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Lease or Rental Agreement – Which is Best for Your Situation?

Mon, 06 Sep 2010 16:21:43 +0000

You’ve made some investments in rental property? A very popular business venture these days, as you can never go wrong with investing in real estate (well, almost never). As you begin the process of finding tenants, one question that you must address is whether to use a Lease or a Rental Agreement for your property.
First, you must determine what type of market the property will appeal to. If it’s a residential home, such as a single family house, duplex or apartment complex, then your market will likely be those that are looking for a place to settle down for a while and stay put. For this type of property you would want to offer a Lease.
However, if your property is in the heart of the business district, close to a college campus, near a military base, etc., then a Rental Agreement may be the best option for you. Most especially if you are having a hard time finding someone to rent the property in the first place.
Let’s examine what each agreement consists of so you have a better idea of what would work best for you:
Lease
*A fixed term, typically 6 months or one year.
*Terms of lease cannot change, unless agreed upon by both landlord and tenant, during the duration of the lease (i.e. you can not raise rent until the lease expires).
*Tenants are required to pay monthly rent and abide by the code of conduct set forth in the lease during the entire duration of the lease.
*A tenant cannot move out of the property before the lease expires without being in breach of contract and, typically, responsible for all rent due for the remainder of the lease (unless both the landlord and tenant agree on a sub-leaser).
*A lease renews upon expiration, unless specified otherwise in the terms or the tenant provides 30-60 days notices, prior to the expiration of the lease, that they do not wish to renew.
*Leases are the most common for both residential and commercial property, and preferred by landlords who would like to lock in a certain amount of money for a specified amount of time.
Rental Agreement
*Typically a month-to-month duration with no specified time frame of residence for the tenant (outside of 30 days).
*The landlord or tenant can make changes to the rental agreement, at the end of each 30 day duration, as long as they are within the parameters of rent control laws, such as an increase in rent or a tenants intention to move out. Most states, however, require that either party give 30 days notice to such changes.
*Agreement automatically renews at the end of each 30 day period, unless one of the parties indicates that the tenant will be moving out.
*Rental Agreements can sometimes give landlords an edge over those offering leases, since they are more flexible. They are popular in areas like New York apartment complexes or a bustling business districts.
In the end, go with what works best for you and your rental property location. And know that, whenever your lease expires and your tenant moves out, you can always offer a rental agreement if the lease wasn’t working out, or vice versa.

Rental Property Lease Basics

Sun, 05 Sep 2010 00:31:15 +0000

Rental Property Lease Basics

Alright, you’ve found the perfect rental property, and now your ready to sign on the dotted line. Not so fast, you need to take some things into consideration before signing. First, how long do you plan on living in the rental, and is there going to be a possibility that you might need to break the lease? If you see your living situation as going to be stable, you shouldn’t have a problem signing a long term lease. If for any chance you feel that you might need to break your lease, you should consider a short term, or month to month lease. These shorter term leases, are usually higher month payments, and you give up the security of a longer term lease. But in the event of a living situation change, you will be saving yourself a considerable amount of money.Second, now that you have decided the term of your lease, you need to negotiate the price. If you are moving into an apartment complex or similar, your chance for negotiating are slim. If you are renting from a private owner, or smaller rental company, you can probably do some negotiating. To do this, you need do some work. You should find out what the vacancy rate is in rentals around the area. If the rate is high, and there are many rentals to choose from, you have greater bargaining power. It’s a buyers market, so don’t be intimidated by the landlord. Even if you can’t haggle on the price, you can ask for other things, like an extra month, free cable, or anything else you can think of. Don’t be afraid to ask, they can just say no.Third, you have the term and price figured out, the lease options need to be settled. Are there any special clauses in the lease that are not to your benefit, like an early termination option for the landlord. Are all your obligations layed out in the lease agreement. Do you know how much wear and tear you will be responsible for, and how the security deposit will be handled. What can you be charged for late rental payments. What are the landlords access privileges for the property. Can the rent be increased during the lease. Make sure you completely understand all aspects of the lease, and if not, talk to a professional.

Lastly, once you have negotiated the term, price, and options, if you are not completely comfortable, do not sign. There are many websites like http://www.rentlaw.com that can give you more information about leasing.

http://www.findhomerentals.net

Criteria for Student Apartment Rentals

Sat, 04 Sep 2010 04:48:26 +0000

In the United Kingdom, thousands of students are about to leave the university setting to head into the professional world. Among their many considerations is deciding where to live and how much they are willing to pay for rent. Finding the right apartment, whether for one person or a group of people, can be a tough proposition for the uninitiated. However, students and graduates in the United Kingdom can find the right rental for them after considering a few factors.

