How to Rent or Lease a Property: Recipe for a Successful Deal

<p>Every real estate transaction is an important decision and a significant moment in every person&#39;s life. In order to make the right decision with confidence and peace of mind and to minimize the risks of mistakes, it is a good idea to use the services of a professional consultant.</p><p> You are renting a property:</p><p> 1. Make a realistic assessment of the budget you can afford: Keep in mind that in addition to the rental price, the tenant is usually responsible for all consumables, and often ongoing repairs.</p><p> 2. Determine what you will not compromise on: Location, layout, condition of the property, rental price.</p><p> 3. Property Inspection: Since it is practically impossible to inspect all the offers on the market that have suitable characteristics for your search, it is necessary to conduct a very serious initial research and selection. The best solution in this situation is to consult a professional broker who will direct you to selected property inspections that meet your criteria.</p><p> 4. Familiarize yourself with the rental terms in detail: Prepare a list of questions to ask the owner when you meet him: what is the term of the contract, who will cover the costs of repairs and maintenance of the common areas, is there a possibility of using a parking space, is keeping a pet allowed, etc.</p><p> 5. Handover report: This is a detailed list of the furnishings, equipment and condition of the property on the day you move in. It can be prepared by the landlord or by your broker.</p><p> 6. Lease Agreement: Regulates that you as a tenant will pay monthly rent to the person who provided you with the housing (landlord) in order to be able to use the property for its intended purpose. The lease agreement is best in writing so that it is clear what arrangements have been made, what obligations arise for you as a tenant and what for the landlord.</p><p> To save yourself trouble and time and to rent a property profitably and under market conditions, it is advisable to always use the services of professional consulting companies.</p><p> You are renting out a property:</p><p> 1. Determining the rental price: The main characteristics that must be taken into account when determining the market price are: location of the property, area, number of rooms, condition of the building (new or old construction), furnishings, parking space and last but not least, market conditions.</p><p> 2. Advertising the home: Marketing is an important stage for the successful rental of a property - it increases the number of potential tenants; provides important information for the tenant; shortens the rental process.</p><p> 3. Preparing the property for viewing: It is much easier to rent a property that is prepared for viewing - cleaned, well-ventilated and tidy, with unnecessary items removed, in good condition of the premises, doors, locks, windows, wiring, lighting, etc.</p><p> 4. Choosing a tenant: Choosing a tenant is also extremely important. Your relationship with the tenant is long-term and you need to be sure that you are handing over the keys to your property to the right person. Therefore, learn as much information as possible about the person you are considering entrusting your property to.</p><p> 5. Lease Agreement: Your only protection against an unfair tenant is the lease agreement, which provides for all possible cases that may arise during the term of the agreement. The agreement should reflect the specifics of your property and the terms of the lease as fully and accurately as possible: the amount of rent, the amount of the down payment, the term of the lease, the rights and obligations of both parties, as well as clauses for terminating the contractual relationship.</p><p> For additional security and peace of mind, it is desirable to include a handover protocol, which describes the current condition of the home and the belongings in it at the time of renting it out.</p>