You’ve decided to rent a new place to call home for the next couple of years. Maybe buying a house isn’t financially possible for you yet, and that’s okay, as financial planning will help you get there. But for now, leasing a home is a great option.
The process is simple and fast, and no loan approval needed. However, that doesn’t mean you might know how to go about the whole situation. Ohmyhome has got you covered with this simple and easy to follow step-by-step guide.
How to Rent Residential Property
Step 1: Research the location
By looking up different residential property listings in the areas you’re interested in, you’ll have a rough idea of the price range for houses and apartments.. You’ll be able to compare your budget to these listing prices. This will help determine what type of home will best fit your needs. Also, consider features such as number rooms and baths, etc.
You can gather this information several ways. The first is simply through your computer or phone screen. Visit Ohmyhome, which features a simple approach to helping you find a home through a database of ready-for-rent properties. Another way to scout out homes for rent in an area you’re interested in is by driving around the neighborhood to look out for signs and banners with the words “For Rent” on them. Or, you can employ a realtor for a fast and easy solution once you’ve narrowed down the area and your property must-haves.
Step 2: Go on a viewing
Keep these in mind when you visit properties in your rental shortlist.
1. Be on time for the viewing
Arrange a date and time for a viewing. Make sure you’re on time, as it will demonstrate to your future landlord that you are a responsible tenant. This will help you stand out from other potential renters.
2. Ask questions and express concerns
You should clarify any and all concerns you have during the viewing of the property regarding the responsibilities that will fall on you as a tenant, and on them as a landlord. Ask about the previous tenants, was it a family? A young couple maybe or a bachelor? This will give you a better picture of the condition of the house you might rent.
In case you can’t go to the viewing in person, ask about the virtual property tours on Ohmyhome.
Step 3: Pay the deposit and sign the papers
1. Make the deposit
Once you’ve made it clear to the landlord that you’re interested in renting their property, it’s time to take things a step further by making a deposit. You’ll be expected to put a deposit of a total of two to three months of rental payment. A deposit will secure your place as a tenant, as the tenancy agreement is drawn up.
2. Sign the tenancy agreement
The tenancy agreement is a legally binding contract between the landlord and yourself. It explains your different and shared responsibilities, including the monthly rental amount, method of payment, and property maintenance. It is important that you have a signed copy of it, as you’ll often refer to it during the leasing period. Once signed, you can start packing up and moving in on the agreed-upon date stated in the agreement.
Renting property need not be complicated. It’s an easy three-step process that allows you access to housing at different price points for different types of properties.