Things to consider before choosing a rental property
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Renting or buying a home can be a real headache, for first-time renters its important to consider more than just the amount of bedrooms and the monthly rent when looking for a property. Tailored Realty inc has put together a list of things all first-time renters should consider before deciding on a property, or signing a lease.
One of the most important questions is, can you reasonably afford to live here? Before seriously considering a rental property, you need to take a good look at your monthly budget. Is the rental price for the place you're considering low compared to other places in the area, this could be a dream come true or a giant red flag! Your Tailored Realty agent will make sure that they look up comparable properties, in order to help you either negotiate a price or determine if this place is too good to be true for a reason.
When going for a showing with your agent, keep in mind that cosmetic issues, such as broken blinds or scratches on the wall, can be fixed – possibly by your landlord. But deeper problems may be an indication that the apartment hasn’t been properly taken care of.
As you and your agent look at the rental property look for health and safety issues, such as bug problems, rodents, leaky faucets, water damage, lead paint, asbestos, dirty air filters, mold , broken heat and air conditioning systems, rust, broken windows, and electrical problems.
Before signing a lease, drive around the neighbourhood to get a sense of the community. and stores nearby. As well as a good idea of how long of a commute these things are going to be, as well as the commute from your work to the property.
Tailored Realty Inc., Brokerage has you covered when it comes to looking over your lease and discussing what your needs and wants are as a client and making sure that is added to the lease, while also explaining to you the details of your agreement. When looking for a rental property, although anything can happen, it's important to consider whether the landlord is looking for someone to rent their property long term, or if they plan on converting the property to someone, or turning the property as a whole into something else.
If you're looking to live somewhere long term, it's important to consider how long you are looking to lease a property, and whether you and the landlord or on the same page in regards to that.
The Pet Policy
Do you want a pet? Do you plan on getting a pet? Although landlords won't necessarily tell you that they are not allowing pets, it's important to be considerate of allergies and available space when deciding on a home while considering purchasing a pet down the line.
The Utility Costs
Bills! Bills! Bills! Everyone has got them, that’s why it is important to factor in what you're responsible for apart from the rent cost. When looking for a rental property it's important to remember that not every place is all-inclusive and you could have additional costs associated with the property, that you can't necessarily predict.
It's important to find out how many utilities you're responsible for apart from the monthly rent, and consider this and how the utilities are metered when working out your budget and how much you can afford per month, while still leaving a little wiggle room for the bills.
When choosing a rental property whether it be in an apartment building or a home or basement apartment make sure you consider the amenities in the area or building, and how they fit your lifestyle. When deciding what you're looking for with your Tailored Realty agent, make sure you go over what is important to you, and what you can't live without.
Questions like is the laundry facility coin-operated or shared? Does the building have security staff or a pool? Is it located close to things that are important to me? All these things seem small, but they can really make or break your living experience.
In conclusion, when choosing a rental property it's important to use a critical eye. Although your not purchasing your home, it's important that you and your family are comfortable no matter how long or short the duration of your lease is and in order to ensure that it's important to re-evaluate what's important to you when determining if a rental property is a right fit for you and your family.