Whether you are looking for a place to live full time, a vacation property, or a place for your college-aged child, assessing potential rental properties can be tricky.
Follow this simple guide to make for a smoother process.
Know what you are willing to pay
This is the first step in your search. The usual guide is not to spend more than 30 percent of your income in rent, but if this is a second residence, vacation rental, or for your child, that 30 percent standard may be too steep. If you are uncertain what your limit should be, speak with your financial consultant.
Create a list of your must-haves
Features and amenities are key to providing the comfort you need. Some possible must-haves may include:
- A certain number of bedrooms and bathrooms
- A patio, deck, or other outdoor space
- Pet allowance
- Proximity to public transportation
- Proximity to stores or restaurants
- Concierge services
- Shared spaces such as gyms, conference rooms, etc.
Using your criteria, narrow down the your possible properties.
Visit the properties that fit
Starting with the exterior of your potential rental, check to see how well the grounds are maintained and how the building looks from the outside.
Inside the unit, check for signs of leaks from the roof, chipping paint, low water pressure, ineffective locks or old fixtures. Make certain that the lights turn on easily as well, without flickering, as this is a sign of faulty or old wiring.
Keep in mind that if you are looking at a multi-unit building, the unit you are shown may not be the one you will end up renting; try to avoid signing a lease until you can view the actual unit.
Eliminate any property with significant issues. If there is a property you like with smaller issues, negotiate with the landlord to have the items of concern addressed and make this is part of the rental agreement.
Go over the lease
A perfect rental property can be ruined by a bad lease. Make certain that the rental agreement is not one-sided; it should fully outline the rights, obligations and expectations of both you and your landlord. If anything is unclear, clarify it with the leasing agent and if needed, ask that it be added to the contract.
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