It is a difficult task to find an apartment, a house or an office that will satisfy all your needs, and at the same time, you will not have to give 90% of your earnings to pay rent. It is for this purpose that we have compiled this guide - to help you navigate the real estate market and make the right choice.
Identify the Key Points
In order for your search to be successful and take as little time as possible with maximum efficiency, you need to understand exactly what you want and what you can count on within your budget. Therefore, before you begin, you need to draw the perfect picture of your premise.
If You Rent a House
If you rent a personal house or apartment, then, of course, you need to proceed from your needs. If you live alone, then a one-room apartment next to your work will be enough for you.
If you have a large family, you will need a house that will meet several characteristics at once:
- Be located in a safe area
- Have a built-in energy-saving system so that you do not have to pay unrealistic bills for heat and electricity
- All the infrastructure you need, such as transport, shops, various institutions, should be near.
- Plus, it is necessary to determine the upper limits of your budget, which you can afford to spend on rental housing.
See All Available Options
Sometimes at first glance, it may seem to you that a certain option is not suitable, but after comparing it with all available on the market, it may turn out to be the best. Therefore, it is necessary to look at all available options, at least in order to form a complete picture.
Plus, see options that may even be more expensive than your financial limit. Very often property owners intentionally overstate the price to be able to bargain.
Run the Word of Mouth
Sometimes the best way to find housing or commercial real estate is to ask a direct question to all your friends and ask for a recommendation. There is a high probability that your former classmate from college decided to rent out his apartment, or that an employee of a company saw an announcement that the office was for rent in a building nearby.
This saves time, plus additionally insures you against fraud and dishonest real estate agents. And perhaps this is the way to start with. Practice shows that if you tell about your intention to rent a room to a sufficient number of people, then you don’t even have to look for it yourself - your friends will do everything for you.
Negotiate and Bargain
Remember we said that sometimes the owners intentionally overstate the cost? This means that you can try to negotiate a price. However, this method only works with the direct owners - if you are looking for a suitable option through a real estate agent, then your ability to bargain will be limited. Since the owner enters into an agreement with the agent and indicates a clear amount that he wants to receive, plus you will still need to pay the work of a realtor.
But if you have found perfect housing in all respects, and you don’t have enough money, this is not a reason to refuse a good option. You can always take a little on the Lendgenius website and not sacrifice the quality of your life at the same time.
Be Careful with the Documents
This is a very important point, observing which, you will protect yourself from fraud and get the opportunity to agree on everything in advance.
Firstly, prepare all the documents that will be necessary for you while concluding a real estate lease agreement. These are documents that confirm your identity, as well as documents confirming your solvency, for example, a certificate that you are employed, statements from your bank account, plus documents confirming payment of all necessary taxes.
And most importantly, you must carefully read the real estate lease contract and ask questions if something is not clear to you. If you believe that the wording of a particular paragraph is doubtful, and may be interpreted differently, insist that the paragraph be rephrased. This will protect you from dishonest actions and simplify court procedures if it comes to trials. But if you do everything right, with a high degree of probability this will not happen.
Check up the Reviews of a Real Estate Agent You Are Going to Work with
Also, if you are renting a property with the help of a real estate agent, be sure to read customer reviews before starting a partnership. Pay attention to the credibility of the reviews. If you see that some review has been copied and published several times on several sites, it is possible that it may be fraudulent.
And do not limit yourself to reviews only from the website of the company or real estate agent. It is a modern practice to order fake reviews and post them from fake accounts to create the appearance of good social proof. See reviews published on third-party sites as well.
Real estate is a very attractive field for fraud. Be vigilant and careful. Do not be fooled by promises that have not been documented or at too low a price. Be sure to analyze all the important factors and ask questions before making a final decision.
About the Author: Mónica Rodríguez is a writer, art historian, and editor located in the tropical island of Puerto Rico. She specializes in Art History, Art Conservation, History, Literature, Finance, Tech, Wellness, and Travel. In her free time, she's usually roaming the halls of the museum or the local bookstore surrounded by stacks of books.