Jan 16, 2017
Conventionally speaking, most people dislike the idea of renting a house over ownership. For one, renting is just a temporary stop along the process of owning a home. Nothing is more secure than having a house to live. This is what every homeowner dreams of: having a place that they can call their own.
Recent changes in the perspective of homemakers paved way to renting a house as a more viable option for many especially when the real estate scene in Malaysia is looking at an incredible difficult trend to own a house. Also, according to iMoney, younger generations do not consider settling down on a permanent place just yet. They are still open to possibilities of transferring job or relocating to another area making renting more favorable compared to owning a new house.
Over the past years, people in rural areas flock to highly urbanized areas for livelihood. The massive transfer of people causes congestion to urban cities like Kaula Lumpur. Despite being a huge city, land spaces may not be enough to address the demands for new homes. Renting a house seems to be the best option to choose for now.
How to Find a Perfect Place to Rent
Finding a perfect place to rent is a tedious task that needs your time and effort. It is not easy to look everywhere for a place that is suitable regarding what you want. For hassle-free ‘house for rent’ hunting, simply consider the following steps:
Know Your Budget
Before heading out on the busy streets of the city, try asking yourself how much can you afford. Surf the web for the latest trends in pricing so that you will have an idea of what to expect. As a rule of thumb, you must not spend more than 30 percent of your income for rent. Do bear in mind that aside from the rent, you will also have to allot a portion of your income for utilities like water, electricity, cable, and the internet. By knowing how much you want to spend, you can narrow down your options and avoid squandering time.
Decide on Key Features
Since you are already spending for a house that you want to rent, it is just reasonable for you to get what you want in a home. Ask what features are “nice to have” and which are your necessities. These questions might help you pinpoint what you really want in a house:
- How many bedrooms do I want?
- Do I need a fireplace?
- Do I want a spacious lawn or garden with a patio?
- Do I want a huge kitchen since I love to cook?
- Are walk-in closets a requirement for me?
- Will I have a garage for my car?
- Is having a basement a necessity?
Aside from determining what you want, be ready to compromise some of them. If you are on a budget, do not expect everything you want from a single apartment. Be willing to give up some unnecessary features and prioritize your requirements.
Sketch Your Daily Routine
This may sound ridiculous, but you will soon realize that mapping your daily routine can help you decide where to look for a house for rent. Limit your selection of location to those that are in proximity to the following:
- School for the kids
- Your workplace
Although you might find it hard to locate something that is close to all listed above, try to eliminate the ones you can compromise.
Determine Your Terms for Renting
The next thing that you need to consider is the length of the lease term that you want. Depending on your negotiation with the landlord, you can lease the house for six months or a year subject to renewal after the term lapses.
The Approval Process
Once you have determined the amount that you want to spend, the neighborhood that you are expecting, the features of a house that you want to call home, and the longevity of your stay, you can’t quite call it a day yet. You need to undergo the most important process of your house searching – the application and approval process. Here are some things that you can expect during this stage:
For security purposes, the landlord will typically ask your permission to conduct a background check. This may sound a bit alarming, but this is just a routine in the application process. They may require you to supply some information and documents that will prove that you have the capacity to pay. After complying with the requirements, wait for at least a few days for the notice of approval.
At this stage, you can sit down with the landlord and discuss important terms of the contract to ensure that both parties understand. Money matters can be discussed here including the lease amount, deposit, schedule or payment as well as penalties. Ensure that the contract stipulates the separation clauses, accountability on damages, hidden fees and other gray matters that can potentially lead to misunderstanding.
There is no easy way to search for a perfect house to rent. It is a time-consuming and stressful process. By following the tips mentioned above, you not only save your time and effort, but you also ensure that your family can live in a peaceful and comfortable house and call it your home.
Images credit (under CCL) by order: feature, Kuala Lumpur