Things to think about before signing a lease
Category Property Advice
It can be very tempting to sign a lease impulsively. Perhaps a property has become available in your dream neighbourhood and you are eager to sign on the dotted line before anyone can beat you to it. In a different scenario, maybe you have seen a home nicer than those typically in your price bracket. Whatever your reason for wanting to rush into signing a lease without doing the necessary research - don't do it. A residential property lease is a legally binding document which ties you into a (typically) year-long commitment, so you don't want any regrets. Here are some things you should think about as part of doing your due diligence before signing a lease.
The issue of affordability
The first thing you need to think about is whether you can comfortably afford to rent the property. Make sure you know what the rental amount does and does not cover. While your rent will sometimes include water, it will generally not include electricity. If the property you are interested in renting is in a complex, you may also need to pay if you need an extra parking place. You will also need to pay a deposit, which is usually a full month's rent. In other words, you'll be paying double rent as a once-off in your first month.
The state of the property
Simply put, if a property is not in great condition, it's not going to make a great home. Even if everything looks fine on the surface, you need to take the time to check whether everything is working. This means testing taps, flushing toilets, turning on lights and checking whether or not each plate on the stovetop heats up. Any issues you notice should be documented as part of the ingoing inspection. Your rental agent should then liaise with the landlord to ensure that these issues are resolved.
Location, location, location
You may have found a property that ticks all your checkboxes, but if it's on the other side of the city from your workplace or your children's schools, you're going to spend your daily commute questioning the choices that you have made. A good home needs to offer proximity to the places you go regularly - including workplaces, schools, shops, sporting facilities and places of entertainment. If you and your family use public transport or the Gautrain regularly, make sure you're close to a bus stop or train station that will get you where you need to go.
Security status
The property you are considering renting will be your home and your refuge for at least a year ahead. It is crucially important to check that the property has appropriate security measures - and flimsy burglar guards are not going to be enough. While garden cottages, which are frequently advertised on platforms like Facebook or Gumtree, can offer an affordable place to live, their security measures are frequently not up to par. Your home needs to be a space where you and your possessions will be as secure as possible - and don't forget that as a tenant, it is your responsibility to insure the contents of your home.
The contents of a lease
One of the most important things you need to know about signing a lease is that you are signing a legal document. Once you've signed it, you are bound to that property, and to paying the rent, for the duration of the lease. The importance of understanding this document before you sign it cannot be overstated. A lease often includes a lot of jargon and legalese, so feel free to ask your rental agent to explain anything that's unclear.
Signing a lease is not a matter to be taken lightly, and the best way to protect your interests when renting a property in Gauteng. Limpopo or Mpumalanga is to trust the experts at the CSi Property Group. Contact us today for more information.
Author: CSi EUF