The first, and most common, criterion for finding the right student apartment rental is price. Monthly payments, deposits, and utilities need to be considered by signing any rental agreement. Students and new graduates do not have a lot of money so they should consider living with other people to defray costs. However, students need to first build a realistic budget before heading into the rental market. The standard budget for a UK student apartment should include between 25 and 33 percent devoted to rent, to ensure that bills and debts can be paid off.

Another standard necessary for students looking for apartment rentals is the lease terms for a specific unit. Students and graduates who find the right place need to look for long term or automatically renewing leases for the duration of their studies. However, many students in the United Kingdom need to remain flexible and should seek out shorter lease terms or flexible rental agreements. Students do not want to be stuck with leases during overseas travel or a detour into the working world.

Many students look at these two factors alone in their initial search for apartment rentals. However, students in the United Kingdom also need to determine if their apartment is close enough to work and entertainment for easy transit. Students and graduates need to either be close to public transportation so they have access to easy transit from one point to another or have an apartment close enough for easy travel by car. The right geographical location is critical for the student on the go.

Finally, students looking at UK apartment rentals need to use their intuition as the final arbiter of the right apartment for them. The factors mentioned above, as well as others like the right amenities, are great to eliminate a long list of apartments. However, UK students need to look through apartment rentals and feel comfortable in the place that will be their home for a significant period of their young lives.

Samaritan Partners? Real Estate Leasing

Fri, 03 Sep 2010 03:43:33 +0000

Facing foreclosure? Needs immediate cash for your home equity? Then, Samaritan Partners is the solution to your problem! Samaritan Partners give options to homeowners having trouble with their property mortgages, with the Real Estate Leasing; Samaritan Partners will help you solve your problem.

What is Real Estate leasing? Real Estate leasing is to rent and occupy a property, might it be a house, an apartment, condos, buildings, etc, for a definite period of time and for a certain amount of money as agreed between the lessee and the lesser. Business owners and home owners alike could avail of this real estate leasing. For some, real estate leasing is a better option for a business owner because there is a possibility that a thriving business in a local situation will be bought out a by a developer for a more considerable amount. Another situation is, if a business is thriving and in need of additional space. If a business owner owns that real estate property he would not be able to expand his business unless he transfers to another place. There are many advantages of real estate leasing. There are many reasons why a business owner prefers leasing, because leasing is more flexible in terms of expanding because if a business owner wants to expand then it’s easier to make other leasing terms than selling a building. Also, Just like any other products real estate selling often relies on timing, because sometimes the market is short of interested buyers in real estate properties. Another is that real estate business owners’ decision to sell their property is dependent on the needs of their business not with the real estate market. If a business owner is distracted in selling his property then the business would suffer. Another practical reason is if a building is owned by a business owner then he will also be responsible for maintaining that building rather than just focusing all his attention and energies for his business to grow and expand. With all this in mind, Samaritan Partners offer practical solution especially for the homeowners who prefer to have real estate leasing a solution to their financial and monetary problems.

How then can Samaritan Partners’ Real Estate Leasing solve your problems? Simple, with the Lease Buy back/ Sale Lease back program. Unlike the typical Real Estate leasing, Sale Lease back program is wherein an owner of a certain property who is experiencing cash difficulties could sell his house then enters to an agreement with the buyer to lease it back on a long term basis to keep exclusive possession and use. With this program the previous owner would be then free of his financial worries and difficulties. Retirees and elderly homeowners could also benefit from this program; in fact this leasing program is the most optimistic, realistic option. If they need immediate cash they could consider selling their property and then lease it back so that they will get that much needed cash without the worries or hassles of finding another place to live. Lease Buy back program is where an owner sells a property on a cash basis and then immediately buys it back from the buyer through a long-term mortgage agreement to avoid foreclosure. The real estate leasing is advantageous especially for those who might relocate due to a job transfer or for a better opportunity in a greener pasture. Samaritan Partners is interested in investing not only with houses but with apartment, condos, town homes, raw lands and mobile homes with land attached. If you are interested on this program just send a request for offer form to Samaritan Partners’ then they will analyze your situation clearly and will make you an offer that will greatly benefit you.

Now Is The Best Time To Lease A New Car

Thu, 02 Sep 2010 17:14:42 +0000

Leasing a car for personal use is becoming quite popular these days. It actually saves an individual from taking the hassle of owning a particular car, maintaining it for it estimated life cycle and then trying to get rid of it at a value which they perceive to be an ideal resale value of their car. There might be situations or circumstances that the price that an individual may be getting for selling their car would be lower than what they would have expected or assumed. There is always this risk factor which is involved when it comes to dealing for your own car.

