Renting your first home can be intimidating. These tips will help you make the right choices and make your visits with confidence.
Do not forget to do your research:
Moving into a home is a major event in life, no matter if you rent a small apartment or a large luxury villa – so it’s important to spend enough time and research to find the ideal property.
Adopting the digital age can be useful and you are almost always sure to find what you are looking for online. The Internet has a variety of property search portals that offer easy access to all the real estate listings available in the market.
Be aware of scams in the rental:
The disadvantage of the digital age and its easy access to information is the opportunity it offers fraudsters and fraudsters to generate rental scams that many tenants are victims.
Staying on your guard is essential to ensure that you are not the next target of a rental scam.
The common signs of scammers to watch for:
Not be able to see the place of interest
Agents or owners who avoid visits.
Pressure to transfer money without signing the appropriate documents
Do not rent a property above your means:
Renting more expensive housing than you can afford is a common trap for many renters.
Moving to a new apartment can often involve many hidden costs that we sometimes forget to take into account. Keeping room for manoeuvre in your budget is essential to avoid unexpected bills and ensure you do not live beyond your means.
Beginner renters are advised to stick to a dwelling that is well within your price range to compensate for unexpected expenses, such as a huge electricity bill or a broken appliance that needs to be repaired.
Security deposits and upfront costs:
Most rentals require a deposit before moving in. The down payment is usually held by the landlord and may be used to pay for any property damage you may cause while living in the apartment.
It is advisable to take good care of your new home to ensure that your full deposit is returned when your lease ends. In addition to this, it may also be necessary to pay a full month’s rent in advance for the property.
A lease agreement
Make an inventory of the contents of the property and the damage existing before moving in may be beneficial. It is imperative to record all defects in the property, no matter how insignificant it may seem at that time.
In doing so, you will be able to protect yourself and avoid any potential claims or unwanted conflicts that may arise.
Put everything in writing:
Ensuring that a written lease is established and understanding its content is essential.
A legally binding contract that sets out each of the rights, rules and regulations that you and the landlord is required to respect while living in the lease, is a must-have requirement for both parties.
It is crucial to understand the document before signing it to ensure that there is clarity on all requirements and limitations. We have all been guilty of accepting a list of terms and conditions without the trouble of reading it – but adopting the same attitude with your lease may not be a good idea.
The small print of a lease is just as important as additional clauses that could have an impact on your portfolio and your lifestyle. These may range from late rent penalties, pet ownership policies, painting or changing the rental space, or what protocol to follow if something breaks down and needs to be repaired.