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Be Ready to Rent--Document, Document, Document

Posted: Thursday, August 20, 2009

by Suzi Gravenstuk
http://www.suzi-gravenstuk.blogspot.com

Renting or leasing a home is serious business. A lease is a legal contract. Do not sign a lease unless you are certain you can honor it. If you walk out on a lease, no matter what the cause you stand a high chance of having a Landlord judgment attached to your credit report. This is a serious ding in the world of home rentals and/or property management. It may be difficult to find anyone who will even listen to your story if this ding pops up.

If you have to break lease--please, please talk to your landlord and work out a payment plan ahead of time. In most cases you are not allowed to sub-lease. However, ask if the landlord will allow it. Ask if there is a termination fee. Try to maintain calm, professional communication and document everything!

Before you look for a home to rent, please work out a budget. There are many free budget planners online. Be sure you count those little budget breakers. Here are a few:

Daily snack and meal out of the house (Lattes, fast food),
If you smoke--but that in the budget
Do you have a baby? Be sure and ad diapers and associated.
If you are paying utilities; call the appropriate places and get the high, low, and average bills for the same size home. (Anywhere you live is a home -- whether condo, single family house, duplex, town home, efficiency, mobile home)
Subscriptions
Renter's insurance.
Gifts to others.
Charity/tithing.
Non-grocery Health, beauty, household items.
Know what your income is; both annually, monthly, and by paycheck. Please!

Ok, now you are ready to look around and make a few phone calls. When it is lease signing time; your employment references may be checked, your credit history may be checked; prior landlords may be contacted with a query. The following questions may be asked:

Did you pay your rent on time?
Did you honor the terms of the lease; including a standard 30 days notice?
Did you ever pay with checks that were returned insufficient?
Did you have people living with you who were not on the lease?
Did you violate community policies; i.e., quiet time; loud music; too many cars?
Did you damage the home?
Does the applicant still owe you money?

Some people tend to think "Oh, well" when they walk out on a lease. It can haunt you. I advise taking care of the Landlord responsibly, even if you have to walk out.

If you are applying for a home that is in someway involved with a HUD or other Government program be ready in advance with:

Photo Id's
Birth Certificates
Income documentation
Social Security numbers

When you are renting, please remember the property is a big investment for the landlord; the landlord is also paying property insurance and taxes, plus higher ticket maintenance items. Treating the home with care and respect will earn you good reports, and, good karma:-)

Suzi believes that "following" and choosing to be a "fan" are high compliments. She wishes to get to know her fans better and is always interested in reciprocal relationships.

Any photos used in stories are Suzi's originals and are copyrighted. Contact Suzi regarding any need for research, photos, or assignments along the Mississippi Gulf Coast (MGC), or of a virtual nature. Contact infomation through WryteStuff, or by commenting at any of her blogs. To find one of Suzi's blogs, simply search "Suzi Gravenstuk". I am immediately notified of comments and should be back in touch with you soon. Try it:-) May you be blessed!

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