Renting Process
Not everyone has the desire to own a home and that is fine. But if you prefer to rent, understand there is a process for renting similar to owning a home. When you are ou have several options. You can still choose to work with a real estate agent or you can choose to look rent unit yourself. But understand it will still be a lot of work! You can search the different rental websites, call the landlord, it can and has been done. if you don’t have the time and energy to commit to it, calling your local realtors might be the best option.
Below is a rental checklist to help walk you through the process:
A. Understand Your Monthly Budget
When you start the looking for place to live, you want to understand what rent range you can afford minus major expenses
B. Research Your Market
It’s hard to know exactly what you’re looking for if you haven’t looked at any properties. With so many listing sites with available, it can be overwhelming to narrow it down. But the goal is to understand what you and family needs. Also, you want to how much other renters are paying in similar rent rates for apartment in the market? What are the terms of the lease? What adminities are included in the rent fee ie. cable, internet, gas, and parking?
C. Be Organized
As you are looking for your new apartment, you want to start gathering all documents that a landlord might need. For example, you would to have your proof of income: W-2's, currently pay stubs, bank statement. Some landlord might require a letter from your employor.
D. Applying for an apartment
Contact the landlord for the property you want to lease. Application fees fund background and credit checks. The cost is about $25 to $100, with $35 to $75 being the most common. These fees are usually non-refundable. Some states regulate the application fee so that it cannot exceed the actual costs incurred to do a credit check and get a background report.
E. Be prepared for a background check
A background check investigates a potential tenant’s character and dependability. Since a background check includes accessing the national criminal database, be forthcoming about any felony conviction or pending legal case you may have. It’s better to be proactive so you can present your side of the story upfront.
G. Read Your Lease Carefully
Don’t sign a lease agreement that you haven’t read thoroughly! Lease agreements are legally-binding agreements. If you don’t read through one before signing it, you could face legal consequences for not complying with it. Your landlord should provide you with a copy of the lease agreement before signing. This is the time to read it and record any questions or concerns. Read up on tenant rights before signing a lease agreement.
H. Security deposits and move-in fees
A landlord can may ask the tenant pay a certain amount money before moving into the unit. This is called a security deposit. The security deposit is in place to help the landlord pay for repairs or unpaid rent after the tenant moves out. A security deposit is different from a move-in fee. A move-in fee is non-refundable and does not go towards the cost of repairs or unpaid rent. In suburban Cook County, a landlord must provide an itemized list of the reasonable estimate of costs that comprise the move-in fee.
E. Final Walk Through
A landlord and tenant should do a walkthrough of the unit before the tenant's move-in date. The purpose of a walkthrough is to make sure the landlord and tenant agree on the condition of the unit. A walkthrough should help prevent arguments later about who is responsible for the condition of the unit. Be sure to take picture for your protect later.
Inside:
Outside:
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Does it need a new coat of paint (either because the old paint is obviously cracked or faded, or because of an uncommon choice in color that might turn off prospective buyers)?
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If a house with a yard, is the lawn and landscaping attractive and well-kept?
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If it is a condo, you can’t do much about the building, but is the front door (and balcony, if there is one) appealing?
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Are the windows and doors attractive and in good condition?
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Are the roof (and the gutters) in good condition?
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Are the interior paints and finishes in good condition (recently updated), or do they need to be freshened up? This is one area with the best ratio of least expensive to most desired. For a minimal investment, you could possibly make or break a sale by having your home look well-kept and inviting.
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Are the appliances in good working order and of recent vintage?
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Are the plumbing and electrical systems in good condition? Are they fully functional?
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Are the carpets or other floor coverings clean and in good condition? Like the paint, are they attractive and well-kept? Floor coverings are worth paying for so that your home makes a good impression.
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Are the sealants (sink, shower, tub, windows) in good condition?
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Are all light fixtures working properly, and is there good lighting in each room so that prospective buyers won’t think you’re hiding something?
Are You Ready To
TO RENT AN APARTMENT?
You can entrust your rental decision with Richard and the team at Richm Mgmt. Richard has the insight and knowledge to ensure you make the best decision for you and your family.