An apartment lease is a legal contract that outlines various rules agreed upon by the parties involved i.e. the property owner and the tenant. A lease agreement states the duration of renting the apartment, amount of rent to be paid on a monthly basis, security deposits, pet policies, parking lot access, pool privileges and other details of the rental apartment.
Essential things that every prospective renter should know about an apartment lease before signing it are:
- Termination And Renewal: An apartment lease agreement is usually for a 12-month period but may vary at the behest of the property owner and tenant. For renewal, it is usually required that the tenant should provide the property owner a 30 to 90-day prior notice for the same.
- Fixtures Provided: Check the lease agreement for fixtures that will be provided in the apartment. Permanent kitchen appliances like a dishwasher, oven, and stove are usually provided in apartments but you may need permission for removable fixtures like pool equipment, window shades, furniture on rent, appliances left behind by previous tenants, etc.
- Security Deposit: The amount of security deposit to be paid may vary depending upon state law. Also, check the lease for information on when you will get your security deposit back; usually within 30 to 60 days of vacating an apartment.
- Grace Period: This refers to the amount of time a tenant is granted to pay rent after the due date without any penalty; it varies from state to state. Failure to pay rent after the grace period entitles a property owner to charge a late fee or terminate the lease.
- Guest Policy: Lease agreements include conditions on the number of guests allowed to sleep in an apartment and the maximum number of occupants allowed to stay in it. Some lease agreements even pose restrictions on the number of days that guests can stay in an apartment.
- Pet Policy: For those with pets, look for restrictions on breeds, sizes, types of animals allowed and the monthly fee required in addition to rent.
- Tenant Insurance: Check whether the lease agreement requires you to get renters insurance. However, it is recommended to get insurance even if not required by the property owner.
Lone Star Realty & Property Management, Inc. offers a variety of apartments on rent. The agents assist the tenants in understanding the terms of the apartment lease. For further details on an apartment lease, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at (254) 699 - 7003.
Tenant verification is important for every property owner in order to determine if the prospective tenant will make timely payments, take care of the property, be considerate of the neighbors etc. In addition to this, tenant verification helps to ascertain the identity of the tenant. Tenant verification can be done by conducting a background check, phone verification, etc.
Let us take a look at some reasons for which it is important for property owners to screen tenants prior to signing a lease contract:
- Protect Your Property: Tenant screening is an important step that every property owner should take to protect his property from dropping its value. The choice of tenants will determine the way the property will be treated and the amount you will have to spend on repairs and maintenance.
- Safeguard Yourself: Before entrusting your rental property to a tenant, you should conduct a screening process to determine whether you can trust him and stay away from any lawsuits.
- Know The Tenant’s Financial Situation: An essential part of tenant screening is reviewing a tenant’s credit report to gauge his credit score and determine the debt-to-income-ratio.
- Avoid Liabilities: Thorough screening reduces the property owner’s expenses due to sudden evictions, the default of agreement, and expenses arising due to lack of responsibility by a tenant.
- Full Criminal, Credit And Eviction Reports: Tenant screening helps a property owner get a potential tenant’s full criminal history, credit history, and eviction reports. These results are vital for determining whether a tenant is worth considering or not.
- Know The Applicant’s Payment History: Information about an applicant’s payment history can be gathered from previous employment and landlord references. Landlord references let you know about the applicant’s track record of paying rent whereas, reviewing the employment history confirms whether the applicant earns enough to afford rent every month.
- Prevent Future Evictions: Eviction processes can be quite lengthy and expensive, so it is suggested to avoid them by conducting a screening process that involves learning about an applicant’s eviction history, if any. This can be done by studying credit reports or an actual eviction report that includes the exact reasons for eviction.
- Peace Of Mind: If you want your rental property to be rented to a tenant who will pay rent on time, handle your property carefully, demonstrate responsibility and be kind to neighbors, you should be consistent with a thorough screening process. This will ensure you a quality tenant resulting in peace of mind as the owner of the property.
Lone Star Realty & Property Management, Inc. offers property management services to its customers. The property managers provide services such as thorough tenant screening, property maintenance, etc. To know more about why every tenant should be verified by the property owner, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also call at (254) 699 – 7003.
Fort Hood is a great locality for finding a rental property. The city has a military post that accounts for a wide cultural diversity and attracts numerous renters. The renters can choose from a variety of housing options depending upon their requirements and lifestyle.