Apart from this, running a self purchased car tends to work out to be slightly costly affair. The individual is required to put in the lump sum money in the beginning, to purchase the car o his choice. The kind of budget or monetary leeway may also decide which car to buy, something which might not be the first choice for the buyer. Secondly, the users would have to take care of the maintenance and other running expenses of their car. They would then be able to claim the depreciation benefits depending upon the estimated running life of the car.

This is where the car leasing or contract hire facility comes in. The benefits of the car leasing or contract hire services is that an individual can enjoy driving the car of his or her own choice at a much cheaper price without actually owning the car. The fundamentals of contract hiring are very easy and simple, wherein a user is required to use a particular car up to a specific residual value in a particular number of years. The monthly charges would include things like road tax and maintenance as well. Apart from this the users are also entitled to buyer’s volume discounts and depreciation, which they can charge from the very first day. Having a closer look at the entire scenario, buyers realize that leasing or contract hiring a car works out to be a much cheaper option, covering most of their risks and giving them an option of choosing a car of their choice without too heavy initial inputs costs.

Leasing or contract hiring of use cars is also a very novel and cost effective way of owning a car of your choice. Opting for a used car, gives an opportunity to the users to opt for a higher segment, costly and better car in their specified budget. Brand new cars work out to be expensive and the users might not be able to choose a car of his choice because of budgetary constraints. With the option of a used car, users do not have to worry about these things. They can actually go ahead and choose a car which is one notch above in the segment that they would actually have gone while opting for a brand new car.

Apart from this leasing or contract hiring of used cars also works out to be quite cost effective for users, ideal for budget or first time users. the users do not have to worry about selling the cars for a decent amount at the end of their estimated life with the car leasing or contract hiring, they can simply return the car and get in a new one without having to go through the hassles of reselling and purchasing it. Another advantage that the used car leasing or contract hiring option provides is that, the users most often than not are able to find a better conditioned vehicle at a much lower price.

How Much Money Do You Need To Rent An Apartment?

Wed, 01 Sep 2010 01:18:31 +0000

The amount of money that you will require to get into your apartment will depend largely on where you live and how much the rent of the apartment is going to be. You may have to pay a broker in addition to the landlord to get into an apartment. You will need to be prepared to make two payments when you initially begin the process of leasing an apartment.
First, you will be required to submit an apartment application. There are usually fees associated with this as well as a credit check. Then you will need to be able to pay the rent and the security deposit. The application fee is refunded once you sign a lease, so this amount of money may be used towards your first month’s rent.
When you sign the lease you will need to pay the landlord the first month’s rent and possibly the last month’s rent. Many landlords use to require that you pay the last month’s rent, but this is not as common as it once was. You will also be required to pay the security deposit, which is also going to be equivalent to one month’s rent. If you have to use a broker to find your apartment, you will pay a percentage of the year’s rent or one month’s rent. This will vary amongst brokers. So, in essence, you need to be prepared to pay two to four month’s rent to get into the apartment. The landlord may also require that you pay these two fees with a certified check or a money order. Both of these will require that you have cash to obtain these, so you may have to do some saving in order to afford this.
If you have a pet, you will be required to pay even more. Many apartments will charge a pet deposit that you will get back when you move out of the apartment, assuming that the pet did no damage to the apartment. These fees will vary depending on the apartment complex. Some apartment complexes may charge up to $500 for a pet deposit. If the apartment claims that your pet did do damage to the apartment when you move out you may not be able to get this amount of money back. So be sure that your dog is housebroken and that the cat is using the litter box. Many apartments will pull up the carpet to see if the animal has used the bathroom on the floor and they will charge you for the damage.
In addition to the costs of leasing, you may also have to buy some furniture and other belongings. If you are just starting out on your own, you may consider asking family members if they have anything that they don’t need anymore. If you get creative you can turn old furniture into descent pieces and you will save some money while you’re at it. Don’t forget to keep some savings for necessities like food, telephone service, cable service and other utilities that you may need to set up.
For more Apartment searching and living tips visit Memphis Apartments at http://www.MemphisApartmentstv.com and Nashville Apartments at http://www.NashvilleApartmentstv.com.

