Renting a property: How to ensure it's a pain-free experience
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Renting a property comes with its own unique benefits and challenges. We've put together a list of handy tips that landlords and tenants can use to navigate the process with ease.
1) Use a qualified rental agent
Berry Everitt, CEO of Chas Everitt International, has this to say about why you need to hire a rental agent: "The fees charged by such agents are usually around 10% of the monthly rental, but seasoned landlords all know that the peace of mind which comes from having a professional to handle the lease, wrangle the tenants and manage the property in your absence is worth every cent."
It's also important to take note of how the rental agent manages their property portfolio before engaging their services. All our rental agents use the most advanced end-to-end property management ecosystem called WeConnectU.
Berry Everitt, CEO of Chas Everitt International, has this to say about why you need to hire a rental agent: "The fees charged by such agents are usually around 10% of the monthly rental, but seasoned landlords all know that the peace of mind which comes from having a professional to handle the lease, wrangle the tenants and manage the property in your absence is worth every cent."
It's also important to take note of how the rental agent manages their property portfolio before engaging their services. All our rental agents use the most advanced end-to-end property management ecosystem called WeConnectU.
2) Put everything in writing
A well-written contract is the best way to avoid disputes between tenants and landlords. When renting a property, your lease is your contract. A lease needs to contain the following:
- address and description of the property being rented,
- names of both landlord and tenant,
- rental period,
- amount of rent to be paid,
- deposit required and under what conditions it will be returned,
- responsibilities of both parties regarding maintenance,
- potential consequences if the tenant fails to pay rent on time or breaches the agreement in any other way.
A well-written contract is the best way to avoid disputes between tenants and landlords. When renting a property, your lease is your contract. A lease needs to contain the following:
- address and description of the property being rented,
- names of both landlord and tenant,
- rental period,
- amount of rent to be paid,
- deposit required and under what conditions it will be returned,
- responsibilities of both parties regarding maintenance,
- potential consequences if the tenant fails to pay rent on time or breaches the agreement in any other way.
3) Read all documents carefully before signing
Leases can be confusing but signing it without understanding every clause can lead to issues down the road.
Your rental agent is legally obligated to read through the entire contract with you before it gets signed.
A lease is a legally binding contract and once the tenant has signed, they must abide by every clause. A very important section to take note of is 'early termination'. This will dictate the repercussions for both parties in that instance.
If the lease is broken without the landlord's approval, the tenant risks losing their deposit and credit rating.
Leases can be confusing but signing it without understanding every clause can lead to issues down the road.
Your rental agent is legally obligated to read through the entire contract with you before it gets signed.
A lease is a legally binding contract and once the tenant has signed, they must abide by every clause. A very important section to take note of is 'early termination'. This will dictate the repercussions for both parties in that instance.
If the lease is broken without the landlord's approval, the tenant risks losing their deposit and credit rating.
4) Ask about the rental deposit
If you're using a rental agent to facilitate the process, the deposit needs to be paid into a trust account.
Legitimate and registered rental agents or agencies are required to keep the deposit in an account that is regularly audited. You'll need to ask the agent if the deposit is going into an interest-bearing account, and who is entitled to that interest.
As a tenant, it's crucial that you leave the property in the exact same condition as it was when you moved into it. If not, the landlord might be able to use some of your deposit and/or interest to restore the property.
Consumers are protected against any misappropriation of the deposit by the Property Practitioners Fidelity Fund administered by the Property Practitioners Regulatory Authority, which has taken the place of the old Estate Agency Affairs Board.
Ask the rental agent and their agency for a copy of their Fidelity Fund Certificates. This will give you legal recourse if you ever have a contractual dispute.
If you're using a rental agent to facilitate the process, the deposit needs to be paid into a trust account.
Legitimate and registered rental agents or agencies are required to keep the deposit in an account that is regularly audited. You'll need to ask the agent if the deposit is going into an interest-bearing account, and who is entitled to that interest.
As a tenant, it's crucial that you leave the property in the exact same condition as it was when you moved into it. If not, the landlord might be able to use some of your deposit and/or interest to restore the property.
Consumers are protected against any misappropriation of the deposit by the Property Practitioners Fidelity Fund administered by the Property Practitioners Regulatory Authority, which has taken the place of the old Estate Agency Affairs Board.
Ask the rental agent and their agency for a copy of their Fidelity Fund Certificates. This will give you legal recourse if you ever have a contractual dispute.
5) Ask your landlord before you DIY
We all have a personal preference when it comes to how an apartment or home is decorated. But before you start bashing down walls, hanging up pictures, or painting the dining room a bright pink, you need to chat with your landlord to find out if they have an appetite for interior improvements.
There are some cases where they'll give consent, depending on the nature or extent of specific improvements. For instance, if the tenant requires some redecorating, installation of fittings such as additional cupboards, satellite television, perhaps a burglar-proof gate and so on - then normally the landlord will consent.
We all have a personal preference when it comes to how an apartment or home is decorated. But before you start bashing down walls, hanging up pictures, or painting the dining room a bright pink, you need to chat with your landlord to find out if they have an appetite for interior improvements.
There are some cases where they'll give consent, depending on the nature or extent of specific improvements. For instance, if the tenant requires some redecorating, installation of fittings such as additional cupboards, satellite television, perhaps a burglar-proof gate and so on - then normally the landlord will consent.
6) Don't overlook the minor details
Ask your agent to explain important details, such as if prepaid meters are pre-installed, which utilities are included in your rental price, and how many variable costs there are. The conversation should also cover the topic of levies.
You'll also want to find out from the landlord if the home is covered by insurance, and the extent of the coverage. You might need to purchase an additional insurance policy to cover all possibilities.
Lastly, where tenants park their vehicles can cause untold animosity amongst other tenants and owners. Ask the agent to point out the provisions in the lease that explain the parking situation for the property.
Ready to find your next rental property?
Now that you're equipped with all the tips you'll need to rent (or lease) with ease, you're ready to find your next rental property. Click here to get started.
Ask your agent to explain important details, such as if prepaid meters are pre-installed, which utilities are included in your rental price, and how many variable costs there are. The conversation should also cover the topic of levies.
You'll also want to find out from the landlord if the home is covered by insurance, and the extent of the coverage. You might need to purchase an additional insurance policy to cover all possibilities.
Lastly, where tenants park their vehicles can cause untold animosity amongst other tenants and owners. Ask the agent to point out the provisions in the lease that explain the parking situation for the property.
Ready to find your next rental property?
Now that you're equipped with all the tips you'll need to rent (or lease) with ease, you're ready to find your next rental property. Click here to get started.
Author: Chas Everitt