Renting may not be as big a decision as buying a residential or a commercial property, but it is just as important. After all, it is a decision involving the property you will be calling your home (or your office) for next months or years of your life. The risk of renting is smaller compared to buying, but there is a risk present nevertheless. Here are some warning signs you need to pay attention to when scouting for a place to rent.
1. Extremely low price – you know what they say about deals, right? If it seems too good to be true, it probably is. Though there are some rentals that are both awesome and affordable, they are more of the exception than the rule.
The first thing you need to do is to find out if there is a catch and what it is. It could be anything from the location, the nearby establishments, the condition or age of the place, etc. from there, you will be able to determine if that’s something you can live with or not.
2. Lack of paperwork – the absence of a lease agreement and property damage check form should automatically sound warning signals in your head. Those documents protect you and the landlord against disputes that may come up in the future, so these are extremely important paperwork you need to be able to see and to sign.
Your landlord (potential or current) also needs to provide you with receipts when you make a payment. Without it, you will have no proof and no record of all your transactions.
3. Low quality repairs – all properties suffer from wear and tear through the years, and you should not be worried about repairs in general. Your cause of worry should come from the quality of those repairs. If they were obviously done in haste, or not at all, then you can expect that trend to continue after you have moved in.
Make sure to check any damage on the property and see how they were fixed. If you see pieces of tape holding cabinet doors together, or cheap glue on cracks here and there, then you ought to reconsider your decision of moving in.
4. Negative feedback – If previous tenants or neighbours do not have nice things to say about the place or the landlord, you need to think twice about closing the deal. It may be hard to get feedback, but it’s worth making the effort for.
5. Lack of personal space – just because you are only renting, does not mean the landlord has the right to invade your personal space and make use of it for his or her own needs. While certain parts of the property may be dedicated to and for the owner’s use, you are entitled to your own space.
Unless you are renting from someone you know and feel comfortable making special arrangements with, sharing property space with the landlord is not recommended.
Finding a suitable place with a favourable rental agreement may take time, but it is not impossible. It’s all about having time and patience to search for the best option there is. When it comes to finding a residential or a commercial real estate property to rent, making hasty decisions is a big no-no.