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Factors to Consider Before Renting a Home

Heritage Property Management Co - Monday, February 13, 2023

Renting a home requires decision-making, research, and responsibility like any other significant life choice. So the more prepared you are, the easier the process will be. Furthermore, renting has benefits like the freedom to move homes and the lack of property taxes. Still, to avoid making mistakes that will ultimately cost you time and money, you should go into the renting process as prepared as possible. However, renting may be a complicated procedure for some. Therefore, we compiled a list of factors to consider before renting a home. Keep reading to see what you need to look for to ensure you find the perfect home.

Consider the area

Make sure the neighborhood you will be living in aligns with your expectations and needs before moving forward with the obvious steps of renting. Is the neighborhood safe? Are there any nearby schools? Which bus routes are there? Are there any hospitals nearby? What types of facilities are available nearby? Making a list of the facilities you want to see in your neighborhood is usually wise. This list can contain anything from gyms, shops, bars, and anything else you are interested in having close by. That might help you simplify your research and make well-informed choices based on your expectations and needs.

The home size is important too

Among the factors to consider before renting a home, you should prioritize the size of the property. Different developers give different parts of the home priority. Therefore, you probably won't find a cheap house with all the rooms as spacy as you would like. Some homes feature a large living room but a tiny kitchen or bedroom. Others can have a large kitchen but modest bedrooms or living spaces. So it is wise to know your priorities early in your search. Could you work with a small restroom? Do you need space for your pool table or a large dining room table? Are you interested in having a large kitchen? Think of all these factors before you tell your agent what to look for. That way, you will ensure that your agent will only show you properties with a real chance of becoming your future home.

Think of your budget

Rent costs will likely be the primary determinant of your choice. Be honest about how much you can afford to spend on rent and how it will affect your everyday life. Let's say your rent consumes the majority of your income. How will you account for other expenses like transportation, food, and entertainment? As a general guide, your rent shouldn't be more than 30% of your monthly salary. However, you might discover that this limits your possibilities in some regions, but looking for a quality home within your budget is always preferable to overpaying to live in a more costly or popular neighborhood.

At the same time, remember that you will have to handle other costs besides the rent. For instance, you will need to save money for the move. Relocating within Texas can be challenging, so you should ensure you find the right moving help for your needs. Hiring moving services will make the relocation process more manageable; thus, you can focus on other pressing matters regarding your new rented home.

Other costs to consider

An extra cost that can add to the monthly rent can be the service charge. The service charge is the sum that the property management firm uses to maintain the property's common spaces. It can include services such as cleaning, security, landscaping, elevators, swimming pool, etc.

One thing to remember regarding service fees is that they increase with the number of features a property has. The service fee for properties with a gym, swimming pool, kids' play area, garden, sauna, jacuzzi, or salon is significantly greater than those without these amenities. To determine whether the price charged is reasonable, it is wise to inquire about the amenities offered from the beginning.

Will you need furniture or not?

Do you want to bring your furniture to the house, or will you only need the bare necessities? Since some landlords don't offer anything, this is another factor to consider before renting a home. Others, however, refuse to remove any existing furniture from the property. Therefore, if you wish to use your furniture, let the real estate agent know as soon as possible because, in some situations, landlords are open to the idea.

Reasons of vacancy

While it's a good idea to find out why the owner is renting their property, you can also gain valuable insight by finding out who the present or former tenants are. It suggests that the residence was excellent and reasonably priced if the tenants stayed there long before leaving to buy a home. On the other hand, a lengthy list of temporary rentals may indicate a bad home, a difficult landlord, or problematic neighbors. Also, if the landlord evicted former tenants, there may be property problems that need to be fixed or difficult situations you may have to handle. Even though none of these present a genuine concern, it's always a good idea to be informed.

Property condition

Make sure you're satisfied with the state of the rental home before signing a contract. You shouldn't settle for anything less than your expectations when looking for a place to rent. Therefore check the home’s insulation, fixtures, furniture, HVAC system, etc. Look for mold in the kitchen and bathroom, check the state of the walls, and see if the place is tidy overall. Don't risk choosing a property in poor shape just because it's in a decent location unless you're willing to risk running into problems like moisture and faulty equipment. After all, this could end up becoming your permanent residence.

Read the paperwork

Nobody wants to consider the possibility of something going wrong. Yet tenancy agreements function like any other contract and are meant to be mutual. In addition to outlining your obligations to make on-time rent payments and maintain the property in excellent condition, it states the rights and obligations of your landlord. Therefore, read the contract and make sure you understand the terms of the contract. Who is responsible for what? What happens if something breaks? Who makes the repairs? In addition, see whether the property is subject to routine inspections.

Final thoughts

There are many factors to consider before renting a home. However, you can cover the most important with the help of the list we compiled. In addition, remember to ask all the questions on your mind and be open to communication. That way, your agent, potential landlord, or property manager will know what you are looking for or are interested in.

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