The best way to maximize your property value, avoid property tax bills and secure your property, is to lease it from an apartment or unit owner.
In a recent study by the Landlord-Tenant Board, renters who leased their homes to an apartment owner for three years were more likely to be able to afford a smaller home.
But if you’re looking to buy a home, here are five steps you should take to help you avoid any tax problems: Read More .
Make a Budget Before you move in.
Renting from an individual is different from renting to a corporation.
Most leases allow for a monthly rent, but you have to provide a detailed financial statement showing your income and expenses.
The Landlord and Tenant Board recommends that you have a budget with a detailed breakdown of what you need to pay each month, as well as any fees or costs you are going to incur, such as rent, maintenance and utilities.
You can find a budget online from a landlord or online from the local real estate agency.
You should also get a copy of your lease agreement, along with any required insurance.
Before you sign your lease, it’s a good idea to get an estimate from a reputable property appraiser.
It’s important to remember that when it comes to a property, you’ll be renting to an individual who may or may not have any other liability insurance.
Make sure you know how much rent you’ll have to pay, how long the lease is, how much you’ll owe for any maintenance and any utilities, and what you can expect in terms of repairs and maintenance.
Make an Appointment.
Make it an appointment at least one month in advance.
If you want to save money, consider scheduling a “short-term” lease instead of buying a new home.
This may allow you to save on the monthly rent for at least a year or two.
Make your appointment to schedule your rent appointment by calling the property manager or the property agent who is running the lease.
You will have to be present at the appointment.
Make note of any changes in the lease, including any modifications, that could affect your lease payment.
Check the Credit Report.
If the property is listed as a low-income housing project, check the listing for the property’s credit report.
If it doesn’t have a credit report, it is a good indication that it doesn�t have a current owner.
Also, if the property doesn�ve been in your name for a long time, check to see if it�s been listed on the mortgage or a credit card statement.
This could mean that the property isn�t eligible for a mortgage.
Read the Terms.
Once you have the necessary information, it�ll be much easier to negotiate your lease.
Make certain you have enough information to fully understand the terms of your agreement, and the responsibilities that go along with it.
If you find yourself renting a home with an individual that isn’t a good fit for your lifestyle, the first step is to find a home owner who you can trust.
Ask them if they have an interest in the property.
If they say yes, then there’s a high chance you’ll get a fair price for the home.
If not, then you may be looking at a potential legal issue.
Learn more about finding a home in a rental.
If that doesn� t work, ask the landlord or agent for their advice on a different home, such to a company.
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