The article is going to focus on various issues relating to rent i.e. the laws, legal requirements, and taxes in the real estate business. Renting has proved to be a daunting task for most persons especially in the urban areas. The hustle involved in looking for a secure neighborhood and amenities can drain the energy out of an individual.
The real estate business has been in operation for decades now and is considered one of the major revenues generation for several households providing income and jobs to thousands of persons in the sector. It is also one of the major revenues generating avenue for the government in the GDP (gross domestic product) through taxes.
The landlord often shows the prospective tenants to view the property in question before lease or documenting the tenancy agreement in the inspection report. The rental report allows the landlord to know the existing damages before the tenant moved in or occupied the house, resulting to dispute during vacation by the tenant for charges imposed to them for the security deposit held by the tenant to be used for repairs. Factors to consider before renting or leasing a place;
Inspect for Pests
One should move into a new apartment free of pests like bedbugs or cockroaches. You should be more vigilant and thorough during inspection during walkthrough of the rental property. For instance, if you spot sticky traps those are signs that cockroaches are a menace in the place or the property and you should question why they are there.
Check Bathroom the Faucets and Toilets Work.
When you’re doing a walk of a rental suite with the landlord, one should flash the toilet and check the faucets handles to know if they are operational.
Check for functionality of Safety Equipment e.g. Smoke detectors, Fire Extinguishers.
One should be confident in the property they are living in such that in case of an emergency, safety equipment’s like smoke detectors and carbon monoxide detectors, are working properly so that you can be alerted to the danger. In case you notice that a smoke detector is not lit up you should request the landlord to do repairs before you move in once you select that particular house.
Check the Walls Floors, and Carpets for Stains or Damages.
On entering a residential rental property, you generally notice are the floors, walls, and carpets. It is normal for the wall to have a few holes or statins dues to pictures hanged by the previous tenant; the floors should be in good condition to reduce injury arising from slips. The landlord should repair such before occupation by the new tenant. Take pictures for those that are left without repair to reduce disagreements during vacation so as to secure youre security deposit. In addition, you may want to take your own pictures of the damages for your records.
Check the Lights, Windows, and Light Switches to Ensure they Work.
Windows louvres, lights and switches should be in operation and the faulty ones should be taken note of repaired. One needs to ensure that all switches, bulb and lighting fixtures are operational.
Reasons for renting
The decision for renting varying and are deliberate according to one’s choice and needs. One significant reason is the inability or lack of resources required for one to afford a house.
Another reason is for renting is that it allows people to stay mobile when employed and can easily relocate when transferred and not tied down with regular payments for owning one.
Renting allows people the flexibility to manage household budgets and access to funds in case of emergencies. Renting also allows one of the transitory periods when they haven’t made up their mind to settle in a given place.
Benefits of using a rent calculator – like Zumper
Rent calculators allow one to be able to determine their rent expense, be able to budget for rent expense and various available houses for rent depending on the income of the person. According to Zumper it enables one to determine the type of rental in the preferred neighborhood one wishes to stay in by using the person’s household income. Zumper allows one to select ones preferred neighborhood of choice and using their income to determine the kind of rental house they can afford in a particular neighborhood. Rent calculator is an effective tool for rental budgeting for a household looking to relocate. They reduce the cost incurred for travelling to inspect various houses and agency fees when one hires an agent to scout for a place on their behalf. Before vacating or occupying one should read the release clause and understand it. This contains the remedy available to both parties in case one party wants to terminate tenancy before the agreed period of time. One may be required to pay a release fee in the for terminating the agreement.
In conclusion, therefore, the above-discussed factors enable one to make an informed decision when it comes to renting or looking for a place to live in. One must be able to know the kind of neighborhood they prefer and the income they have to select the best suitable place to call home or residence, also depending on the age, your target home when you are younger should be different from the one of your retirement, you can read about that in this article by the New York Times,