Some of the common housing options available to renters in Fort Hood are mentioned below:
- Single-Family Homes: Single-family home is a suitable option for families with children who need ample space and privacy. The rental listing usually contains information such as the number of bedrooms and bathrooms, area in Sq. Ft., nearby elementary, middle and high schools, utilities provided, etc. Common features in the rental single-family homes are carpeted floors, vinyl flooring, convenient locations, shower/tub combos, fenced backyard, etc, but may depend on property to property.
- Duplexes: Duplexes are an ideal choice for students, small families, and single soldiers. They consist of fewer bedrooms (usually 2 bedrooms) as compared to single-family homes and come with a variety of features such as ceramic flooring, tiled shower/tub combos, ceiling fans, small pantries, etc. Most of them have covered patios, large windows, and fenced backyards.
- Townhouses: These have a small footprint as they consist of multiple floors. They are a great option for city dwellers, as they are strategically located near business houses, restaurants, schools, medical care, etc., yet offer the privacy of a detached home. They usually comprise of full-sized laundry rooms, extra storage, linen closets, etc.
- Apartments: These consist of residential units inside a building with their own bedrooms, bathrooms, and utilities. Most apartments comprise of ample sized bedrooms and open living space, walk-in-closet, amenities (garbage disposal, stove, refrigerator, etc.), carpeted floors, upstairs and downstairs units, washer and dryer hookups, central heat and air, and access to entertainment centers, shopping areas, schools, and other amenities.
It is advisable to contact a reputed and well-established real estate company to understand the types of housing options and choose the option that suits your needs.
Lone Star Realty & Property Management, Inc. offers a wide range of housing options for renters in Fort Hood. The company enlists the available rental properties online with necessary details and information about the application process. Customers can choose a rental property according to their requirements and budget. To know more about housing options for renters in Fort Hood, visit Lone Star Realty & Property Management, 1020 West Jasper Drive, Killeen, TX – 76542. You can also call (254) 699 – 7003.
Owning a rental unit has a variety of benefits such as cash flow from rental income. In order to rent out your house for the first time, you should educate yourself on some important aspects of the process. It is necessary to be aware of housing laws in your area, tenant screening process, lease agreement terms and knowledge of other important requirements.
Listed below are some useful tips for renting out your house for the first time:
- Know The Law: Educate yourself on the laws pertaining to rental properties in your area. For example, every state has laws on preventing discrimination of tenants (on the basis of race, color, sex, etc.), property safety, tenant eviction, etc. For information on legal aspects of owning a rental property, it is advisable to hire a property manager.
- Work On Presentation: Present your property in a way that makes it appealing to prospective tenants. Highlight its best features, clean it thoroughly, repaint it, boost its curb appeal with landscaping, etc.
- Screen Tenants: To select quality and reliable tenants, ask your property manager to conduct tenant screening. When questioning them, there should be a focus on details such as employment status, criminal history, credit report, eviction history, etc. A proper screening procedure will minimize evictions, reduce property damage and save your time.
- Formulate A Lease Agreement: Every term, condition, rule, and agreement that you agree with your tenant should be written in the lease agreement. This agreement plays a vital role in offering legal protection in case of disputes related to the rights and responsibilities of the parties involved.
- Price It Right: The price of a rental is one of the most important factors for attracting tenants. When setting the right price for your rental, assess your total expenses and mortgage payments to derive the value of your property. Thereafter, compare it with the value of other rentals in and around your area.
- Maintain A Bookkeeping System: First-time property owners should be disciplined about maintaining financial records and paperwork of the property.
- Take Inventory: Prior to handing over the rental’s keys to a tenant, a property owner should conduct a walkthrough and record the condition of the property at that time. A record of the same should be signed by both parties.
- Protect Yourself: Get yourself insured as a property owner to enjoy protection from missed payments, legal expenses, vacancies, accidental damages and the like. Also, ask your tenants to get renters insurance for protection against unforeseen events.
The agents at Lone Star Realty & Property Management, Inc. assist property owners in renting out their property. The agents are well-versed and have years of experience in the real estate market. For further details on renting out a house for the first time, visit 1020 West Jasper Drive, Killeen, TX – 76542. You can also contact: (254) 699 – 7003.