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Why and how should I rent a house? PDF Print E-mail
The basics - Renting
Written by richart khalil   

The key word for renting is flexibility. Whether you are a student, or just starting out in your career, you probably will not want to be tied very long to a particular place. Renting is also cheaper on the long term when you consider the hidden cost of home ownership, such as building and life insurance, maintenance and repairs, and property taxes. However, unless your rent is low enough for you to save up to buy a property, or unless your career is improving dramatically, renting for a long period is not really a good value for your money.

There are various ways you can rent some are better than others. Following is a list to help you to protect yourself in the most profitable way:

1.       Assess your needs: decide your budget and define your requirements for accommodation and location; it will speed up the search.

2.       Allocate money for rent: usually a deposit for the value of six month of rent is requested. Many landlords or managing agencies ask for financial and character references.

3.       Check the terms of the lease carefully: the contract should specify the amount of the rent, date and intervals of payment and many more clauses regarding landlord access, and so on.

4.       Check inventories carefully: if it is a furnished accommodation, there should be a full inventory of the content with a description of each item's condition.

5.       Ensure everything is in working order: check if all the appliances, services and fixtures are working properly before you move in. It’s the landlord responsibility to fix them before you move in.

6.       Insure your belongings: it is a good idea to cover your personal property against theft or other risks.

7.       Be aware of your landlord’s rights: study carefully this part of the contract; you may be evicted if the building is for sale.

8.       Keep documentation: make a record of your conversation with your landlord or agent in case of dispute.

9.       Establish what alterations you can make: you can never make changes in the place without prior permission, and in most cases extensive changes are not allowed.

10.   Weigh up the pros and cons of sharing: sharing a property generally works out cheaper. But on the other side shared house can turn into anarchy if someone has bad habits or is just not doing his/her share of the housework.

Whatever your decisions about renting a house, always keep in mind that the rented home is only for a temporary period.

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