![]() ![]() So once you have finalized a tenant, get the verification done at the nearest police station. Police Verification: Most tenants don’t take this process seriously, but it is important to get the tenant verification done. You must run a quick check to know the tenant’s home town, family and financial situation.ģ. Tenant Background Check: Now that you have the documents and also a few prospective tenants, it is important for you to run a background check. For example, some may not allow bachelor or male tenants or female tenants.Ģ. NOC (No- Objection Certificate): This document states the conditions specified by the owner for rent/lease. Share Certificate: This certificate states if the place rented out is a part of a colony or a cooperative societyĮlectricity Bill: The electricity bill should be in the owner’s name ![]() Tile Document: This document is proof that the individual who is renting the property is the actual owner of the property. Arrange Documentation: Renting a property involves arranging a set of documents and these are: Here is the checklist for first-time landlords:ġ. Therefore, it is important to make a checklist of the tasks to keep track of all the legalities and to save yourself from getting into any trouble in the future. If you are in the market for an affordable apartment rental contact Mainstreet Equity and learn about our first-time renter options.There are many tasks to be taken care of before you rent out your property, especially when you are doing it for the first time. With this checklist in mind, embarking on your first apartment rental adventure is sure to be much easier. Dog parks or dog walking areas– Locking stations for bikes.Pools– Sports courts (basketball, tennis, etc.).Laundry and dry-cleaning services (in-suite laundry or on-site laundry).The type and amount of amenities will vary wildly depending on location, price of the building, which owns and runs the building, and even the size of the apartment complex. Renting an Apartment: Amenities ChecklistĪpartments typically come with some form of amenities which can make life at the apartment complex more convenient, exciting, or simply more fun. How much storage space does the apartment have?.Are there grocery stores within walking distance?.Does the building have quiet hours?– What is the neighborhood like?.Does the apartment come with pre-installed central air and heating?.If something breaks in the apartment, is the landlord responsible for fixing it? Are they available 24/7 or only during working hours?.Are pets allowed and if so, are there restrictions and what are the pet fees (if any)?.Who do I make payments to? The landlord or someone else? What are the rules regarding late fees?.What forms of payment are accepted to pay rent?.You should ask the following questions about your apartment and apartment complex to ensure you have the full picture of what life will be like there. Living in an apartment is drastically different than living in a home, whether you owned or simply rented. Step Four: If you're accepted, you need to send in a security deposit and a varied amount of money that will be equal to your rent times a number of months as designated by the landlord.Step Three: You'll be contacted if you have been approved for the apartment. ![]() Step Two: Fill out an application and send it in.Consider factors such as budget, location in relation to your workplace, whether or not you will need (or already have) a roommate, and other budget concerns. Step One: Search for apartments and arrange to visit apartments you're interested in.The process of renting can be broken down into 5 simple facets that are easy to understand when you tackle them one at a time. Renting an apartment seems more complex than it actually is. Money for a security deposit (sometimes properties incentivize low SD).A credit score of 620 (or more!) depending on where you are renting.A yearly income which is at least 4 times the amount of rent you'll be paying each month (rent should not exceed 25% to 30% of your income).These are not set-in-stone rules, but these are the guidelines recommended by most financial experts to ensure that you can reasonably rent an apartment without putting yourself at financial risk. If you want to make sure that you are prepared when looking for your first apartment to rent, take a look at the following first-time apartment renter checklist. Renting your very first apartment is an exciting time-but it's only natural if you're feeling some anxiety about looking for your first apartment. ![]()
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