Renting a Property

Fri, 20 Feb 2009 00:00:00 GMT

It could be that you have just cleared college or university and are looking for your first house – which in many cases would mean having to start out by renting a property before you can organize yourself to buy your own flat. It could also be that you already have your own house, but are moving to a new township on a working assignment – which would then mean having to rent a property for your accommodation, in spite of having your own house wherever you are coming from. Or it could just be that you are planning to venture into business, and therefore have to look for premises to accommodate your business, which in many cases would also mean renting a property. Regardless of the specific circumstances, many people who find themselves looking to rent a property often wonder as to how to get the process right. As it were, renting a property is often a long term commitment, an undertaking that one cannot afford get wrong.

The process of renting a property normally starts with the identification of a suitable property, and this is where many people tend to go wrong. As it were, many people just go out looking for a property, without first being clear on exactly what they want. As in all things, when looking for a property to rent, failing to plan is almost inevitably planning to fail. Planning in this respect means soberly sitting down and identifying your exact needs you needs in terms of a rental property (e.g. location, size, amenities e.t.c.), if possible crystalising these needs into a mental vision, and then going out to find a rental property that best fulfils that vision. At this stage, one needs to hold onto their vision of an ideal rental property, and not let it get easily compromised by sweet talking rental agents.

After identifying a suitable rental property for ones needs, the next step in the process of renting a property involves getting into the lease agreement, that is, the contract governing your rental transaction. Again, this is another place where many people make major mistakes, only to realize them much later when there is not much they can do about them. The key to success at this stage of the property rental process is going through the least contract with a toothcomb, identifying potentially injurious (harmful) clauses – and having them addressed (or opting out of the contract if the person renting the property won’t change them). Things to pay particular attention to include the dates when the rent falls due, what is to happen should you find yourself unable to pay your rent on time (it happens even to the most prudent), who is responsible for the maintenance of the property and so on. The contract’s exit clause is another thing you need to pay close attention to and ensure that it is not injurious to you, as however long (or short) you stay with your landlord; you will certainly have to part ways one day.

The final stage in the property rental process generally involves your moving into the rental property. Many property owners will insist that you pay at least a month’s deposit upfront before you are allowed to move into the property. For business properties, you might also be required to pay a non-refundable payment for business goodwill – a sum whose payment you need to carefully consider, as it is not always justified in all cases. When actually moving into the property, you might consider engaging the services of professional house moving service. If you won’t be the one personally doing the move, you are also advised to do a careful inventory audit before and after the move, to avoid loss of items during transit – a common complaint.

What You Need To Know About Renting

Fri, 14 Nov 2008 00:00:00 GMT

For whatever reason you are renting a property, there still remain criteria for you to follow. Naturally the criteria change depending on the reason behind your decision to rent, whether it be for a home, for an office, or for an investment. None-the-less, before you sign that contract, there are decisions that need to be made.

First and foremost you need to work out a realistic budget. Without a clear budget, you cannot know where to begin, as knowing what you can afford prevents future problems arising. The budget should depend on what you earn as an individual or a collective. Always remember however, that there are additional costs in living, such as bills, that will need to be paid on a monthly basis. Dedicating a proportion of your earnings to these will give you a more realistic idea of what you can afford.

Location, location, location. We have all heard the saying, and to be honest it could not be truer. The perfect property is only perfect if it is in the right location. One’s dream property (physical building) could be severely hampered by the location, for example, local transport, amenities, safety, etc. Depending on your needs, the location of your property can vary whilst renting; schools, transport, shopping, religious buildings, amongst others, are all examples of factors deciding a location.

Parking is another major issue while renting. Commonly, rented accommodation is within blocks of flats or within streets of terraced houses. Similarly, rented accommodation can frequently be close to shopping centres or train stations for example, in which case (free) parking can be limited. Various areas, especially around the London commuter belt, can propose greater problems with restricted parking zones a regular practice.

Another point to remember when renting is your time frame, i.e. when do you want to move in, and what length of contract are you looking for. Rented property can vary in these instances, so as long as you set a realistic time frame (thus expanding your search) you can begin looking. A minimum 6-month contract is the norm in rental agreements, and you can choose between furnished and unfurnished properties.

Renting can be a great option for anyone. Whether it is short term or long term, renting can provide the independence and flexibility one is craving. Although there are generally factors to consider, and rules to follow, renting can be an exciting solution!

Just remember to set yourself realistic budgets for living, social life, food and transport costs, and enjoy.