Renting a place can get a little intimidating at times, especially for new renters. There are places to see, forms to fill, money to exchange and most importantly- commitments to keep. If you’ve played the field long enough, you’ll have mastered the dos and don’ts when looking for a property to rent. For first time renters, it’s never a good idea to look like a deer caught in headlights- you don’t want someone reaching into your pocket to shave off an obscene amount of money for a place that doesn’t offer much. In this article, we’ll be highlighting some essential renting guide for tenants to keep in mind while looking for a place to rent.
Keep in mind that renting means you’ll have to portion a part of your income- every month- to fund the place you live at. Now, it’s essential you do the maths before signing an agreement. Take a hard look at the stability of your income. Are you able to pay for your place over an extended period- on time? Make sure you are financially prepared for rent and other payments. Draw out a monthly expense plan to assess how much you spend on living costs, loan repayment and savings before committing to renting a place.
By clearly mapping out how much you are realistically allowed to spend on rent on your future home- you can filter out renting spots that you may have had an eye on but not the money to spend on. Immediately, you’re narrowing your search results to something more sustainable to your lifestyle.
You shouldn’t have to skip lunch every day just so you can make rent. Instead, proper planning is the perfect gateway to have your cake and eat it too! Don’t forget that most, if not all renting properties in Malaysia require a minimum of the first month’s rent in addition to a security deposit- what that means is rent money X 2 for the first month. So, read up on renting guide for tenants and start planning!
Go online and look into the location of your desired rental property- do you intend to rent a landed or non-landed property? Try to find out the average rent of the area to make sure you’re not being ripped off as a newcomer. In most cases, properties closer to the city centre generally charge a steeper rent, especially if they’re closer to public transportations or shopping centres.
So, when doing your research, keep a few key points in mind to see if your future home is worth your money- is it close to work? Does the place have security? Are facilities like clinics, shopping centres and public transportations nearby? If you like what you see, then add the rental property into the ‘I’m considering’ list with a detailed structure of pros and cons. Some properties are also under the house rental management companies that have complete housekeeping services, laundry services and maintenance services.
A great rule of thumb in this renting guide for tenants is to make sure your rent does not exceed more than 30% of your monthly income. That said, if you find yourself really loving a property but can’t afford it, try looking for roommates- this process takes a lot of research too, so start taking notes! Luckily, Rumah-i is a rental services company that will help tenants find their suitable homes easily.
3. TAKE SOME TOURS
As much as a picture can paint a thousand words- nothing beats you heading down to have a look at the rental property you’re considering. Arranging viewings is a crucial part of the pre-renting process to narrow down your prospects by touring the unit you like best. Take photos while you’re in the unit to make it easier to compare units later.
Assess what may be your future home and ask questions (like who pays the utility bills, if the place is safe, etc.) to the property agent. Try to use several agents to view properties- if you rely on only one agent, it might be difficult to know if the properties are fairly priced compared to other properties on the rental market.
It’s important to know that some landlords may try to hide flaws like a faulty plumbing system, defective doors or a nasty termite problem. Keep an eye out for details. While you’re there, see if you like the neighbourhood. Additionally, determine the move-in costs and the average utility costs- does this fit your budget? Try to make the best out of your tour- it’s the last step before you choose to settle in!
4. THE AGREEMENT
Now that you’re done with the general assessments of the place and have made your choice, it’s time to get down to the nitty-gritty details and sign some papers. It’s very important that you go through the rental agreement with extreme care and ask the property agent if there are any points you can’t understand.
Some vital components of the rental agreement include landlord and tenant particulars, address of the property, rent and agreed upon date to pay, term and commencement date, tenant and landlord covenants. Make sure the agreement includes a clause for the tenant, you, to be able to extend your stay if necessary. And that’s it-you’re now a proud tenant of your rented unit!
5. MOVING OUT
At the end of the tenancy- once you’re ready to move out, make sure you give prior notice to your landlord that you are not looking into extending your agreement. Ensure all your utility bills are paid, and the final rent has been checked in. Be sure to leave the house as you entered it.
There you have it- a simple renting guide for tenants to help ease you into the renting process. We know that at first, it might be a little overwhelming- what with all the houses to see and the pressure of saving money to rent a place. Just know that if you are unsure if you’ll be able to commit for a long time, sign an agreement for the shortest possible tenancy period. That way, if you don’t like the unit, you can always look for another unit. Happy hunting!
Rumah-i helps property owners to makeover, market and manage the rented units. Our property management services ensure maximum profitability and good condition of the property. With our rental management services, we protect both the landlord and tenants from misunderstandings and confusion.