What to know when renting a property
We all desire to own properties but there are times when you need to rent and it is important that you should know what to look for when you are renting a property. This knowledge is valuable whether you are renting for a residential or commercial purpose. There are things that we tend to overlook but that end up becoming an issue. They may be red light signals that are indicative of something that is adverse to your interest. It pays to pay attention to little things.
We shall start with two assumptions that I hope you have addressed before we go further in our discussion. First, is the rent right for you at this moment in life? Second, are you certain that you are dealing with the person authorised to collect rent on behalf of the property owner? The rent that you can pay will vary depending on your resources and your goals. You should keep in mind that there are always over ambitious property owners and agents that place outrageous rents on properties without regard to available facilities and rents in the neighbourhood. If you are comfortable with the price and consider it fair then you should go for it.
Many people are very cautious and alert when it comes to buying a property than when they are renting. You need to follow due diligence in both instances.
Most rental scams are perpetrated using newly developed properties because they lack tenancy history. It is quite logical that old properties with tenants occupying parts of it are more difficult for scammers to use because you can easily verify from neighbours who is the authorised agent or the property owner.
More often than not rental scammers play on people’s desperation to rent a property under construction or newly constructed with an attractive price. They often play on these factors to rent a single flat to multiple intending tenants. Be very careful of parting with money until you are sure that you are dealing with the right person.
The above assumptions now settled we can proceed to issues related to the property itself. There are two issues relating to the property generally that you should pay attention to. You should pay attention to the environment of the property. A property cannot be detached from its general environment. I believe you must have seen nice looking properties built in very rough locations.
Often the price tag would be high because of the facilities on the property but if you weigh your options well it might be better to spend that amount on renting a modest property that is in a safer and more decent environment. You should live in an environment that gives you peace of mind. You are part of a community and you should be interested in the nature of that environment.
In addition, you should take an interest in the physical state of the property you are renting. Remember, there are new houses that were poorly built and there are old houses that were properly built. When you visit a new or old property for inspection keep your eyes open for cracks, wetness and fittings that are out of place. Any of these things could be indicative of more serious problems that you may have to deal with alone after you move in.
This reminds me of a house in a particular area of Lagos that is notorious for having short term tenants who do not complete their tenancy before moving out of the property. The building is in a location that usually experiences flooding during certain periods of the year. The unscrupulous property managers always advertise the property during the summer season to unsuspecting people. The property is cosmetically painted but discerning people can see the various signs of a slowly sinking house .They could also see that the terrain is prone to flooding. But the undiscerning rent the property every year and is forced to move out during the rainy season.
If you are renting an old house where a tenant had recently moved out make sure that you ask about the utility bills for electricity and water. Check to be sure that water is flowing through the taps. There are many tenants who incur thousands in unpaid bills which the property owner has to pay and if not paid the incoming tenant has to resolve the issue. However, if these issues are discussed before rent is paid they can be easily resolved. You can start your tenancy on a clean slate rather than being dragged into issues that you knew nothing about.
Finally, if you trust your own hutch and you don’t feel right about a property then don’t rent it. I wish everything could be written in black and white but they are not. If you are not feeling right about it then it might just not be the right property for you.
