a commitment, you must remind yourself of the monthly expenditures.
Establish a Strong Bond with the Tenant
Moving on, you should establish a good relationship with the property owner and neighbors. The rental industry is extremely competitive. When you are prepared to rent a home, you must engage in tons of paperwork. If you have no rental history or a credit score, you must kick start with the following plan:
- You should have details of employment and income in hand. You should be able to provide at least one contact information.
- You must carry details of your bank account. Try to demonstrate signs of financial planning. Most landlords admire well-planned renters.
- You should have a co-signer.
These details will help you with the rental application. Any standard form from the landlords will request for these details. Credit and background verification depend on the information you provide.
Signing the Deal
To secure your rental property, you must sign a lease document. The lease acts as a legal binding between the landlord and you. Before you sign the document, you must be aware of its terms and conditions. Ask an attorney or the landlord any doubts you have. Most landlords request for a deposit. Some may ask a one-time-fee for pets and security. To verify these details, you must read the lease agreement carefully.
Different Types of Property Inspections
Before you shift into the rental property, you must inspect the home. You can perfect the inspection yourself or hire a professional. Five different types of inspections must be performed on your property.
If you have planned to hire a professional property manager, or if you are changing your existing property management company, you should visit the home and inspect! After the property management firm comes into the picture, you will sign a pre-agreement. The property management firm engages in the detailed inspection.
Move-in inspection is a complete walkthrough of the property. The inspector has to document all damages in the home. This document will protect you from unexpected disputes. When all existing issues are documented, you don’t have to worry about shouldering the responsibility of repairing damages.
Move-out inspection is an important process! You should look for damages beyond wear and tear. Try to compare your move-in inspection photos with the move-out inspection document. Assess if the rental home is returned just the way you moved in. In case repairs and replacements need to be done, the landlord will deduct an amount from the security deposit.
As tenants, you must engage in seasonal inspections. A Periodic inspection will help you verify the condition of your rental home. You must look for issues in the gutters, plumbing lines, fireplace, furnace filters and anything that can increase your maintenance charges. Try to inspect your property once in every six months.
Drive-by inspections are meant for long-term tenants. These inspections are performed by the landlords. Drive-by inspections can help the landlord repair damages promptly. They will be able to avoid expensive repairs.
On the whole, renting a new property is a challenging and a daunting task. You must take into consideration many factors. To be on the safer side, you must document everything discussed and confirmed by the landlord. When you take photographs and document conversations, you will be able to maintain a healthy relationship with the landlord. The chances of conflicts are very low! Even if you have to go to court, the documents and photographs will be useful. As a tenant, the document will protect your rights.
Have you ever wondered how to price your rental property? Deciding a rent for your property is easier said than done. You must take into con...
Are you retiring in the next few months? Are you confused about where you should retire? Or, are you wondering if you need a rental home or ...