Archive for the ‘Home Rental’ Category

The foreclosure crisis drove many homeowners to become home renters. But having a history of foreclosure makes finding a home rental hard. Landlords cannot seem to trust them to pay the rent on time. But there is still hope. You must just know what to look for.

There are these so called “no credit check” apartment rentals. These are not the large apartment complexes owned by companies. They usually have strict criteria and do credit checks. They may see the foreclosure record and deny your application.

Look for small home and apartment rentals owned by a single landlord. These types of rental home do not usually do credit checks. You can check them out through the local paper, Craig’s list and family and friend’s recommendations.

Then, paying a higher security deposit may help you get an apartment for rent easier. Higher initial payment lets the landlord know that you can pay the rent. The landlords may also be more secured with higher deposits for it covers losses that may happen if you suddenly bail out without notice.

But timing your home rental application gives you a better chance to find a new home. Apply for an apartment rental before the credit report shows the foreclosure.

Also, do not forget to have a co-signer. A co-signer or a guarantor will be the one responsible for any unpaid rent or damage to the apartment for rent in case you move out.

Never forget to settle other bills. Having a pile of unpaid bills makes finding a home rental difficult. Always show the landlord that you can continuously pay for the rent and other expenses and that the foreclosure is an isolated case.

And of course, be honest. If the landlord asks about the foreclosure, do not deny. Explain what happened and what you are currently doing to turn your finances around. Assure the landlord that the cause of the foreclosure will not happen again in your home rental.

Showing responsibility allows a landlord to trust a renter who had foreclosure. Guaranteeing that the scenario will not happen again and actually doing steps to prevent delinquencies may let you have a brand new start in a home for rent.

The Fair Housing Act (FHA) protects the disabled against landlords of homes for rent that may treat them unfairly. The FHA may be complicated like many laws but here is a summary of what a landlord do and must not do to a disabled renter.

Landlord Must Dos

• Rental managers must give reasonable exceptions to some rules to accommodate the needs of the disabled tenant. An apartment home rental with a no-pet policy cannot deny a need for a guide dog or other service animals. The tenant should just let the landlord know the need for the exception and prepare a physician’s statement that there is really a need for that accommodation. There is no need to explain the details of the disability and the reason for the special exceptions.
• The landlord must allow needed home modifications for the home for rent. Reasonable physical alterations like grab bars must be permitted. But the tenant must be prepared to finance for these alterations. Always ensure that the landlord has consented on the home rental modifications before actually starting.
• The landlord must present all the vacancies and let the tenant chose a suitable apartment for rent. It is up to the tenant if he would only consider accessible or ground-floor apartments.
• There must be no additional or discounted fees for the disabled tenant. The landlord must charge the same rent and fees to the disabled and the non-disabled.

Landlords Must Nots

• The landlord must never ask about the nature of the disability.
• The rental manager must not require independent living. The landlord must allow the need for a live-in aide or assistance.
• The landlord must avoid talking about the tenant’s condition with other renters.
• A landlord must not reject a home rental application because they are unequipped with accessible features. The renter can determine his needs so he knows which features are essential.
• A landlord can never tell a tenant that wheelchair use is not allowed. This is illegal discrimination.
• A landlord must never commit steering or placing the disabled clients out of sight of other renters. The landlord must never decide on which part of the apartment for rent must the tenant stay.

When looking for a compatible home rental, a renter must first know what to do to impress the leasing manager, what to expect during the actual search, and what to ask about the eyed home for rent.

On First Impressions

Do:

• Present yourself as a responsible tenant.
• Appear to be a home renter who will take care of the apartment rental, on time duty payer and a peaceful neighbor.

Don’t:

• Do home rental searching looking unkempt with shabby clothes.
• Meet the leasing manager as a party-goer.
• Look too cool with a chewing gum and headsets on.

On Preparing

Do:

• Know that there is an application fee: a non-refundable payment done during the application for the home rental. Usually costs around $25 to $50 that will cover for background and record checks.
• There will be a deposit: a refundable payment that varies from one home rental to another. In case of an application rejection, the deposit may or may not be returned immediately.
• After the home rental application approval, the renter has to pay for a security deposit: Varies from one apartment to another. Many home rentals relate the security deposit to the credit rating. High credit ratings mean lower security deposits. Some apartment rentals asks for 1 to 3 months worth of rent as security deposit.

Don’t:

• Try to search for a home for rent without any funds. There will be many payments to be done even during the searching period.
• It is not really a don’t, but having a bad credit rating may cost a renter to pay for higher security deposits.

On Knowing about the Eyed Home Rental

Do:

• Ask around. Question someone who lives at the home rental about the living conditions, goods and bads and the costs involved.
• Ask a renter friend for some feedback or suggestions.
• Go online and search for positive and negative reviews about the home and apartment for rent.

Don’t:

• Rent the first apartment for rent you see.

On Asking

Do:

• Ask about the lease agreement.
• Listen.
• Ask necessary questions.
• Know about the utilities included and excluded to the rent like cable, parking, garbage disposal, pets and security.

Don’t:

• Be a victim of unknown extra payments.

For those of you in the home rental business, here are some tips that could minimize stress:

Share part of the maintenance tasks in your home for rent with your tenants. For instance, you can ask them to take over the maintenance of the lawn if your property has a yard. Encourage this by providing [...]

To make an informed decision on what apartment to lease, check out the following things you must consider:

Security
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Renting out your property is a good way to cope with the current financial situation in the country. To be able to compete in the rental market, you have to make sure your property is as good as, if not better than, the rest of the rental properties out there.
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The recession experienced all over the world has caused prices of properties to drastically fall. Others might think that the drop in property rates is a good thing as more people can now afford to purchase their own property.
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People who live in costly rental homes usually choose to live with a roommate. Having the rent divided between two people can be a lot of savings.
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Looking for a home rental is a challenge that needs a dose of wit, common sense, and ironically, certain madness.
Be a stalker. Decide on whether to go for short term home rentals or long term home rentals, then rev up that engine and look around. Canvass neighborhoods and ask real estate agents [...]