10 Home Renting Tips for Tenants
Renting is the best option for the people who have not yet decided to buy their own homes or frequently move to different cities as their jobs require. Renting is very easy but many beginners find it hard to get suitable homes as they have no prior experiences. Therefore it’s better to learn about renting a home. Here are the top 10 home renting tips for tenants.
Check your requirements
You should thoroughly review your circumstances as home renting process is made easy by knowing the requirements. This includes the size of home and number of bedrooms you require. The size and number of bedrooms also impact the rent amount as large homes have high rents whereas small homes have affordable rents.
Plan your budget
You need to review your budget to rent a home. It is important to know how much money you can spend as monthly rent payment. It is recommended that one should spend only 33% monthly income on paying rent. You should also keep in mind that you have to pay the utility bills. In addition to monthly rent you also have to pay the deposit which is refundable.
Select the location
Choosing the prime location is also very important to rent a home. A good location will save you a lot of money and time. Some tenants prefer to rent a home near to their work whereas others consider the top schools as they have kids. Therefore select a home which is near to work, shopping centers, hospitals, schools and bus or train stations.
Search homes to rent
Now is the time to start searching a home to rent. You can find homes to rent by online search or hiring local estate agents. You should tell your requirement to the estate agents so they can easily find a suitable home to rent. In case of online search, you should note the contact details. Call on the contact numbers to find about homes and monthly rents.
Before signing the rent contract, you should personally visit the home. You should thoroughly inspect the home to note its condition and space you need. This will help you to analyze your living experience in that home. You can meet the owner to ask about the use of utilities and also about neighbors.
Write a tenancy agreement
After you have selected a home to rent, you and the owner should proceed to the paper work. You should write down all details in the rent agreement. The tenancy agreement should specify about the rent payment. Also write about the duties and rights of both landlord and tenant. Just keep a copy of the rent agreement so that you can use it if any dispute arises.
Know your duties as a tenant
As a tenant you have many duties. Firstly you have to pay the monthly rent on time. Secondly you have to pay the monthly utility bills. Thirdly you have to keep the home in good condition. Fourthly you have to inform the landlord about the condition of the home. Fifthly you should not sublet home without the permission of landlord.
Know your rights as a tenant
Like duties you also have many rights as a tenant. Firstly you have the right of peaceful living without the interference of the landlord. Secondly landlord can’t enter home without your permission. Thirdly landlord has to pay you if you repair home. Fourthly landlord has to give you one month’s notice before ending the tenancy agreement. Fifthly as a tenant you have the right to get back your deposit.
Renewal or end of tenancy
Rent agreement duration is normally one year. After that time you can renew or end the tenancy agreement. If you decide to leave the home, you have to give one months’ notice to the owner. But if you continue your stay, you have to pay 10% increased rent as per law. You don’t need to sign another rent agreement as original documents are sufficient.
Get your deposit back when you leave home
You have the right to receive the deposit money at the end of tenancy agreement. But before that you have to pay the utility bills and rent. You also have to pay for the repairs if anything has been damaged during your stay. Owner will return your deposit after deducting the bills, rent or any other amount you are liable to pay.