Home Renting Checklist
Living in rental property is very common before buying the first home. On one side tenants want to rent homes which are affordable and have all facilities. On other side landlords want tenants who pay rents on time and use properties with great care. Finding a suitable home or tenant is the real target of the landlord and tenant. But many fail as they have no information about renting homes. Here is the home renting checklist for landlords and tenants to rent homes.
Home renting checklist for LANDLORDS:
Get home ready for letting
The first thing the landlords have to do is to prepare the home for renting. Landlord should consider the budgetary limits and scale of work. Once budget and list of repairs are done then they should start by improving the home structure. Then in turn landlords should replace the broken finishes and fixtures. The next stage is to paint home interiors and exteriors for improved look. Finally landlords should check that utility services are working properly.
Find the prospective tenants
The next step for landlords is to find the prospective tenants. The landlord should visit the local estate agents to find the tenants. Landlords should also upload homes information on online sites. They should provide complete details of homes to the realtors including the rent demands. For online search landlord should post home details on top property portals with the contact number. On receiving calls landlords should provide complete information to the people whoa re interested to rent home. Finally landlord should show home to the prospective tenants.
Screen the tenants
The disputes between the landlord and tenant are very common. Most disputes happen on the issue of rent payment. If tenants are at fault then blame is also upon landlords. This is because many landlords never check the backgrounds of the tenants. So before signing the rental contract landlords should screen the prospective tenants. Ideally landlords should give the rent forms to the tenants to fill. The form contains the crime record, job status and reason of leaving old home. The filled forms will provide the information about the financial standing and behavior of the prospective tenants.
Rent agreement and handover of keys
Finally landlords should prepare the rent documents. Both parties should prepare the rent agreement with mutual consent by including their rights and duties. If any party wants an additional clause, they should include in the document. Both landlord and tenant should keep a copy of the rent agreement as it will be useful in solving the disputes. After receiving the deposit money or advance rents, landlord should give keys to the tenant. Finally landlord should brief the tenant about the different equipment and utility services.
Home renting checklist for TENANTS:
To find a suitable home to rent, the tenants should first check their finances. Most tenants who find it difficult to pay the rents on time have rented homes they can’t afford. As a rule of thumb tenants should only spend 33% of their monthly income to pay rents. If the rent amount is higher than 33%, then tenants will have to compromise on other monthly expenses. Therefore tenants should select the homes that have affordable rents.
After checking the budget, tenants should now consider their preferences. Different people have different circumstances so their requirements are also different. Select the homes that are near to workplaces, hospitals, schools and other amenities. Similarly also decide about the size and type of home to rent. This is because rent is according to the size and type of the home. If tenants have big family then they should rent large homes otherwise two bedroom homes is the best choice.
Find the homes to rent
Once tenant has decided about home size and type, this is the time to find a suitable home to rent. The tenant can search home to rent by consulting the local real estate agents and also by scrutinizing the online property portals. After receiving the calls tenants should short list the homes that are same as their requirements. Tenants should finalize the rental deals only after visiting homes. The personal visit is very important to know the room sizes, home condition and utility services.
Be a good tenant
After selecting the top home tenant should sign the rent agreement with the landlord. The tenant should Carefully read, sign and keep a copy of the rent agreement. The next stage for the tenant is to get briefing from the landlord to use different equipment and services. After tenant has shifted to new home, s/he should behave professionally. The tenant should pay the rent on time. It is also necessary that the tenant should regularly inform the landlord about home condition. It will increase the reputation of the tenant.