If you are not ready to purchase a home today, then renting a property may be the best choice for you. Renting a home is a good stepping-stone to home ownership. Whether you will need to rent a home for 1-year or several, our experienced agents are here to build a long-lasting relationship with you.
For your reference, below is a helpful guide to assist you in renting a home:
Step 1: Budget
The first step in finding a rental home is to determine your budget. As a general rule, we do not recommend spending more than one-third of your take home pay on rent. However, if you live in a high-cost area, housing might have to occupy a bigger slice of your monthly budget. Also, be sure to budget for utilities and renter’s insurance on top of your normal monthly bills.
Step 2: Savings
Once you find the perfect rental home, you will need to pay a security deposit (usually equal to one month’s rent), plus your first month’s rent. You will also have to pay for application fees, moving expenses and utility deposits. So start saving now.
Step 3: Credit Report
Review your credit reports for accuracy and make sure that all your accounts are correct. If you see an error on one or more report, you will need to contact each agency (Experian, Equifax and TransUnion) to correct the errors. If you have any blemishes on your report (i.e. previous late payments), then you may need a co-signer on your lease.
Step 4: Search
Searching for a home is a very important step in the rental process. You will get a feel for the homes that are available in your price range and the availability in each neighborhood. It is crucial to narrow your search and determine what is most important to you in your new home (I.e. location, size, and amenities).
Step 5: Application
Once you have identified a home you are interested in renting, you will need to work closely with your real estate agent to submit your application and negotiate an offer based on fair market values. Your agent will negotiate the deal on your behalf and finalize the rental terms in the contract. Once both the tenant and the landlord agree to terms, both parties will sign the lease agreement and any applicable addendum’s.
Step 6: Lease
Your lease agreement is a contract and it is important you understand it. A few things to look out for: the penalty for breaking the lease early, the policy for fixing items that may break during your lease term, how much notice you must give if you want to renew and the rules for getting back your security deposit at the end of the lease.
Step 7: Preparation
Call the utility companies at least a week in advance to set up your new services. You may also want to consider getting renter’s insurance before you move-in and submitting your change of address with the United States Postal Service.
Step 8: Walk-Through
During the walk-through, you need to document any pre-existing problems you find at the home, so you are not held liable. This means testing the burners on the stove to the quality of the carpet to the exterior of the home. If anything is off, document it. If anything needs to be fixed, document it and let the landlord know.
Step 9: Time to Move
On the day your lease begins, you will receive your keys and you will be able to start moving your furniture and personal items into your rental home.
Contact GEO Real Estate to help you find your rental home. Finding you the right home is our specialty and we will be your partner throughout the entire transaction.
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