Leasing a Residence
Whether you are going to lease out your home, and thus become a landlord, or if you intend to lease a home, a thorough preparation, analysis and plan is something we will design together.
Leasing Out Your Home
In addition to the preparation of the home for a tenant, it is crucial to carefully screen and evaluate your potential tenant. Here are a few screening essentials:
- Credit Report. I advise that every person who signs on the lease supply an individual report. Also, the report should be obtained by your real estate agent on your behalf. Beware of a credit report supplied directly by the potential tenant.
- Review and ask questions about any elements of the tenant Application to rent.
- Call or contact the most recent landlord, if the applicant is currently renting. Ask about timeliness of rental payments, and also about their relationship during the rental tenure.
- Above all, before signing a lease, be sure to personally meet with them. This can be done at the property, and much of value can be gleaned about your potential tenant from meeting them personally.
A good choice will make rent out your home a pleasure. But if you end up with a difficult tenant, it can be a nightmare in the worst case, or at best a constant drain on your time and resources.
Finding a Home to Lease
Leasing a home as a tenant can be a great experience, or a bad one if the landlord is not of good character. Here are a few things to consider before you sign a lease as a tenant.
- If you are not very familiar with the neighborhood, drive around and check out the surrounding properties. Are they well kept? What is the traffic like? Is there a nearby school? Check out the property in the morning, afternoon and evening. It only takes a few minutes, but if there are issues you are concerned with, be sure to explore whether the total picture is one you can life with.
- Ask the landlord for a few copies of recent utility bills. Some during summer, and also winter, will give you an idea of that cost, especially if you will be paying those bills.
- I also routinely do a rental analysis for what comparable properties are going for in the neighborhood. That gives a clue as to a negotiating strategy as to what you may offer for rent, as well as other terms of the contract.
For leasing as either a landlord or potential tenant, we will work together to create a strategy to meet your needs. Just as in a purchase, the specifics are all important, and every detail needs careful consideration. Please contact me if you have any questions. I look forward to helping if I can.