Most first time home leavers have very little option but to rent their first property and many of these individuals are unsure about how to tackle the task. Below are some steps to take to ensure that you rent the ideal property with a minimum of hassle.
- Determine a Budget
You need to know what you can afford to pay for a rental property. The first month will be your most expensive outlay and you will need to provide for:
- The first month’s rent in advance.
- A security deposit equal to one or two months’ rent.
- Admin or agents fees if you are using a real estate broker.
After this, you will need to pay the full rental amount on or before the end of every month. If your rent does not include utilities, you need to pay your water and lights bill separately, every month.
- Finding a Property
You can search for a property on your own or use the services of a rental agent. Rental agents will rarely charge you a fee and their bills normally got to the landlord or form part of your monthly rental amount.
Start searching for property that falls within your budget in your preferred location and meets with you specific size and space requirements. Remember that the location, size and type of property will affect the rental price.
Rent to own homes, a bachelor apartment in a lower class neighborhood will cost less than a four bedroom house in a desirable suburb.
Take into consideration any conditions in the rent to own homes that may affect you – what is the pet policy, is the rental non-smoking, etc.
- The Rental Agreement
A rental agreement is a legally binding document that you need to read carefully before signing. In the agreement all your liabilities and responsibilities while living in the rental property will be outlined. The obligations of your landlord will also be explained.
You need to pay careful attention to the rent to own homes and how often it can be increased. It is generally acceptable for rent to be increased on the anniversary of your rental agreement or on an annual basis.
You should also read the terms of the agreement carefully. The terms normally refer to how long the rental agreement will be in effect and the type of notice that you will need to give to terminate the agreement before the end date.