According the 2010 Population and Housing Census, only 47% of the population are property owners while majority of the percentage rent properties. What are some of the basic steps you need to take when renting a property? Where do you find the properties? Should you consult a real estate agent? Below is a practical guide to renting a property:
1. Conducting the search: There are various ways of conducting searches for properties but a research conducted by Lamudi Ghana shows that over 68% of the population are currently using the internet to search for properties because it is easier and cheaper than most of the modes of search. Others resort to physical search, newspapers and contracting estate agents in their search.
2. Selecting a real estate agent: Real estate agents can easily link property hunters to properties that suit their needs. In selecting a real estate agent, ensure that they have access to the property they are recommending to you. If possible, speak to the owner of the property to ascertain if the real estate agent has access to the property. Ask the estate agents about their charges and commissions. Probe further to know the mode of payment too. Ensure you agree on the fee before you hire them.
3. Identifying a property: How do you know a property will serve your needs? The first thing to do is to take into consideration your family size, proximity to your place of work and the size of the rooms. Many people select properties based on only the price, the type of property and ignore other factors including proximity of the property to their place of work. All of these should be taken into consideration before taking the
property.
4. Choosing the best property: Before agreeing to the terms of a particular property owner, make sure you weigh all available options. Are there basic utilities such as potable water or electricity? How secure is the neighborhood? Have there been recent reports of crime or criminal activities in that neighborhood? Try to find out about who your potential neighbors will be. Also find out if there are better properties in that same
neighborhood that you can go for.
5. Negotiate the price: Do not feel embarrassed to negotiate rent charges as well as terms of payment with the landlord. Before you make any payments, have a look at the tenancy agreement, if it suits you then you can go ahead and make payments and sign it. You can also walk away from the offer if you do not like the property.
Are you renting a property? What was your experience? Share them with us in the comment box below.