The rent of a flat is often cheaper and faster than the purchase itself, but getting approved for a rental is not always easy. However, there are a number of things you should keep in mind, as well as other measures that will help you make the process easier.
1. Some owners require a good credit history
It is true that some apartments for rent put little emphasis on credit scores; In fact, these communities allow tenants with recent bankruptcies, and foreclosures. However, some apartment communities have a strict credit requirement. That’s why you order your credit report before requesting a rental.
Fixing credit problems, such as improving your payment habits and paying delinquent bills, improve your chances of getting a rental.
2. Rent does not help your credit score
If you are looking to improve your credit to qualify for a mortgage loan in the near future, the rent payments do not help much to improve your credit score the best are the luxury real estate.
Most landlords do not report to the credit bureaus and, therefore, your credit report will not reflect your apartment contract or rent payment on time.
Getting a credit card or a car loan is your best bet.
3. Your rent can increase
If you are in an economically affordable apartment to rent, do not get too excited: the rental prices are not fixed.
The signing of a one-year contract guarantees your pace during this period of time. However, after this one year period, some apartment owners increase their monthly rental payments.
Plan the rent increases by selecting an apartment with a monthly rent that is below your rental budget and so you can handle the increases in the future.
4. Get renters insurance
Do not think that you do not need insurance, simply because you are a tenant. If a natural disaster or fire destroys the apartment, the landlord’s insurance does not cover your personal belongings.
5. Evaluate the property and the area
You must choose a comfortable and safe area. Some tenants make a hasty decision and sign a lease without knowing the neighbourhood.
6. Do not rush into the rental process
Before committing yourself, visit the community during different times of the day, perhaps in the evenings and on weekends, when most of the residents are at home.
It’s quiet? Do you feel safe? Locations are ideal options with zero risks in all aspects.
7. Read the contract
Yes, the leases are long and boring, and it can take a while to read. However, once you sign, it is a fact. Apartment managers usually go through each page and explain the document.
But instead of relying on the summary, sit down to read the document in its entirety.
Make sure you agree to all the terms, and if necessary, ask questions.
If you need more information then you can read this guide on reading a standard rental application form.
7. What should a furnished apartment have?
The basic furniture that you will find in a furnished apartment is the stove, the refrigerator and of course a bed and desk.
“Usually microwave, blender and toaster are offered, but you can have more, such as a coffeemaker or dishes. In the room there can be a sofa and a coffee table, dining room.
8. For how long do you want to rent a flat?
On many occasions, the owner will ask you for a minimum stay of one year, although you can find other offers for shorter periods. Keep in mind that if you sign a contract for a certain period, the owner can ask for compensation if you want to terminate it before the agreed deadline.
9. Do you have all the documentation?
The basics are your identity documents, (and residence permit in case you are an immigrant), although the owner can ask for other documentation that shows your financial solvency, such as your bank record or your latest payroll. Of course, the identity documents must be valid
It is mandatory and must be delivered at the time of signing the contract. The law establishes an amount equivalent to one month’s rent for real estate intended for housing and two if it is rented for another purpose. Although the rent is updated with the CPI, the bond does not have to be within the first three years. By mutual agreement with the tenant, the landlord can request more than one monthly payment or some type of guarantee to rent the apartment. In this sense, the Law establishes that the bond must be returned within one month of the delivery of the keys to the landlord. Otherwise, the legal interest will accrue in favour of the tenant.
So if you are going to rent a apartment then keep the above mention things in mind because they help you to find best rental apartment.