Renting a Chicago Apartment? Now’s the Right Time

Tue, 31 Aug 2010 18:45:32 +0000

Apartment renters are usually renters for one of two reasons. Either the renter cannot yet afford the costs associated with a new home or he/she does not want the responsibility of home ownership. Either way, there are things that one must consider. While it is cheaper to stay in an apartment, many feel that money is just being thrown away rather than invested in a property with an eye towards ownership. Others will say that it is best not to move into a home that requires you to live beyond your financial means. They both have their anchor in reality While owning a home is the ultimate duty of some, it is imperative that the full budgetary impact be considered prior to signing any papers. Of course, there is the amount you will pay for the home monthly but there are property taxes, home repair, increased utilities, maintenance and up keep costs that need to be factored into any decision. Living in a home that is beyond your personal financial means proves to be a very frustrating experience, when bills are always coming due that you cant pay. Fees paid for apartment rentals dont provide equity but is great for a temporary place to stay without the hassles and expenses of home ownership. There are rare occasions where an apartment is a good long term fit. Though less stressful and less expensive to maintain, an apartment has its issues as well. If you have lived in an apartment for more than 2 years , you will identify with this

Have you ever come hometo your apartment and find a notice on the door informing you that your current lease is nearing its end and by the way, your current apartment rent rate is going up by $100? Or maybe you have just been among the unfortunateones that finds himself or herself paying for services that you used to normally get for free, like trash pick up, and water service. Most apartments complexes see a lease about to run out and think now it is time to renegotiate the contract. They know that you are settled in and dont want to move. Raising the rent price and causing once free services to be directly paid by apartment renters is the norm once a lease runs out. Truth be told, services such as trash pick up were never free. They were simply included in the initial cost of renting the apartment. Requiring tenants to pay the fees now is nothing more than a justification for raising rental rates even further than the direct raise represented by the initial rental rate hike. It is part of the game that properties pay. Dont misunderstand me, I understand that apartment complexes are businesses and want to make a profit just like any other business. However, lets not fall for the required rate hike story every single time. The potential rate hike threat is also a tool used by apartment complexes to cause potential renters to sign longer leases to prevent a possible rent hike in the future. Add these rises in cost to the to the other rising costs of living such as gas prices and taxes and you have a perfect storm for relieving you of your money.

My apartment complex has raised my rent three times in a row says LeAnne Cook. Im looking for another apartment complex to move to or I may buy my first home.

When surveyed , eight out of ten renters say that they have had their rental rate raised by more than $25 per month in the last year. Six out of ten were hit by more than a $50 per month increase and five out of ten renters received a notice of an increase equal to or greater than $100 per month. To some, this may not seem like a lot of money but for others this can be a budget breaker.

Fortunately, there are options for coping with rising rental prices.

Renters are turning to the internet for a means to supplement their living cost budgets. The toolbar at Apartment Rent Toolbar dot com interfaces with TypoBounty.com and allows renters to earn extra cash online to pay for their rent and utilities. Its simplicity is what makes this service so attractive. Because it is a free tool there is no reason for renters to add an additional drain on the household budget. Thats why people are talking about this all over the web.

The apartment renters that use the apartment rent toolbar are able to earn money for rent by pointing out errors that exist online. Now misspelled words, punctuation errors, even broken links on websites are worth two dollars or more each. There are trillions of website errors online and web surfers only have to point them out to the website owners to earn cash.

This opportunity to earn money places options in the hands of apartment renters for paying rent, utilities and other living expenses without requiring them too much of their time.

Apartment Shopping: What to Look for

Mon, 30 Aug 2010 13:43:00 +0000

“Moving into a new apartment can be thrilling. It can also be overwhelming, frustrating and confusing. That’s because there are so many choices to make when it comes to looking for a new apartment and you know that you want to make the right choices because you’re probably going to be living there for at least a year. Whether you’re moving in to your very first apartment (out of your parents’ house or out of your dorm) or your moving in to a new apartment after having rented several that were all right but not great, there are some basic thing that you’ll want to be looking for.

Things to look for in an apartment include:

• Cost. You’ll want to look at the monthly cost of the apartment including the rent and the approximate price of utilities. If you can find a place that includes some utilities, you should. You should also look at the cost of the deposit and how refundable it will be.

• Decorating concerns. If you absolutely have to be able to paint your walls or hang some shelving, you’d better make sure it’s allowed at the apartment that you want to rent.

• Lease. Find out what the length of the lease is first. Before you actually rent the apartment, make sure that you look at all of the other terms of the lease agreement.

• Neighborhood. You want to rent an apartment in a neighborhood that you’ll enjoy spending time in. Learn about it, see if you can find some neighbors to talk to (local coffee shops are a good place for such conversations).

• On-site amenities. Do you want an apartment with a pool or a fitness center? Find out what is offered at each apartment you see.

