sijuola olanubi
Member
Renting a property could either be a gruesome or an adventurous experience depending on the approach you take. The unorganized nature of the real estate market in this part of the world coupled with the sharp practices of some landlords and real estate agents alike has made renting properties a difficult task for most people. As a result, it is important to conduct your proper due diligence before settling for the property of your choice. This will involve incorporating important yardsticks into your selection criteria in order to avoid having to live with the consequences of a wrong decision. The following should make your selection criteria:
1. The uniqueness of the type of property
The first thing to consider when renting a property is the type of property you are interested in. Is it a residential or commercial property? Residential properties could either be a single or a multi-family property while commercial properties could either fall into the office, retail or industrial categories. This consideration is important because it will inform other vital decisions you will make such as location, state of the property, average income of residents, rent to be paid and other considerations.
For instance, when searching for a residential property, proximity to the workplace might be the most significant factor to consider. However, for a commercial property, proximity to the market if it is a retail/industrial property or location in a serene environment if it’s an office property could be the significant factors to consider. Furthermore, you might not have to consider the average income of residents in a locality if your search is for a residential property but might have to do so if you are searching for a retail, office or industrial space. Moreover, the compromise of having to settle for a property with a higher rent than was budgeted for will be more possible if it’s a commercial property with a prospect of making high profits within a short time than if it were a residential property tied to your relatively fixed monthly income.
2. Your current and future income stream
This is a very crucial factor to consider. Most people make the choice of renting a house simply because they can afford the rent given their present level of income and expenditure patterns. However, they fail to consider if they will still be able to sustain the payments in the future given their projected future income when factors such as the expansion of their family and changing expenses pattern come to play. Therefore, it is important that your decision is guided by the consideration of both your current and future income levels.
3. Leveraging online property advertising websites
Websites such as lamudi.com.ng, rent.com.ng and others list properties offered for rent from major cities showing their prices and location. Leveraging this service could help you sort through the maze of properties in a particular locality and find the one that best suits your needs given your budget. However, note that you will still have to physically inspect the property and meet with the agent before making any financial commitment.
4. The physical state of the property
The urgency of having to secure a house particularly for couples who are about to wed or who just got wedded might cloud their judgments making them neglect carrying out a proper inspection of the property to ensure that everything is in proper shape. Meaning; the water is flowing constantly, the plumbing and electrification of the house have been properly fixed and other hidden details of the fixtures and fittings are in place. Most couples pack into a house to find out that things are not the way the agent or landlord has presented it to them. They will, therefore, have to incur additional expense to bring the house to their taste. Going by that, it is important you carry out a proper physical inspection of the property and not rely solely on the representation of agents or what is displayed on property advertising websites. In most cases than not, because not all details will be in place, an agreement will be necessary on what you will have to fix and how much will in turn be deducted from your rent. It’s important you negotiate well at this stage because once you agree to settle for the property; it might be difficult to review such agreements.
5. The legal aspect of the process.
It’s important that you transact with either a registered real estate agent or with the legal owner of the property. This is so as to prevent you from fraudulent agents who parade themselves as registered agents looking to defraud unsuspecting home seekers. However, even when transacting with a registered agent, ensure you take the time to read the rental agreement and other relevant documents before agreeing to append your signature. And if you are not sure of any legal term, ensure you consult your lawyer.
6. Testimonies of co-tenants or neighbours about the property and its location
It’s important to converse with your prospective co-tenants (if the property is a multi-family building) or your prospective neighbours (if it’s a single-family building) to gain access to privy information about the property. This might lead you to find out certain information that could either make you continue with the transaction or terminate it to seek for other properties.
7. Security consideration
It is also important to take into consideration the security of the locality the property is located. Is there adequate security measures put in place by the landlords association? Is the area a hide out for hoodlums? Is it located in a volatile area susceptible to violence, religious, ethnic or political? These are important issues to consider when hunting for your dream home or commercial property.
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