What to consider when looking for a rental home?

Monday, 24 february 2020 | Redacción CEU

Buying or renting? This is one of the questions that young people ask themselves when they become independent, find a stable job or decide to start a family. Nevertheless, in recent years, due largely to the bursting of the real state bubble, the effects of the crisis and the appearance of new models and work approaches, renting has become the first option for many people. If we compare the decision to rent an apartment with that of acquiring it, we soon see a big difference in relation to the magnitude of the commitment that people adopt in each one of them. This is not enough reason to underestimate the problems that may arise when leasing a home. In order to avoid them, the best choice is to try to anticipate them and follow the necessary precautions.

In Spain, there is a deep-rooted culture of buying homes. It is a fact that differentiates us from most countries. However, more and more people are betting on renting. Many of them go for it because, due to their work, they have to continually change their place of residence. Others because they believe that, in the event of being fired, they may face a monthly payment more easily than a 30 or 40-year mortgage. Moreover, renting is often the first option for young people who have just started their studies and do not have the necessary income to face a larger investment. There are many possible reasons to rent, but whatever the reason leading to this decision is, it is advisable to take into account some key aspects when doing so. In this way, people can avoid the possible consequences of making a rash and impulsive decision.

Before renting… 

More and more people are choosing to rent a home instead of buying it. That not only leads to the increase in prices, but also to a greater competition. Consequently, it is more difficult to find a flat or house that meets the desired characteristics of our ideal homes. This is the reason why tenants usually get carried away and sign contracts without thinking things through. The consequences of a careless act like this may range from the signing of abusive clauses to the agreement on higher prices in comparison with the average. How can you avoid these problems?

• Take a walk around your neighborhood: On some occasions, you may find a flat that satisfy perfectly your needs and budget, but you might not realize the specific characteristics of the surrounding area: Is it a safe neighborhood? Is there a nightclub nearby? Is there any plan of a large-scale work in the area? Could it take years to be completed? To avoid unexpected problems, it is advisable to visit the neighborhood at different times, talk to the neighbors, follow local news and investigate about the rental prices in the neighborhood.
• Ask questions, do not be shy: The more information you have about the house, the better decision you can make. There are many questions to ask and many people who can answer them. Let's start with the landlord: Who are the neighbors? What places of interest are there nearby? How much do gas, electricity or water bills amount to? If there is a doorman in the building or the residential area, they may also offer interesting information about the house and the community. In fact, they might be more objective when giving you information. Another source of information is neighbors. If you cannot find any, you can also talk with the people who work in the shops of the area.