Top 7 Concerns You Should Question Before You Rent

Moving to a new home can be a happy time, or a sad time. You might be moving up in life or moving back. Economic times have been at best a roller-coaster for most and renting a property is the most important and biggest investment in your life. Finding the right home is either exciting or gut-wrenching but regardless of the situation, emotions usually are running high. My experiences from both ends of the spectrum (landlord & renter) should give a broader and keener observation of what to concern yourself with during this poignant period.

Questioning a landlord while investing just a little time in these seven key concerns could be immensely helpful when renting.

1. Lease or month-to-month rent. What is included and not included in the rental agreement is very important. Is it month-to-month? What does the renewal entail if you have a lease? What is the rate of increase or is there any? Are there different lengths of a lease available? If you lease for a longer period of time, is there a reduction in payment - or will they raise the payment? Are there any extra fees? Are there grace periods or late fees?

2. Security deposit requirements. Sometimes the deposit is simple and straight forward but then again, sometimes they involve all sorts of combination. Is there a first and last? What other deposits are needed? How and when do you receive your deposit back? What exactly is the requirement for being paid the deposit(s) back?

3. Children and pets. Of course, if you have a child or pet, this may be your first concern - are either or both allowed and is there a deposit requirement? Are there safety issues at the property for your child or pet that you need to know about? Are there other children or pets in the area? And if the property is child friendly, what is that definition? What you assume it means and what they think it means may not be the same.

4. Contacts. Who, where and how you contact the landlord is very important with renting, especially in emergency situations. Who do you contact for repair issues and how? Are they on the premises or is there an off-site service? Also question how and where you make your payments? Can cash or a credit card be used?

5. Utilities. The utilities can be an overlooked area particularly as to what is exactly included or not. How much of the utilities are paid, if any? Does the landlord pay for all the utilities and when you say all, what does that exactly mean? If you want cable or dish installed, who pays for the costs? If you have to pay for your own utilities, is it charged out as personal usage or as an average for the property?

6. Occupancy. In this day-and-age of economic change, conditions can alter themselves so you need to know the limitations of rental occupancy. How many people can the property occupy on a permanent basis? Can you sublease? If you do add more occupants, what is the fee or deposit and does the rent go up? How many people can you have in your unit at any one time (i.e. for party or celebration)?

7. Alterations. This can be an area to make a deal on if the property needs work or perhaps you have your own style. Are you allowed to paint the unit? Can you change the landscape (if applicable)? Is adding a shelf or shelves OK? Who pays for rent "improvements"? And what is a rent improvement? Can you fix or repair and improve and whose cost is it?

Many questions come to mind like what is the condition of the building? What is included with the property - such as window treatments, light fixtures, furniture ...? What is the neighborhood like? Two of the best ways to find out about a neighborhood are asking neighbors in the area questions and secondly, visit the property at night. Most neighborhoods are quiet during the day but night time is when all kinds of matters can pop up. And many hidden concerns that you didn't think of, may surface.

Investment in time = Happy home

Talk to the landlord with as many questions as you can. Don't be afraid to shoot-the-fat, so to speak. Some chit-chat might uncover hidden issues and at the very least, gives you a better feel for them and may help determine whether the property and landlord relationship is right or not.

Of course there are many more questions but these 7 key concerns are critical and as always, you must do your due diligence. Make sure you know what your entire budget is - not just "the rent" - lots of little things can add up. An investment of time in where you live affects everything else in your life. Follow these key concerns and it will pay off and you will be happier for it. A happy home is but an earlier heaven.