Pitfalls to avoid when renting a property | Nairalaw

Abiodun Doherty

It is important to understand the various pitfalls to avoid when
renting a property. Renting is something more people are familiar
with than buying. The demand for properties to rent keeps
increasing, especially in major city centres.

The mass movement of people from regional areas to city centres
in search of a better life, otherwise called urban migration, is
one of the major factors putting pressure on housing and other
amenities.

The competition for rental properties in many areas can be very
intense thus putting pressure on renters. It also makes them
vulnerable to unscrupulous real estate agents and property
owners.

One of the essential steps to renting a property should be
research. A property should be evaluated based on its context. It
is not possible to totally detach a property or building from its
context. Through research, which could be as simple as asking
neighbours or friends who have friends or family members in that
area or the adjourning neighbourhoods, could help.

Some people have had the unfortunate experience of renting a
brand new property which is located in a crime-ridden region or a
flood prone area. These individuals were shocked when the reality
of the location suddenly dawned on them.

In your search for a rental property, you will need the services
of real estate professionals or estate agents who can assist you in
finding the right property.

Although there is now a plethora of options that could be
explored such as conducting searches on real estate websites you
will still conduct most of such transactions through agents.
Unfortunately, due to the low entry barrier, several individuals
without the appropriate training and skill are now working in that
sector. The unscrupulous ones among them often exhibit certain
traits which should serve as a warning signal to you when you come
across them.

These agents that we should be wary off often request for the
payment of a so-called inspection fees without which they will not
disclose their listings or the properties that they would like you
to inspect. What they then do after you have made payment is to
take the potential tenant to an uncompleted building or a property
that they know the person will reject outrightly.

After a few of such inspections they ask for more payments and
the cycle continue until they find the right property or the
frustrated person departs. They can also demand full payment of
rent for an uncompleted building whose alleged owner will complete
as soon as possible after your payment. This is how many rental
scams are structured and many have lost a lot of money after
falling for these schemes.

Most would-be tenants also do not know that they can negotiate a
lot of things regarding their tenancies. Except in cases where you
are familiar with the rents paid in an area you can negotiate your
rental sum with your landlord or landlady. Where the rent is
non-negotiable and they ask for bond, you can offer to pay a lesser
amount of bond and often this can be accepted. There are times when
you can negotiate a few days as a grace period before the actual
commencement of your tenancy. You never know what the property
owner will concede if you never ask.

It is important to note that in determining what you should pay
as rent you should focus more on functionality rather than
aesthetics. There are some properties that are unreasonably priced
due to a few facilities that you might find cheaper to provide for
yourself. Sometimes the amount being charged for minor improvements
are out of proportion with the improvement. If those facilities
matter to you, then you can proceed to pay but if they are a guise
to extract a rent that is out of sync with the area then consider
other options.

Once negotiation has been concluded, the landlord’s Solicitor
will be asked to draft a tenancy agreement that you will be asked
to sign and return. This is a very important document and it should
be carefully read to avoid ambiguities, misunderstanding and
conflict, especially at the end of the tenancy. This is not a
document that you should skim through without understanding its
content. For a reasonable fee, you can engage a legal practitioner
to help ensure that the document does not contain any onerous
terms.You should be confident,as at the time of signing,that you
are comfortable with the content.