Circumstances and finances don’t always allow us to purchase our dream home. The next best solution? Renting of course!
Before jumping head first into a rental lease agreement, take the time to consider the following 5 aspects:
Do some homework and calculate what you can afford. Remember the golden ‘rule’, try not to spend more than 30% of your income on rent. Once your budget has been established and you are comfortable with spending that amount of money each month; the search begins!
Rental Agents are Friends, not Foe
Making use of a Rental Agent’s services will benefit you in many ways. They will work around your budget and advise you of any new listings that are registered. Viewings will also be arranged on your behalf; saving you the hassle and time of dealing with landlords.
Because of longstanding relationships between Rental Agents and Landlords; should a Landlord be open to negotiation; you are guaranteed to get the best possible rate.
Inclusions & Exclusions
Make sure you are made aware of what is all included in the rental amount and contract. In most cases; water, electricity and garden services are not included in a rental contract. The above information should be included in the Lease Agreement.
This may also have an effect on your budget.
So, you’ve found the one, you’re happy with the property and the price, but make sure you inspect the property before moving in.
Things to look out for, include the following:
- Water Pipes – ensure that there are no leaks whatsoever
- Electrical – all lights, switches, plugs and appliances should be in a safe and working condition. If possible, peek at the wiring certificate.
- All doors should be in a good working condition. Should the door be made from wood, look out for water swelling and cracks.
- No window should be broken; make the Landlord aware of any cracks in windows, before moving in.
- Bathrooms – ensure that the basin, toilet, shower or bath are all in working condition. Again – no cracks.
The dotted line
One of the biggest mistakes one can make before signing on the dotted line is not reading the Lease Agreement properly. A few points to look out for before taking the plunge are listed below:
- The start and expiration date of the Agreement
- The set rental amount and the yearly escalation amount
- The Landlord’s policy on having visitors
- Will sub-letting be allowed?
- What responsibilities you have with regards to repairs and maintenance
Now that you have settled in; make your Rental Agent aware of any maintenance issues and problems you come across, either at the pre-inspection stage or once discovered, but don’t delay this.
At FPC Property Consultants, we pride ourselves on our professional and efficient service when it comes to property rentals. See what listings we have available.