Making You Feel At Home For More Than 40 years!
Lonestar Realty
Telephone: (254) 699-7003

How To Compare Shortlisted Rental Properties

Renting a home can be quite a tedious task, particularly the process of choosing the right property among a myriad of options. You may feel overwhelmed to find the perfect home that accommodates all your requirements, in terms of price, type, location, occupancy etc. However, an in-depth research and careful analysis from different aspects can simplify your decision making process.

Given below are some useful tips that will help you to compare the shortlisted rental properties:

Check The Location

First and foremost, it is important to check the exact location of the rental homes. Contact the landlord to know where the property is actually situated. This will help you to perform a comparative analysis between the rent of the shortlisted home and that of other similar properties nearby. Accessibility to the highway and overall living conditions in the area will also help you to draw a better comparison between all the shortlisted properties.

Price Vs. Amenities

The amenities offered in the rental home and the price quoted by the landlord are directly proportionate to each other. Evaluate the amenities you actually require in the home so that you do not overpay for the unwanted ones. For instance, pet friendly homes may be slightly expensive as compared to the rest. If you do not own a pet, there is no point paying extra charges every month. Basically, you should choose a home that provides furniture, microwave, refrigerator, washer, dryer and other important appliances. Check if the rent is reasonable for all these amenities and choose the home that offers most of them at the best price. Also, inquire if the utility bills and maintenance charges are included in the rent amount.

Visit During Day As Well As Night

Apart from the scheduled day time showing, you should also visit the shortlisted properties during night to have an idea about the surroundings. If the home is within a gated community, check if there is any security personnel at night. Make sure the street has proper lighting for the security of the residents. In addition, high volume traffic, harmful factory emissions and other such issues that impact the quality of life can only be detected after frequent visits to each of the shortlisted rental homes.

Proximity To Workplace And School

Another factor to be considered is the distance between the shortlisted properties and your workplace or your kid’s school. You might not want to spend hours on commuting through the busy roads of the city. Calculate the approximate distance and traveling time to your workplace from all the shortlisted properties. In addition, you should also evaluate the rental homes’ proximity to parks, supermarkets, shopping malls, medical centers and other recreational facilities.
Check how long it takes to get to the nearest public transportation or transit stop from the rental homes. A lot of tenants prefer living in properties that are located at a walking distance from the main thoroughfares.

Obtain A Rental History

Ask the landlord about their previous tenants, their date of move-in and the reason for relocation. You can even get in touch with the previous tenants to know about their rapport with the landlord. Ask them if they faced any issues with regard to repairs or maintenance work in the home. You can even talk to the neighbors to get a better idea about the rental history of the properties you are considering.

Other Tips To Find The Most Suitable Rental Home:

Decide a budget and stick to it during the home search process. Make sure you can conveniently afford to pay the rent every month.
Inspect the home carefully to look for any signs of damage or pending repair work. Ask the landlord to get everything fixed before the move-in date.
Read the lease agreement thoroughly and ensure that it mentions all the important clauses. If you do not understand anything, get it clarified from the landlord or property manager.

If you are looking for a rental home in Killeen, TX, contact Lone Star Realty & Property Management, Inc. We can help you to find the most suitable property within your budget and in your preferred location. For more information, you can call us at (254) 699 – 7003 or visit our office at 1020 W Jasper Drive, Killeen, TX 76542.

Tips For First Time Landlords

Being a landlord can be a personally and financially rewarding investment. However, there are a lot of things to prepare for before you take up this new job. A well-planned strategy and complete dedication is the key to a successful renting business. In the absence of any prior experience, there are higher chances of making certain mistakes that can cost you in the long run. It is better to hire a property management company to ensure a better handling of the different aspects related to home renting.

Given below are some tips that can help first time landlords rent out their homes efficiently:

Know Your Responsibilities

Before you even plan to rent your home, you must understand and be willing to bear the responsibilities that come along. Right from advertizing your property to the potential tenants to ensuring that they stay comfortably throughout the lease duration, you need to take care of multiple aspects. You should also stay updated with the landlord-tenant laws and Fair Housing Act that prohibits you from reject any tenant on the basis of religion, race, color, nationality, disability or gender. All the laws should be followed to avoid any legal complications later on.

Buy Insurance

Another important step is to buy a home insurance policy that covers your rental property. It will help you to protect yourself against any financial liabilities in case the home gets damaged due to fire, water pipe leak, vandalism, hailstorm etc. The cost of insurance may depend upon the property’s location, type and coverage included. You can also require your tenants to buy renters insurance before moving in.

Price It Right

Setting the right price for your rental home will help to increase its demand in the market. Potential tenants may browse through the online MLS listings and compare a number of available properties to shortlist the suitable ones. If you ask for a too high or low rent, it may be perceived as a red flag and draw away the tenants. To avoid this, you should conduct an in-depth analysis of the market trends and rent of similar properties. This will help you to determine the right price for your home.

Decide The Amenities You Want To Include

Prepare a list of all the amenities that you will be providing to the tenants. These may include furniture, electrical appliances, HVAC system etc. Also decide if the monthly rent includes the maintenance and utility charges or they have to be borne by the tenants. Amenities such as Wi-Fi, cable, security alarms, well-maintained lawn etc. can help to increase the rentability of your property.

Stage Your Home

Improve the visual appearance of your rental home before inviting the potential tenants for a visit. Thoroughly clean the driveways, mow the lawn, replace rusty door knobs and steam clean the carpets. Inspect the home to see if anything needs to be repaired, such as a leaky faucets or faulty electrical fittings. Remove unnecessary furniture and include only those appliances that you intend to provide in the rental home.

Screen Tenants Properly

Renting your home to the right people is important to ensure a consistent income and keep your property well-maintained. Therefore, you should conduct proper tenant screening to evaluate of the applicant is suitable for your search criterion. Check his income, employment history, criminal background, past rental record etc. You can also get in touch with the tenant’s previous landlord to know about his general conduct and punctuality in rent payments.

Pay Attention To The Lease Agreement

The lease agreement should clearly mention all the terms and conditions to be followed by the tenant. Important details such as rent amount, security deposit, tenancy duration, pet policy, occupancy limits, maintenance liabilities etc. should be included in the contract. Also mention the due date for rent and the circumstances in which eviction procedures can be initiated. Make sure that the lease agreement is understood and duly signed by both the parties.

We, at Lone Star Realty & Property Management, Inc., can help to rent your home in Killeen, TX. For more information, you can call us at (254) 699 – 7003 or visit our office at 1020 W Jasper Drive, Killeen, TX 76542.

Google+ Twitter Facebook Pinterest