Renting a home from a private owner may be a good choice for those not prepared or willing to take on the burdens of home ownership. Renting instead of buying can give you the space and privacy you need without maintenance costs, tax burdens and erosion of equity. Those interested in renting a house from a private buyer should familiarize themselves with the lease and keep records of all interactions with the owner.
Read the lease carefully and get an explanation of the sections you do not understand or raise concerns. The private owner will be able to modify matters of minor importance if he thinks that you will be a good tenant. We know how much your rent each month, as well as any security or pet deposit described in the lease. If you do not understand the details of the lease, consult with an attorney for clarification. Do not sign a lease agreement that you do not understand because it is a binding contract.
Know your responsibilities
Know exactly when the rent is due and how you should pay it. Put in writing all repairs that the landlord must set before moving. Finding ways to notify the landlord in case of repairs are necessary in the future. Discuss a reasonable time frame to fix and get no promise in writing. Know if you are responsible for lawn care or other minor maintenance. Know who to ask for emergency repairs and how the owner wants the process to be handled. I understand clearly when the owner can inspect the property and how much advance notice will get.
Understand how and when you will receive your security deposit at the end of the lease. Generally, an owner will tour the house before issuing a check for the security deposit. Take photos of the house before you move, so you will have a record of the condition of the property when you took possession of it, especially if there are problems that the owner had promised to fix and not. Take photos after the move if you cannot immediately make a tour over the vacancy of the property.
Private property owners are sure to protect your property and generally do not bring it to the house. Consult with an insurance agent for rental insurance to cover electronic equipment, artwork, jewelry and other items that could be lost to fire, storm, theft or other actions.
Maintain records of
Keep a copy of your current lease and rental receipts in a safe place. If you have any correspondence between you and the homeowner, have copies available in case of disputes. Examples of correspondence may include repair orders, eviction notice of property agreements and renewal of a written lease.