TIPS FOR RENTERS

I wrote last week on tips to do renting your property as a landlord. Today, I want to write some tips for potential renters. I must confess that I have never rented a property. Therefore, I share these thoughts from tidbits that family members share who have rented or are renting. The tips are as follows:
DECIDE ON A LOCATION- Decide where you would like to rent property. Though it might not be important to decide on the street or subdivision you want to rent, it would be good at least to decide the zip code. Do research on the area you want to rent to decide if meets your needs. For example, if you have children you would certainly want to know about the schools or child care. If you enjoy going out with friends or family for dinner or other activities, how close is this rental area to restaurants and such. It also might be good to check out the crime statistics for the area by going to public websites such as crimereports.com.
DECIDE ON WHAT YOU ARE LOOKING FOR- Once you have decided on the area, decide on what is important to you in a rental property. For example, how many bedrooms and baths? Are you looking for a big yard for the children? Do you need a fenced in yard for pets or young children? If you have pets, you certainly would want a home that is pet friendly. If you smoke, you will want to make sure that will not be a problem for the landlord. It might be helpful to prioritize what you are looking for in case you cannot find everything you want in one property. Anotherwords, what is a requirement for you and what is simply a preference?

DECIDE WHAT YOU CAN AFFORD- It is also important to decide what you can afford to rent. Do you have monies to afford to rent in that area? Can you afford a 4 bedroom house or can you only afford a 2 bedroom house? As you look at your finances, keep in mind that a new rental property could increase or decrease your current rental expenditures. For example, a bigger house might increase your monthly utility costs or to live in a new house might increase your transportation costs because it is further away from your work. Keep in mind that it strains most budgets if your housing costs is more than 2/3 of your household income.

CHECK OUT AND CHECK ON PAPERWORK- If you are a prospective renter, ask to see a sample copy of the rental agreement. They might ask many questions you might have about security deposit, when the rent is due, what you are responsible for taking care of at the property, etc. Speaking of paperwork, get together information for the rental application. Most landlords will want to have a copy of recent pay stubs, your drivers license, etc. It might expedite the process if you go ahead and get this information together. Landlords might also ask for references so you might want to go ahead and check with persons to see if they will a reference for you.

Best wishes in your search for rental property. Make this a great day.- Randy Wall