Rental Hunting: Due Diligence

Rental Hunting: Due Diligence

Finding a rental home or apartment that suits your needs is a daunting task, particularly when disability, children, pets, credit issues, or any combination of the above create additional complexity. I'm seeking a new rental right now. Learn from my mistakes and successes with this series of short articles on the process of finding a rental. This is the fourth in a series.

You've contacted landlords and landladies, and you're ready to start attending showings, but there's one more thing to do before you set off. It's time to make a list of questions. Some you can answer by yourself, using tools available online and locally, and others should be asked at the showing. Put everything in writing, and bring your notes along; it's easy to get brain fog when viewing a rental and forget a very important question!

The first question, and one that you can answer for yourself, is, "How safe is the neighborhood?" Don't rely on the landlord/lady for an answer to that question. Call the police department for the city in which each rental is located and explain that you're considering renting a property in that city, and that you'd like to find out how much crime occurs nearby. You'll likely be put in touch with a Crime Analyst, who will review police records in the area and give you data on the type and number of crimes reported in the neighborhood. The expert opinion of a Crime Analyst is invaluable, but some cities also have crime maps online, where you can enter an address and search for crimes within a certain radius and timeframe.

There's one more question you can answer on your own. That's, "What are the utility costs?" All you need to do is call the utility company and give them the address, and they can look at the bills sent out in the past year and tell you how much the bills were for and the average temperature at which the house was kept. Make sure to ask if the usage amount was average, high, or low. Extra-low utility costs can mean the home is very energy efficient, but it could also mean that nobody lived there for a while.

As for the questions you'll ask at the showing, everyone's list should differ based on their needs, but here are some to consider:

• -What type of heating and cooling system is installed?
• -Are there HOA fees, and if so, are they included in the rent?
• -Whom can a tenant call if an appliance included in the lease breaks or malfunctions?
• -May I see a copy of the lease?
• -Can you tell me a little bit about the neighbors?
• -What do you require of potential tenants-- background check? Proof of income?
• What appliances and furnishings are included?
• -How long is the lease agreement?
• -When was the home built?

Read Part 5: The Showing