While many people desire to buy their own houses someday, renting is still a very common and convenient alternative for many. A rented home is considered a temporary measure by some people until they realize that it is time for them to buy a house of their own. Getting a house for rent is crucial in any case. However, just like owning the right place, renting a home is not a 'one-size-fits-all' option. Searching for a perfect tenant and landing with the 'perfect fit' has its obstacles.
There are many different aspects to consider before renting a home, including the location, type of property, number of bedrooms required, your rental budget, etc. Once you've determined all of this, you may begin your search. But, hiring a property management company can greatly reduce the hassle of finding tenants.
Given Below Are Some Property Management Pointers When You Are Looking To Rent A House:
Access To Amenities
One of the most appealing benefits of renting a house rather than purchasing one is the flexibility to move if one property does not work out as well for you. Once you have finalized the budget, it is necessary to narrow down the locations of rental houses based on accessibility to either your workplace or children's school - preferably (but rarely) both. This reduces transportation costs and time, resulting in a better work-life balance.
Life will be difficult if you locate a beautiful property. Still, it is located in the middle of nowhere- where accessibility to important aspects such as schools, markets, hospitals, etc., is not easy. It would help to consider how close stores, supermarkets, public transportation, and health care are to the house you are hoping to rent. The farther you are from these essential commodities, the more money you will spend on them.
If the chosen location is a suburban area, convenient access via private and public transportation must be present. Alternatively, one may wish to reside near the place where their office is(where rents may be higher). This is possible to adjust the commuting expenditures from a distant location with the higher rent in a nearby locality. Depending on your needs, a property management company will help you find the best house.
Assess and select the property carefully
Once the search is completed, the shortlisted homes must be personally visited. The property must be inspected for ventilation, natural light, water, and power supply, if any damage is present, including leakage, stains on walls, electrical and bathroom fittings, etc. Ideally, one should strive to look for damage-free property. Failing to meet these basic requirements indicates inadequate property management.
The tech-savvy people understand well that the option to explore rental houses online reduces the pain of the entire house-renting quest. In reality, several real estate portals display rental housing alternatives in a certain area. Some are posted directly by owners, while most are posted via brokers. If you get a rental home through an agent, you have to pay them one month's rent as their brokerage fee, which can burn a huge hole in your pocket.
Social media platforms such as WhatsApp and Facebook groups have also become an informal and popular means of finding renting choices. For example, to avoid paying broker costs, many owners publish their listing on the WhatsApp group of the relevant housing society, spreading it to a broader network of possibly interested renters.
Such methods of finding rental options can be extremely time-consuming. However, property Management companies like PropertyAngel will thoroughly understand your requirements and help you find the property that suits your financial budget and location convenience in the best possible way.
Ensure that security is present
Aside from determining if the property is in a secure neighborhood, you should also decide whether or not it has enough safety and security systems. For example, look for security guards in the building, CCTV, intercom systems, etc., or see if they have a security management system. In addition, look for window grills, locks on the main entrance, and fire alarms. As a part of property management, the landlord is responsible for ensuring that you live in a secure and threat-free environment.
Check the Condition of the House
How has the house been looked after? If the home is heavily damaged from the inside, it's best to avoid it. The owner may apply a fresh coat of paint to hide cracks and water damage, but you will notice these defects if you examine them closely. If the house hasn't been painted yet, request that the owner should do it. It is common practice to paint the house before new tenants move in.
If the owner says the painting is already done, find out when it was done. If the surface of the walls appears to be sloppy and uneven, it indicates that the landlord's help was not at-par. This might also suggest that the plumbing, electrical wiring, etc., were installed improperly, and property management needs more attention.
Conduct a water check
Check to see if the house has a constant water supply or if there are any water-related problems. It is also necessary to determine whether the water source is a bore well, the corporation's water supply, or water tankers. Next, check the water pressure in the pipes; water from the taps should never be leaking. Finally, check if the residence comes with a water filter or if it needs to be purchased.
Understand how your landlord and neighbors are
Try to figure out what type of person your landlord is when you communicate with him. If he attempts to micromanage everything that happens in his house while you are living there, it is not a smart idea to move there. On the other hand, sometimes you get lucky and get a fantastic landlord, but you're stuck with nosey or loud neighbors! Keep an eye out for both these aspects and make a decision accordingly.
The rental agreement is the final and most important step in property management, acquiring the right rental home, and living in the desired comfort and certainty. Therefore, after negotiating the price, the rental contract information must be carefully studied from a legal perspective.
Termination provisions, contract dates, fines, repair expenses, visitor limits, rent renewal, escalation, etc., are all important considerations. This is critical for financial planning because more expenditures are to be considered while renting a property than simply paying the monthly rent.
Keep a record of the rental agreement's terms and conditions. If you do not understand a contract well, or if there are clauses that you do not agree to, do not sign it. Instead, inform the landlord that the terms are unacceptable and request that they be corrected before you sign this rental agreement and move in; otherwise, it will be too late to change anything.
Learn more about how to create a Rental Agreement here.