Whether you are thinking of or preparing to start your rental home search, it can be a time-consuming journey. To make the process more efficient and easier there are a few tips you can consider to discover the perfect rental for you, your family and/or loved one.
Here are our key tips for people looking for their ideal rental home in Trinidad and Tobago:
1. Determine your budget before your search
Too often local renters look at homes before creating a realistic budget. You must consider your monthly income and expenses and carefully assess a figure that can both afford you a comfortable space and that is within your income bracket.
The general guidance is to find a rental that costs no more than 30% of your income. This price should also include utility payments such as wifi connection, electricity, water etc.
If you are a first-time renter you must also consider moving and furnishing costs such as furniture, kitchen appliances and more. Note well, that you may have the income to facilitate a furnished apartment.
2. Write a Check List
Before looking at a new home you should write a basic checklist of the amenities or features of the apartment you are looking for. This will help you make an informed decision as opposed to being overwhelmed by the process or impressed by fixtures or features that do not fit your lifestyle. It will also help your real estate agent narrow down some choices that are aligned with your needs.
Here are some of the things you must include in your list:
- The number of rooms
- Preferable areas for living
- Preference for an apartment, townhouse, house, shared space etc
- The need for a yard
- Choice of a ground floor or are you ok with living higher up?
- Furnished or unfurnished space
- Pet friendly
- Large kitchen
- Large bathrooms or
- Large bedrooms
You can also get more specific if needed but these are the general factors that you must include in your checklist.
3. Understand the application and approval process beforehand
For some, the rental search can be short and for others, they take a more detailed approach. Either way, the application and approval process will eventually come to your desk. It's important that you understand the procedure to make the right decisions.
Here are some details to prepare for during the approval process:
- Verifiable Information: some landlords will request information to verify your employment and income, this will differ among landlords but be prepared for the possibility that they request; a certificate of good character, a job letter and a former renters reference.
- Lease: Your lease is a contract that outlines the terms of your rental. You must read through it carefully and get a second eye/opinion on the contract from a colleague, but more preferably a real estate lawyer. This will outline a few factors, but you need to pay attention to certain clauses in the contract. Such as the amount for the deposit, who is responsible for electricity and water payments, the rules of the house (no smoking, pets or rules about loud music) and under what terms the landlord can enter the property once you are living in the home.
- Negotiation: be prepared to negotiate certain terms of the lease, such as the length of the contract. Your real estate agent can aid in the negotiation process and help you understand what can and cannot be negotiated.
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