WHAT YOU NEED TO KNOW BEFORE RENTING A RESIDENTIAL PROPERTY

WHAT YOU NEED TO KNOW BEFORE RENTING A RESIDENTIAL PROPERTY

Category News

Prepare for a credit check
A credit check provides the landlord with an opportunity to evaluate whether or not a potential rental applicant is a financial risk. However, your approval is required before the landlord/property agent can access your credit report.

Prepare to pay a deposit
Most landlords call for you to pay a deposit up front. The deposit required is over and above your first month's rental.Landlords may ask for a larger deposit, which may be subject to the outcome of your credit check. Deposit payment terms may at times be negotiable.

The condition of the unit
When viewing a property with the intention of renting, make sure that you point out any defects and make a note of the state of the property. Find out if the landlord will be repainting walls, cleaning carpets, or concluding repairs prior to you taking occupation. It is best to negotiate these details before you sign the lease.

Property inspections at occupation
A property inspection is mandatory on occupation of the property. The Landlord/Agent and yourself, will be present at the inspection. If the landlord/property agency has not prepared an inspection report, draw one up yourself and make sure they sign it. This is to record the condition the property is given to you in. Take photos if need be.

Understand how annual rental increases work
Familiarise yourself with the date each year that the proposed annual increase will be due. Also, note what the annual percentage increase is likely to be.

Take note of the lease period
When applying to rent a property, find out what lease period is required and ensure that you are able to commit to the period requested, to the best of your ability. Should you be unhappy with the lease period, negotiate this detail prior to signing the lease.

Understand the ADDITIONAL costs
Make sure that you understand all the extra monthly costs, other than rental, that you may be liable for according to your lease. Such costs may include water, electricity, other municipal service fees and agent fees, to name a few.

Author: Investpro