How Does Renting a House Work?￼￼
How Does Renting a House Work?
With home prices and mortgages rising in a highly competitive homebuying market, you may have decided to rent instead of buying a house. If it’s your first time renting a house, then you may be wondering how the process works and what you need to know as a renter.
In this article, we explain the steps of renting a house and share tips to make the home search less stressful.
What Are the Steps of Renting a House?
Renting a house is similar to renting an apartment, but the general process may vary depending on the landlord. Here are the main six steps to renting a house to prepare for.
1. Determine Your Budget
You’ll need to cover the most common fees associated with renting a house, especially now that rent prices are predicted to increase by 7.1% in the next 12 months, according to Realtor.com®. The initial process of finding an apartment requires application fees, a move-in fee or a security deposit, renters insurance, and pet deposits (if applicable).
To forecast how much each cost will be, you can search online to see what landlords are charging for benchmarks. You can also research local landlord-tenant laws to see if your state restricts how much landlords can charge for certain fees, such as your security deposit and application fees.
Ongoing monthly fees can consist of your rent payment, parking fee, pet rent, and utilities. Most landlords prefer tenants to make a gross income worth three times the monthly rent, which may be something to keep in mind.
2. List Your Preferred Amenities
Every house will offer its own set of amenities, so determine which ones you’re looking for during your search. This can include a backyard, a balcony, parking space, or in-unit laundry. Determining what your preferred amenities are can also make it easier to sort through online rental listings on house-hunting websites.
3. Find Available Properties Online
There are various websites to help you find available rentals near you. Realtor.com, Zillow, Facebook Marketplace, Redfin, and Trulia are some examples of websites that have up-to-date listings with information on the rent price, amenities, and what the property is near. However, here at Bardell Real Estate, for the last 30 years we have helped clients buying, selling and renting property in Orlando and the surrounding areas. Put simply, this means the knowledge and expertise accumulated over this time ensures our clients get the best representation possible.
Our experienced agents will help and guide you through the entire process providing valuable support every step of the way.
4. Schedule House Tours
Property showings can be done in-person, virtually, or through a 3D tool. Most renters opt for in-person tours to get a better idea of the neighborhood, size of the property, and quality of each room, but both virtual and 3D tours can offer similar benefits. You can also schedule a virtual tour with the landlord or in-person to view the house before submitting an application.
5. Sign the Lease Agreement
If your rental application is accepted, your landlord will provide you with a lease agreement to review and sign. When reviewing the lease agreement, ensure the information aligns with what was discussed with the landlord during the property showing.
You may also want to familiarize yourself with renters’ rights to confirm your landlord is abiding by local ordinances. If all of the information in the lease aligns with what you and the landlord discussed, you can then sign the document. The agreement is not legally-binding until the landlord signs the document and has provided you with the final copy with both signatures.
What Are the Pros and Cons of Renting a House?
Like anything, there are pros and cons to renting a house. Renting a house gives you more flexibility to move to another property if you’ve decided the area or property is not the right fit. There are also fewer maintenance responsibilities, since your landlord is responsible for routine maintenance and certain repairs. Renting may also be cheaper than buying due to less upfront costs and not needing a mortgage to move into the property.
However, choosing to rent can result in your landlord increasing rent at the end of the lease term and not being able to reap the benefits of homeownership. For that reason, it’s important to consider the pros and cons of renting before signing a lease agreement.
Renting a Home through RE/MAX Heritage
If you are looking for a home to rent in the Orlando area we are here to help. As a full-service real estate office licensed to conduct long-term rental activity we are capable of meeting all your needs for long-term leasing. Visit our website to learn more or call us today to talk to one of our experienced property managers. (863) 424-2309
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Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.