Thinking of renting - Here is what you should know

Reblogger Yvette Smith
Real Estate Agent with LONG & FOSTER

Now, here's a well written post for those people choosing to RENT.  It can very easily be applied to WILLIAMSBURG VA.

Thanks to Jennifer Fivelsdal!

Yvette Smith
WILLIAMSBURG REAL ESTATE
757-753-7472

Original content by Jennifer Fivelsdal 10491201242

These days in the Dutchess County area there are many homes or apartments for rent.  The rental inventory has been added to by homeowners who have not been successful in getting their property sold and are  now resorting to the rental option.

Why people rent:

  • Increasing foreclosures and short sales leave displaced households still needing a place to live.
  • People wanting to buy are unable to qualify for a mortgage.
  • People moving to the area are opting to rent as they watch to see how the present economic condition plays out.
  • Divorce.
  • Many colleges continue to have the need for off-campus housing.
  • Temporary relocation.

Terms you will encounter in the rental market:

The owner will be called the landlord or lessor.

The person renting is the tenant or lessee

In some cases the landlord will request a guarantor- this is more common where students are involved.  This person will pay past due rent or damages in the event the student fails to do so.  Parents are usually the guarantors.

When renting an apartment or other property, the landlord will request a rental application that will ask for references.  Your authorization will also be requested so that a credit check can be made.

If your application is accepted a security/deposit will be requested.  This will usually be 2-3 months of the agreed upon monthly rental.

The lease options should also be discussed.  Some landlords will do a month-to-month rental however the norm is for at least a years lease.  These days, because of the present housing market conditions we are noticing more leases with the option to purchase.

If you intend to paint the apartment or are considering making any type of improvement you must consult the landlord.

The landlord should provide you with disclosures.  If the house was built prior to 1978, you should get a lead disclosure.  Make sure that there are also fire and carbon monoxide detectors present in the unit.

It is important to discuss upfront who pays for utlities as well as what maintenace will be provided by the landlord. This should all be written into the agreement.

You should also be told what the penalty is for being late with the rent,  returned checks, as will as how the termination of lease will be handled.

Before moving in you should walk through with the landlord to note any problems, such as broken windows, damage to walls etc.  It might be a good idea to take a before picture or video to cover yourself.

Keep in mind the landlord's insurance will not cover your personal property so it is a good idea to get your own renter's insurance.

One major concern for many looking for a rental is finding a house or apartment that is pet friendly. This can be a real challenge.  Some landlords will not accept pets because in some cases it affects the cost of the property insurance.  One idea is to let the landlord know what type of pet it is and sometimes a small pet is acceptable.

By Jennifer Fivelsdal  Keller Williams Realty Team - 845-758-6842

FIND A HOME OR RENTAL HERE

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At

Anonymous
Post a Comment
Spam prevention
Spam prevention
Show All Comments
Rainmaker
965,057
Greg Nino
RE/MAX Compass, formerly RE/MAX WHP - Houston, TX
Houston, Texas

Hi Yvette,

This is an excellent reblog! I firmly believe that educating the consumer is the single most powerful thing we can do to make every transaction that much better. Nice job!

Nov 21, 2008 11:04 PM #1
Ambassador
1,452,610
Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

Yvette - Thanks for the reblog, it does expose the information to more people.

Nov 22, 2008 06:09 PM #2
Anonymous
Post a Comment
Spam prevention
Show All Comments
Rainmaker
95,994

Yvette Smith

Realtor In Williamsburg VA, Homes for Sale
Ask me a question
*
*
*
Spam prevention

Additional Information