6 Important Things to Consider When Buying Rental Property

Whether it’s your first time renting a property or your last, finding the perfect place to suit all of your needs isn’t an easy task and can be extremely stressful. There are a lot of …


Whether it’s your first time renting a property or your last, finding the perfect place to suit all of your needs isn’t an easy task and can be extremely stressful.

There are a lot of things to account for before renting out a home, office, apartment, or private room. Some obvious aspects would be the location and the amenities available in the surrounding area, like supermarkets, public transport, and parks.

In many cases, when tenants view a property and immediately fall in love with it, they tend to neglect many crucial factors that become apparent after you sign the lease. It’s very easy to start panicking and make a snap decision that you’ll regret later.

Here are some things you need to remember when renting property to ensure you don’t make the wrong decision.

Consider the Price

Price is the first thing you need to think about, and you should do this long before you even step out of the house to search for a potential future home. Consider your budget and determine if you’ll be living there for a little while or long-term. Because if the property’s price exceeds your budget by even a little, paying rent might become difficult after a longer period.

If you’re willing to spend a high price for the property, then you’ll have to find ways to offset the costs by lowering your usual expenses or getting roommates to help cover the rent.

Think About the Location

You may have found the best property in the world with a price tag that no one could refuse, but remember, there’s almost always a catch. In many cases,  higher crime rates significantly affect property prices in an area. Frequent criminal activities, such as vandalism, property damage, and graffiti lower the value of property in the area.

Another factor related to location is your daily commute to work. If your new site increases the distance to your workplace and adds an extra 50 minutes to your travel, which costs you more money, it’s most likely not worth it. Room rental services or coliving in San Francisco provide amenities close to home for their tenants.

Determine if it Fits Your Need

If you have experience with renting properties, it might be easy to disregard your desires for a long spacy kitchen, a backyard garden area, or a big bathtub in your bathroom for the sake of convenience and saving money. But after you handle your wants, you need to figure out your needs and find a property appropriately.

For instance, a property with no indoor garage might not seem like an issue, and you would think renting one with a garage would only offset your budget. But in reality, you’ll most likely face higher costs when you need to park your car, but there are no free parking areas. And if you do eventually find a free parking space far away, you’ll have to walk some extra miles for it every day.

Ask About the Previous Tenants

While most people ask the property seller why they’re selling the property, talking with the tenants who currently live there or used to live there will give you a better idea of the home. They can inform you about any problems regarding the property, or information about bad neighbors. While it’s not necessary, knowing this information can help decide if the property is what you’re ideally seeking.

Confirm the Paperwork

Before signing the lease to the property, it’s always recommended to have a lawyer look over it to make sure it’s legitimate and doesn’t include anything that might be infringing on your rights. Just as signing a contract guarantees that you will pay rent and keep the property in good shape, it also outlines your landlord’s responsibilities.

For instance, you need to determine what the lease forbids you from doing, what date the rent needs to be paid each month, whether house parties or roommates are allowed, who’s responsibility does maintenance and repair fall on, and if the lease is one year, six-month, or monthly type of lease.

Discuss the Pets Policy

Though the policy regarding house pets is typically included in the lease, it’s better to bring up the topic early on, so you won’t have to waste time on a certain property. If the landlord doesnt allow pets or resents having some kinds of animals on the property, you should look elsewhere.

Even after signing the agreement that prohibits them on the property, keeping or hiding pets will ultimately lead to a possession action or an eviction notice. If you’re lucky to find a landlord that won’t have a problem with pets, it’s still important to discuss the requirements. For instance, some condo buildings and apartments don’t allow cats or dogs over the 20 pounds weight limit.

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