For young millennials or starter families who are just about to leave and cleave, moving out of the family nest is a big move that takes some serious guts and commitment. With a growing need to be nearer to public transportation and business centers for convenience, it is an inevitable choice for many. If you’re on your way to the route of renting, here are some essential advice you should be noting down.
Costs of Renting
Before you give it a go, always ensure you have a close estimate of what your monthly payments and obligations will look like. If you’re planning to rent a condo in a city center in Metro Manila, lease rates usually start at a more premium price (Php900/sqm to Php1000/sqm). Most often, the rental fees already include the association dues. If not, it is always billed to you as a tenant. If you’re on a budget and just looking for a comfortable place to rent without amenities, you can check out other property types such as apartments or pre-owned houses located in secondary locations.
As stated in the law, a property owner or lessor can oblige you to pay a two-month deposit and a month’s rent. This is to secure the owner for any case of property damage or for the failure of the tenant to settle outstanding utilities during the rent period. You can get this full amount back when your contract ends, as long as all bills are duly paid and everything is in tiptop shape.
Contracts and Agreements
Being decisive is an essential pillar of a smooth and stress-free relationship with your landlord. First, when it comes to choosing between a long-term and short-term contract, it is crucial that you think forward than play safe. If you think you will be bound to live in the same location for a longer period, getting a long-term contract of at least one year should be your first choice. A longer lease also allows you to negotiate a lower rate because you’re saving the owner from turnover expense and hassle. A short-term contract, on the other hand, is an alternative choice if you cannot commit to a longer period so the deposit won’t be forfeited. Again, the key here is to ensure you plan ahead and know your advantages and risks.
Second, should you extend or renew the contract, you shouldn’t be surprised for annual increases because this is allowed by law. The increase should not be more than 10% of the ongoing monthly rental rate. Although this is negotiable, it will depend on your history as a tenant and your relationship with your landlord.
Making the Most of Your Rental Space
There are certain rules when you are living in a rental. This may include major changes like the installation of fixed furniture, repainting walls, and drilling decorative fixtures. With a fully-furnished rental, this is usually not a big problem because everything is already fixed when you move in. In a semi-furnished one, you will be forced to limit your options when designing your space.
To avoid any disagreements in the future, you must also take note of other restrictions in the property that has a direct impact on you such as having pets, guests, or anything that has to do with your lifestyle.
Your Rights as a Tenant
It is very important that you know your basic rights as a tenant. One is your right against illegal ejectment. Under the law, you cannot be ejected from the property even if it has been sold or mortgaged to another party. When it comes to deposits, a lessor cannot ask for more than three-month worth of rent upon contract signing. These are just two crucial rights that may help protect you as a tenant. If you want to review you more, you can check out The Rent Control Act of 2009 which covers all types of properties.