5 Things To Know Before Renting A Property

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renting a property

Before renting a property, it’s important to understand the process involved in renting and what your rights and responsibilities are. If you rent through an agency, you might have additional protections that aren’t available if you go direct to the owner of the property. Here are five important things you should know before renting any type of property.

Understanding The Agreement

No matter what type of rental you’re entering into, you’ll want to make sure that you fully understand it. To avoid any pitfalls, take some time and learn about lease agreements before you sign one. For example, one of our clients rented a property for her business and was told she would be responsible for all utilities. The landlord ended up sending a separate bill for every utility—and it wasn’t cheap! She could have avoided months of confusion if she had taken a few minutes to ask questions about how her rent would work. Every lease agreement is different so make sure you understand your obligations before signing on any dotted lines.

Communication Is Key

Communication before renting a propertyCommunication is one of those things to consider before renting a property, that’s more important than you think—you need to be able to talk with your landlord. Whether it’s a simple question about when rent is due or a request for repairs, communication will help ensure that you get what you want out of your rental agreement. Tenants can and should communicate with their landlords in person, over email, and on any telephone number or address listed in their lease agreement. Good communication also means being clear about requests and talking through any problems as they arise—before they become serious issues (or force you to break a lease). But it doesn’t stop there. Communicating can also help determine whether renting a property is right for you at all.

Dealing With Maintenance Issues

After spending money on a nice property, you want to protect your investment and reduce your chances of costly damage or disrepair. First, make sure that if something breaks, it’s covered by a warranty—that way you won’t be responsible for paying for repairs. If there isn’t a warranty on your property, look into paying an annual fee for maintenance of some kind (like landscaping or pest control). While these can get expensive over time, they may save you from dealing with unexpected costs down the road.

Finding Reputable Landlords And Agents

There are an overwhelming number of rental options to choose from in some areas. It’s not uncommon for multiple agents and landlords to approach a prospective tenant offering properties in the same area at different prices. It’s important that you know who you’re dealing with before deciding to rent; always check references and ask a lot of questions up front. If they don’t give satisfactory answers, move on quickly. In addition, avoid agents who don’t offer background checks on their landlords or those that use their own property as security deposit if they can’t secure one from another landlord (that’s usually considered a red flag).

What To Do When Moving Out

Whether you’re a renter or a landlord, it’s important to remember that there are specific guidelines when moving out of an apartment, condo or house. While it may be tempting to do some things before vacating your unit, like drilling holes in your wall for a TV or painting your door a different color, you should refrain from doing so. Not only will painting be an expensive fix when it comes time to move out, but many landlords charge for repainting during occupancy. In some cases, tenants aren’t even allowed to make alterations without permission from their landlord—so err on the side of caution and don’t make any changes until you’ve cleared them with your property manager first.

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