In today?s real estate markets, renting has become quite popular. More and more people are choosing to rent due to the financial challenges of buying a mortgage plan. But before you go choosing to rent, there are things you must know and things you must consider to ensure that this is a good decision on your part. Here is a guideline:
* Know the difference between renting and leasing. A rental agreement is very different from a leasing contract. Renting is not binding. It is a month-to-month term where you and your landlord?s previous agreement may change constantly, of course, under strict regulations by government laws. Leasing, on the other hand, is a binding contract. It locks you in to the property for a lease period. For the duration of your lease, you and your landlord should not change any stipulations on the written agreement, unless both parties involved agree to it. There are also some leasing contracts that have a rent-to-own clause where the tenant?s rent is applied to the purchase of the property.
* Renewing a rental agreement is automatic, every month, unless the tenant or the landlord wishes to break it. In case of a leasing agreement, renewal is a process of signing a new contract right after the other one expires. If the tenant wishes to break free from the contract while it is still in effect, he will have to pay some fee.
* Know which option is most appropriate to your case. Since a leasing contract is binding, it is not for those people who used to move around because of work or some other factors. It is for those people who see they settling in the same place for a long period of time. In that case, a leasing contract offers protection against rent increase and other changes that the landlord wishes to impose. A rental agreement is ideal for students and professionals who are very likely to make a move with but a short notice.
* Be aware that you have the responsibility to look after any damage that may occur to the property while you are renting it. Whether it is a renting or leasing contract, you as the renter have the obligation to take care of maintenance and repair works.
* Landlords often make a background check on their potential renters. That is to give themselves the protection against ugly circumstances. In the same way, you must do a background check on your prospective landlord. That will help you decide whether to go for the property or not. Check if there are instances where the landlord has failed to live up to the contract or written agreement.
* While looking through the legal aspect of the decision, make sure that you also not forget to inspect the property thoroughly. Pay a visit before making a decision. Make sure that the property is livable and would be comfortable for you and your family. It pays to know that you are going for a house to your liking.
Tags: Guidelines, Property, Renting
Source: http://www.hyattskb.com/guidelines-on-renting-out-a-property
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