Being Aware Of Your Tenancy Rights And Obligations

There is no doubt about the fact that the current real estate or property market

is an extremely competitive one and the rates of vacancy extremely low. This implies that properties are put up for sale in the morning sold off by the evening. This may make you quite apprehensive if you are looking for houses to rentfor the first time. In that case, you are completely unaware of how to make the most of the opportunity. In order to be competitive in the market, you surely need to be ready to grab the opportunity at all times.

Here are a few tips that can help you to stay in the thick of things.

You need to know how much you can afford: The general rule states that you should invest no more than 30% of your present income. If you wish to settle down in a particular area and do not have adequate finances to secure the property for yourself, then it is advisable that you opt for a shared accommodation option. You would definitely not want to end up defaulting on the payment.

Get a clear idea of the kind of property that you want: Each individual or family has different requirements and therefore you need to make a clear and comprehensive list of the same to see whether a particular property fits the bill. You also identify the things that you can otherwise compromise on. Zeroing in on the right property would eventually mean that you have to spend less in the long run and also be spared frequent moves from one location to another.

Show up Alone during the first visit: It is advisable not to bring the whole family along with you when it comes to an open inspection. You can always bring them for a second time around, after you are impressed by what the property has to offer.

Be on Time: Show up before the scheduled time of appointment so that you have some time on your hand to get a feel of the property and the neighbourhood before the agent arrives. Also, it gives the agent the impression that you are really interested in the property.

You need to be aware of the hidden or associated costs of renting as well. If your home has a lawn or garden, you may be required to pay for its maintenance as well. A centralised cooling or heating system also comes with its share of expenses. Moreover, you would automatically be required to pay the utilities bill and all these surely add up to your list of expenses. You need to ensure that you have an additional fund set aside, so that you can meet these expenses.

While selecting a house or an office to let, you also need to mention the lease term clearly. There are some real estate agents who insist on offering the property for a 6 month lease with the option of a lease renewal mentioned in the contract itself.

Whenever youre looking for a vacant property for commercial purposes, it is necessary to be aware of the rights and obligations that revolve around it.

by: Daniel Smith

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