• Options for appliances. Is there a washer/dryer in the building or a hook-up in the apartment? Does the kitchen come with a dishwasher?

• Pets. If you have pets or might want them in the future, you should see if your apartment allows them and what kinds are okay to have. You should find out if a pet deposit is required or what charges will come up if your pet does any damage to the apartment.

• Roommates. If you’re not going to be living alone, you need to find out the rules about having roommates and look realistically at how well you’ll be able to share the space.

• Subletting. If you think you might leave the city before the lease is up (for example during a summer break from college), you need to learn the rules about subletting your apartment before you sign an agreement to rent it.

• Transportation and / or parking. If you drive, you’ll want to know if there is parking at the apartment, if it costs extra and if it is covered, locked or just out in the open. If you use public transportation, you will want to find out what buses run near your apartment or how easy it is to get cabs.

Your home should be a place that you can enjoy spending time in. This means that you should put in the extra effort to find an apartment that you really love, even though it means sifting through some hassles when you’re doing it. The efforts are well worth the rewards when you get to come home each night to an apartment that meets your needs.”

Things to Know Before Selecting an Apartment

Sun, 29 Aug 2010 12:58:20 +0000

With so many people wanting to live in the city, it is difficult to find an apartment, especially in big cities like New York City. Apartment prices are rising. Even if one finds an apartment it is better to not move in a hurry. It is useful to consider a few key things before selecting an apartment.

Things You Should Know:

These are the things you should know before selecting an apartment.

· Know How Much You can AffordThis is where your apartment search begins. You must know your monthly rental budget. Once you determine how much you can afford in monthly rent, then you can narrow your apartment search significantly. How much are you willing to spend for an apartment you will be comfortable with? This decision is depended on the income and your household expenditures. In cities where the cost of living is higher, a larger portion of your monthly income will go to rent. If this is a problem, you may need to look at other living options like living a little further out in the city suburbs where apartment rent is usually less expensive. You could also consider sharing the apartment with someone else.

· Know the Neighborhood

After you have determined how much money you can spend on an apartment, you need to decide what areas of the city you are willing to live in. Always be sure about things like

- Is the locality affordable?

- How far are the basic public amenities?

- Is the neighborhood safe?

- What is the history of the neighborhood?

- Who lives in the neighborhood?- What are the nearby schools like?

- How close is the public transportation to get to work and other places?

· Know Your Rights & Responsibilities

Once you have successfully found a suitable apartment, make sure you know your rights and responsibilities as a tenant. Your rights are best protected if you have a written lease. Be aware of oral leases because you may be subject to restrictions that you are not aware of. In face, never agree to a word-of-mouth lease agreement. Always insist on signing a written lease, even if you are renting from a friend. You should be familiar with basic tenant rights, remedies, obligations and laws protecting the tenants. You can be entitled to interest on rent security deposit and entitled to withhold rent if repairs are not made in your apartment in a timely manner.

The above information will surely help you to select a suitable apartment even if it takes some time to find one.

When You Can Break a Lease

Sat, 28 Aug 2010 14:07:58 +0000

When you sign a lease, you’re agreeing to certain conditions. You will pay the required amount of rent, park your car in the right spot, put your garbage out on certain days. Your landlord is also agreeing to abide by certain rules. Your lease is your contract, and both sides are responsible for keeping their commitments.

If your landlord isn’t keeping up with his side of the agreement, it’s within your rights to do something about it. Here are some situations in which the landlord is negligent and it is perfectly acceptable – and legal – to break your lease.

You are without water or heat. You’ve paid your rent and your utility bills, but you’re sitting in your apartment with four sweaters on and you haven’t been able to take a shower at your place for a few days. This demands immediate action. It’s not like a light bulb that needs to be replaced or a burner on your stove that’s not working. If your landlord doesn’t fix it, he’s breaking your agreement.

There are a few things you can do here. If you’ve called and complained and nothing is being done, you can call a repair person and have them fix it. You then submit the bill to your landlord and take that amount out of your rent. Say the repair costs $250 and your rent is $750. Submit the bill and $500 rent payment.

You can also leave. He’s not meeting his obligation, so you’re not obligated to stay. Just make sure everything is documented and you’ve given him ample time to get repairs done. If the apartment is uninhabitable – i.e., no heat in the winter – you can claim constructive eviction. This means that the apartment was not livable, so you were forced to move. You stop paying rent and must leave the property.

If you are having problems like these with your landlord, it’s a good idea to contact Legal Aide or a tenants’ rights association in your area. Legal Aide is income-based, so you can get expert advice affordably. Don’t stay in a situation that is unhealthy or unsafe if you can possibly help it.