Introduction
As much as we all would like to own the houses we live in, this is not always possible. In fact, the current trend is that most homes are up for sale. Home ownership is a costly affair few people can afford. One could take home loans but these are not easily available either. When you are not able to own a home, the alternative is to rent one. Homes in rent are particularly applicable when you need temporary accommodation as happens in most urban settings.
History
Before the turn of the century, the trend was for families to own the houses they lived in, but today, the opposite is happening. More and more people are going for homes in rent as opposed to owning them due to unfavorable economic conditions. The economic crunch has seen many people being laid off and them losing their homes. In this kind of scenario, homes in rent become the best option.
Features
As homes in rent gain popularity, there are five things you should be aware of in their regard:
- Homes in rent are open to all types of people, people with different cultures and lifestyles. This, therefore, means that when looking for a home to rent, you want to be sure that you will get along with your neighbors. Have a checklist of your homes in rent preferences.
- Tenancy agreements are very important documents to have. They lay out rules and regulations as determined by the landlord. It is important that you understand the fine print before appending your signature. It helps to have a lawyer to interpret some of the sections you may have difficulty understanding. As much as possible, you want to avoid verbal agreements because there is a high chance that this could work to your disadvantage when conflicts arise. Always have your copy of the signed agreement.
- Different landlords have different payment preferences for their homes in rent particularly at the point when you are moving in. Rent payment schedules also vary from monthly, quarterly to yearly. These are important issues to be aware of.
- Agreement sections like the payment deadline, rent raises, notice and refunds, subletting, number of occupants, service fees and tenant insurance policy should be very clear to you. Some owners are flexible and will allow negotiation of the agreement. Automatic agreement re-newals should be avoided wherever possible because the future is unpredictable.
- Some homeowners are lazy or just want to trick you into moving into a house with damages. Thorough homes in rent inspection is your responsibility so that repairs are done before you move in. The inspection is best done in the presence of the landlord using a checklist. The checklist should be signed by both parties and in the presence of a witness. This will protect you from being billed wrongfully in case there are repairs that were not done by the landlord before your occupancy.
Tips and comments
- You should be knowledgeable about the local authority homes in rent regulation. This details tenant and landlord rights. You don’t want to be caught on the wrong side of the law.
- All homes in rent transactions should be receipted and all correspondences between you and your landlord should be in writing. They will come in handy when you have to defend yourself against your landlord.
