Rent to Own Homes are a growing trend for first time home buyers. This is particularly true for people who are downsizing, seeking better deals on homes they no longer want, or simply have never owned before. Rent to Own Homes are just that, a home rented out at a fixed rate with a guarantee that the renter will maintain the property and pay rent on time. They differ from traditional leases in that they include no pre-determined terms or fees, rent to own contracts are usually self-explanatory and most offer tenants the ability to buy their own unit or home at the end of their lease term. Here are some tips on how to find a rent to own home:
- Locks and Keys – As is the case with most rental contracts, it is standard practice for property managers to require tenants to keep a key to their unit. If you do not have a lockbox, a good way to get a key is to ask your landlord if he can provide one. Property managers can also provide rental history information as proof of your responsibility.
- Proof of Ownership – Usually once you rent your homes 4 rent for a certain period of time you will receive an official receipt in the mail called a “lease/guarantee document”. This document must be kept and must be read carefully. Some property management companies insist that all leases and Guarantees are legally binding, but the reality is that not everything printed on the document is actually legally enforceable. Be sure to check the fine print of any document that you sign; this is especially true of the lease/guarantee. Visit https://homa.co/phuket-apartment-community for more information.
- Licensing and Insurance – Many owners of rental properties have had to deal with unexpected expenses because of unexpected accidents. It is advisable for renters to obtain liability insurance, personal property damage insurance, and general public liability insurance before signing a lease or contract with a property management company. If you are renting for a prolonged period of time it is recommended that you take out renters insurance to cover your belongings. A common mistake is to assume that the Rental Agreement is legal when in fact it is not.
- Lockbox – Most of us are familiar with the concept of a locked lockbox but many of us aren’t aware that there is also a keyless entry system. Owning a lockbox is beneficial in that you can enter and leave the house without having to leave your key behind. However, the problem with lockboxes is that renters tend to store their keys under their pillow at night. If a fire were to break out and the fire department was unable to access the apartment unit then the tenants would be unable to gain access to the keyless entry system.
These are some of the mistakes that people make when they decide to rent homes 4 rent. It is wise to take the time to learn about what you are signing. Be sure to also shop around and receive multiple offers from various landlords. By following this advice you will be able to find a perfect rental home for yourself.