Shopping for rental properties - a beginner's guide
Category Property news
While the pursuit of a rental property can be seen as less of a complex decision than the decision to purchase, it is still a decision that should be carefully considered and made only after deliberation and consultation with a qualified real estate agent.
Glenda Taylor, Principal of Greeff Rentals says, "Renting is the prime option when you are looking to secure a place or residence but are not necessarily in the position to make the move permanent at the time. This beginner's guide to choosing a rental property allows the lessee to consider all aspects before venturing into the rental market for the first time."
You can use the following points as a guide when you are in the market for a rental property.
1. NB: Find a reputable, experienced agent
One of the most important decisions is finding the right agent to help you with finding a rental property. The experience and guidance of a reputable agent could mean the difference between you finding the rental home of your dreams or just finding an average property for you to live in. A reputable agent has years' worth of experience and will be able to point you in the direction of the best possible property for your needs at the best possible price.
2. Stick to a property within your price range
Prior to viewing properties, decide on your budget and stay within your price range. Veering off and viewing properties that are not within your range could be pointless and a waste of your time. Once you have found a suitable property, make sure you submit all the documents requested e.g. I.D's, proof of address, proof of income, 3 months bank statements to confirm this income.
3. Read through all paperwork carefully
The paperwork involved in signing a lease could appear tricky at first, but with the guidance and expertise of a rental agent, understanding the document should be significantly easier. It is imperative that you have carefully read through all the pages before making your final decision. In most cases, leases will stipulate conditions related to the upkeep and occupancy of the property and your legal obligations pertaining to the lease agreement.
4. Be aware of rental scams
Rentals scams are taking place more than ever. With scam artists becoming more advanced in their techniques, it is important to be aware of the signs and tip-offs to protect you from getting conned and potentially losing money.
5. Be prepared to pay a substantial deposit
Securing the rental of your choice means being liable for a rental deposit. Deposits are normally equal to 2 months' rental and are payable on signature of the lease agreement. These funds are invested on your behalf and on termination of the lease are used to restore the property to the same state it was at the beginning of the lease and for any outstanding monies due and payable by the tenant. Always be mindful of the deposit amount that you would require.
Renting your perfect space need not cause you undue stress and put you off the rental process. With the right support and the right preparation, you could be moving into your new space sooner than you think.