Things to know when renting a residential property
Before renting a residential property, it is advisable to have a clear picture of the type of home/ apartment you want. To make it easier, we have put together a list of things you should do before renting an apartment
Do a research on the area of your interest – your research should include;
- Security: finding out about statistics of intruders violating the privacy of the present residence.
- Types of structures around the environment especially if it is a mixed development area. For example, proximity to religious structures, markets, supermarkets, hospitals and schools.
- Transportation: how easy is it to commune from one end to another, link roads, traffic situation in the area,
- Flooding: what is the tendency for flooding occurrences in the area
- Water: availability of water, find out if there is a good source of water to the property or if you have to buy water, which could hike up the price expenditure for the property you are renting.
Conduct an inventory on the property
A property inventory is taking a complete stock of fittings and fixtures on a property to show the exact state of that property at that moment.
Remember to conduct the inventory with a representative of the Landlord present to avoid discrepancy between the two parties.
Confirm the ownership of the property
Confirm the originality of the property owner to avoid issues in the long run.
Read through the tenancy agreement before signing
This can not be overemphasized, read, read and read the tenant agreement again! Make sure you read through the clauses in the lease agreement. Confirm the name of the Landlord and address, confirm property address, Confirm the beginning and end of tenure, confirm landlord’s responsibilities and tenants’ responsibilities. Please note that these responsibilities may vary depending on the type of property you are leasing. Confirm who will be paying taxes and land use charges on property
Understand the charges attached to the rent.
Understand the professional charges paid for the property and refundable deposits on the property if there is any.
