Get Your Ducks In A Row
Since my last post was about rentals, and property leasing, I thought I would share some great pointers for people looking to rent a home.
CHECK THE FACTS
Knowing the facts of your current lease is a great place to start when you are considering a move and looking for a new rental home. Some important things to know is
*when is the exact end date of your current lease?
*what is the required notice that needs to be given? A typical notice can be about 30, to 60 days, and must be in writing.
*how is your security deposit affected? To ensure proper refund of your security deposit, double check with Landlord to see what he/she is going to take into consideration when deducting from deposit. A good way to ensure proper refund of your money is deliver the home back to Landlord clean, no damage, repaired walls where pictures were, yard maintained, and painting that is/could be required, and most importantly there is not a financial balance
*When you will receive your deposit back? Most cases this will vary by state and should be in your lease. This is important to remember that you will NOT be given your money back the same day you deliver keys back to Landlord
READY FOR PAPERWORK?
Now that you have decided to move, or this is your first rental, here are some typical rules of thumb in what may or may not qualify you for a rental. It is also a good idea to keep in mind that different Landlords, Property Manager, and apartment complexes look at different things so finding out ahead can keep you informed of their criteria, save you time, and possible money from rental application fees
As someone who frequently works with rentals, this is a set of factors that seem to be consistent,
*Household Income? Most Landlords recommend 3 times the monthly rent of household income. Example: Rent is $1000.00 per month. With this equation, there would need to be a monthly household income of $3000.00
*Length of Employment: Landlords like stability, and duration on the job.
*Current and Previous Rental References: Sometimes tenants forget that when they move, their history is going to be referenced when applying for a new property. Things that can be verified is payment history, household maintenance, was there any damage when you vacated, did you provide proper notice, and possibly more.
*Credit: An individuals credit could be reviewed for payment history with other creditors to determine an idea on how someone pays their bills and respects their due dates;
Remember, all of the above WILL VARY by Landlord, Property Manager, or Apartment Policy, so you will need to check what exactly they will be looking for, but now you have some general guidelines, you have a decent starting point.