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LEASING A PROPERTY

Leasing a property, whether a home to live in or a commercial property for your business, can make a lot of sense. Leasing gives you flexibility, whether that is to move locations for work or personal reasons more frequently, or for a business offering options for upsizing premises as needed during growth.

However, leasing is also a complex process, understanding your rights and obligations is crucial to a good leasing experience. To help with that, whether you are seeking a house for lease, codon for lease or commercial property for lease, we have created a guide to help you make the most of the potential of leasing today.

Budget Management

Once you have established the kind of property you want and your budget, it is time to find the perfect place. Homula is a great place for finding the right property, with a dedicated search option for leased properties you can quickly find the kind of real estate you are looking for within your budget and preferred location. Homular agents are experienced within both the industry and today’s market, and are able to provide invaluable guidance every step of the way.

Picking a shortlist of available properties that suit, you will quickly be able to find the home or business premises that suits you best. Once you have chosen the property it is time to deal with the landlord and the lease itself.

Tenants Rights

One of the most important aspects of leasing a property is understanding your legal rights as a tenant. There are several important ones that are often misunderstood or simply not known at all, including:

  • Landlord’s right to access the property – For residential premises, the landlord has the right to enter the property as long as 24 hours’ notice is provided.
  • Rent rises – For the majority of properties, this will occur every 12 months, and for residential properties less than 20 years old, it is controlled and can be no more than the Consumer Price Index of that year.
  • Sale of the property – This is a very important one. If your landlord sells the property, as long as you have a valid lease, you cannot be evicted. The new landlord must take over your lease on the same terms, although of course, they can change things once the lease expires.

Finding The Right Property

Finding the right property for your needs is the foundation of making the most of leasing. For those looking for somewhere to live, there are a few choices available. The first thing to decide is what kind of property you wish to lease, and your budget. Whether you wish to look for a house to lease or a condo to lease, the basics of budget and location choice stay the same, however there are pros and cons for both.

Houses usually come with some kind of private outdoor space and parking, which is something to consider when deciding on the things you really want from your leased home. However, in general they will also cost more than the alternative, both in the cost of the lease and in running the house itself once you move in.

Condos can seem attractive due to lower costs, and they are often in very nice locations that offer really nice views. In addition, many will include access to communal amenities, these vary but a gym, pool and concierge services are all common. However, there are downsides to condos as well. In general (there are always exceptions of course), condos will offer less space, and each condominium will have rules that must be followed above and beyond your lease agreement.

Which is best for your living needs is a personal choice, but it is important to decide the kind of property you are looking for before you start your property search, to help narrow things down quickly.

Commercial Property is just as varied, from warehousing to high street shops, the kind of business you have will dictate the kind of commercial property for lease you want. However, again, there are some things to consider. Charged per square foot, commercial property leases represent a significant expense for any business, and any unused space is simply paying out money for no reason. With that in mind, work out the size of property you need and stick to it.

The Terms And Conditions Of The Lease

Once contact has been made with the landlord of the desired property, whether commercial or residential, the terms and conditions of the lease itself are the main point of importance. The lease is the legal document that summarizes the relationship you would have with the landlord during your occupation of the property.

This includes the rental cost itself, the dates of the lease and rules and restrictions of the property. For residential properties, those rules include whether pets and smoking are allowed, care of any provided fixtures and fittings and so on. For commercial property, this would include the types of business allowed to operate within the premises, access times, security measures and similar.

Leases usually run for 12 months, after which you would need to leave the property or sign a new lease. For residential properties, you can actually stay after the lease ends should both yourself and the landlord agree, without signing a new lease. This is known as month-to-month rental, requiring either party, that is yourself or the landlord, to give 60 days’ notice to terminate the arrangement so you may move out.

Sign A Lease For A Property

There are several things you need ready when you wish to sign a lease for a property, whether that is commercial or residential. The first one is funding, the landlord will expect the required deposit immediately, how much depends on the property itself and the kind of lease you are signing.

Next are references, for residential leases this will be your employers and so on, for commercial it is a little more involved, your lawyer will advise on preparing all necessary paperwork beforehand. Residential tenants will require a credit check, so apply for one yourself and have it ready when you begin looking at properties.

Leasing represents an incredibly versatile solution for both residential and commercial properties, and with a vibrant rental market and this guide, you can soon find the rental property perfect for you.