Due to a hectic lifestyle, work demands, and studies, a significant number of people prefer to rent a property over purchasing. According to real estate experts on Forbes’ website, people who love renting are mostly millennials. These are some reasons why people are constantly looking for properties for rent:
- Cost – Renting properties apparently costs less compared to buying it making more individuals who are on a tight budget choose leasing as their best option.
- Instability – For people who are not looking to settle down anytime soon, transferring from one place to another is an ordinary thing, making renting a more viable choice.
- Less Responsibility – Accountability for any unintentional damage is off the shoulders of the tenant since the landlords usually take care of them.
- Financial Independence – While renting, financing interest and loans are off your mind since your only worry is monthly rental fee
Real Estate Industry
PropertyGuru Malaysia confirms that due to an increasing demand for property for rent, apartments in Malaysia continue to enjoy a significant surge. Prices are continuing to rise as demands continue to grow. A healthy real estate industry opens a lot of doors to real estate brokers and developers to offer more properties for rent or sale.
Checklist While Renting A Property
If you are one of the hundreds of thousands who’s leaning towards the idea of renting a property, you must consider several things. You should remember that you will be living on this property for a foreseeable time. You need to ensure that the property offers you most, if not all the things that you are looking for. To help keep your bases covered, here are some essential tips that could help you a lot:
- Check the Unit Thoroughly
Before closing a contract with the landlord, it is expected that you will be given a chance to tour the property. Use this opportunity to spot any irregularities or defects right up to the smallest detail that need to be addressed before you transfer. To ensure that you got everything covered here are some key questions to ask:
- Is the interior generally in good condition?
- Are there signs of cracks on the walls and flaking paint?
- Are there harmful substances like asbestos?
- Are there traces of pests and molds?
- Are the electrical and waterlines available and functioning?
- Is the bedroom well-lit and ventilated?
- Are there enough spaces for your things?
- Does the unit look presentable from the outside?
- Are there potential nuances around?
- Is there a security system?
- Are the locks functioning properly?
- Is the community surrounding the unit peaceful?
It is recommended by experts not to waste the chance to scrutinize the property for lease. Though you will be staying here temporarily, you still deserve to get a quality unit worthy of every dime you spend.
- Check for Safety
Nothing is more important than keeping your family safe. It is no surprise that security concerns should be a part of your checklist. Safe Wise website reminds to ensure that:
- There are fire safety features like smoke detectors and fire alarm
- There is an accessible fire exit
- The unit complies with statutory requirements in offering property for lease
- Electrical wires are neatly laid down
- Check Your Capacity to Pay
Checking must not be done on the unit alone. You also need to check regarding your ability to pay the monthly rental fees. Keep in mind that your monthly financial obligation is not only limited to paying for your rent. You also need to pay other bills and utilities. Before committing yourself to an agreement, make sure that you can survive the financial aspect of renting the unit.
- Check for Other Options
Not everything that you are looking for in a real estate property is within your capacity to pay. It helps if you can find alternatives that can give you majority of the features that you want but at a lesser price tag. Extend your patience in looking for additional options so that you can make a better and justified choice.
- Check for General Stuff
There are some aspects of the agreement that most of the times are the roots of misunderstanding between the tenant and the owner. It is pertinent that you answer these questions:
- Who will shoulder the repair and maintenance?
- Are appliances included in the rent?
- Are the utilities like electricity, water and cable included?
- Can you make modifications for interiors and exteriors of the house?
- Is there a grace period should you fail to pay your rent on time?
- What are the eviction policies?
- How soon can you expect an increase in the rent and by how much?
Answers to these questions must be written down and be part of the contract. As the concerned parties in the transaction, you and the landlord are expected to do your end of the bargain to maintain a healthy relationship.
Renting a property is a choice that you have made at the onset of your search for a property. You are expected to have carefully thought about it and have weighed the benefits and the disadvantages of renting. As the tenant of the house, you are expected to treat the property as yours and exert the effort of protecting it. It is your ethical obligation to return the property to its owner in almost the same condition you began to rent it in, since you assumed temporary ownership.