Check list

 

Important points to remember when renting and buying a property.

1.LOCATION, LOCATION ,LOCATION.

In real estate it is always location,Is the area and neighborhood safe,are schools and hospitals and shops accesible?

2.IS IT FURNISHED OR NOT?

If it is,check all provided furnitures to make sure they are all in good working condition.

3.UTILITIES/INTERNET/TELEPHONE/TV CABLE

Usually, middle class to high class unit has own electric and water meter,so that it will not be included in your rent. Most banks accept payments for utility bills,or you can visit their office to pay. Don't forget to pay on or before the due dates to avoid inconvinience.

4.PARKING AREA

Most of the time parking area rental is diffirent from the unit rental.If you own a car,never forget to ask the landlord about parking space availability and accesibility to the rented unit,afterall owning a car is mainly for convinience.Don't forget to bargain for reasonable price too,sometimes parking lots can cost a lot or make a unit's value high.

5.FIRE EXIT AND SPRINKLER

A must when checking out a property,Your life will depend on it.

 

6.DOES YOUR UNIT HAVE A VIEW?

When you open your curtain do you smile and relax at the beauty of the sunrise?or do you stare straight at a wall?Well whichever you like.

7.PROXIMITY TO PUBLIC PLACES

If you value peace and quiete you might want to refrain from renting properties near public places as you cannot ask all these people to be quiete because you want to sleep.

8..ELEVATOR

How many lifts does the tower have? Is it working 24 hours? When renting condominiums it will be imposible to miss the elevators.

9.BACK UP GENERATOR

In Philippines, specially during typhoon power outage is normal. Its better to have a back up generator. Most rental properties specially condominiums and commercial spaces have this feature,always ask if your unit will be covered,or is it for common areas only.

10.UNIT INTERIORS

Always check small details or you will waste a lot of money on repairs

a.Laundry and dry area,electrical sockets and switches,leaks,kitchen sink and toilet and bath drainage,window grills and screens,aircon provisions.

11.TERMS AND MODE OF PAYMENTS

Normally all you have to pay is one month deposit two months advance,but for commercial and condo units owners will ask for one year contract at the least,you will have to issue post dated checks to cover the contract duration.

12.SECURITY DEPOSITS

Usually,security deposits will be forfieted if a lessee will terminate the rental agreement,or at times this will be very hard to take back if you can at all depends at rented units conditions,if you practically wrecked the unit then they will use it to fix the unit if not they will find a way to hold as much of the deposit as they can.

13.HIDDEN CHARGES

Make sure to ask your landlord about "dues" to be paid,association dues for example,some apartments or houses requires you to get your own cable or other service connections,but you will need to pay for the former tenants back dues or else you cannot get connections.

14.RENEWAL OF RENTAL AGREEMENT

It is also wise to ask for the conditions of renewal,do you have to submit a notice a month before if you still want to renew?will your landlord raise the rent every year?

15.DON'T FORGET TO READ,NOTARIZE and SECURE YOUR CONTRACT.