Everything gets better with a checklist that outlines your moves and decisions. Renting an apartment in Nigeria is a major financial move that requires intentionality. You need an exhaustive property rental checklist that guides your every move. This will ensure you navigate every phase with your head up high.
1. Have A Rental Budget
Budgets aren’t only for groceries and shopping, you need a rental budget too. This rental budget will serve as a guide in determining the kind of apartments you can rent. It will also dictate the kind of areas you should target.
When planning for your rental budget, ensure your base rent is annualized. This is because most Nigerian landlords charge on an annual basis. However, do not limit your budget to your base rent. Ensure to include the legal fees, agency fees, caution deposit, and service charges.
An often overlooked cost is the moving cost. It is best to include your moving cost in your rental budget. Even if you will be using your own vehicle, ensure to plan for the car fuel. As a rule of thumb, ensure your rental budget is not above 30-40% of your annual income. Otherwise, you might struggle to keep up with the payment.
2. Choose A Location
Do not choose a location by sentiments, you may live to regret it. Your location choice should be after you have considered important factors in your everyday life. First of all, think about the proximity of your apartment to work, schools, and business areas. Having an apartment that is far from these places will make your life difficult.
Another factor that should influence your location choice is access to essential services like hospitals, banks, markets, and malls. No matter how hard you try, you will constantly need the services of these places. So it's best to have them as close to your apartment location as possible.
3. Contact A Reputable Agent Or Landlord
Except you are a real estate personnel, navigating property rental might be quite difficult. To aid your property search, you should work with a reputable agent or landlord. However, ensure you are dealing with credible persons.
When working with an agent, ensure to verify their credibility. If possible, get reviews and professional references about their past endeavors. Also, ensure to verify the authenticity of their license, so that you do not fall victim to an unauthorized agent.
Most times, it is advisable to relate directly with the landlord. This helps you boycott the agent fees that most agents request. Unfortunately, there are several fraudulent landlords around town. When meeting with a person who claims to be a landlord, confirm their property ownership by checking the building documents. Also insist on physical assessment of the property, so you don’t pay for an inexistent property.
4. Inspect The Property
Before making payments for any property, ensure to inspect it physically. During the inspection, you would ascertain that the property meets your standards and expectations.
Some of the key things you should check are:
· The Structural Integrity of the property: Check for cracks, dampness, and leaks in the walls or ceiling. Also, confirm that the roof is in good condition.
· Plumbing and Water Supply: Do not take the agent or landlord's word for it. Instead, run the taps and flush the toilets to confirm the pressure of the restroom. While at it, check for leakages and confirm that the water is being tunneled correctly.
· Electrical System: Confirm that the electrical system of the house is functioning properly. Test the switches, sockets, and light fixtures. Also, check for the prepaid meter and confirm that it is working. Otherwise, you may need to deal with outrageous power bills during your stay at the apartment.
· Security: Confirm the security of the apartment and verify that it isn't related to theft or other security concerns. Also, examine the fence and gates to ensure they are strong enough.
· Space and Layout: Your physical inspection is also an avenue to check if the property layout fits your preferences. Use the privilege to assess the ventilation, lighting, storage, and overall apartment ambiance. If it fits, use the opportunity to have a mental assessment of additional fixtures you would need to personalize the apartment.
5. Review The Tenancy Agreement
The tenancy agreement is a document that outlines the terms and conditions of the property lease. It should contain details about the lease duration, renewal terms, rent amount, and payment schedule. The agreement should also outline the security deposit refund policy, rules on subletting, and the notice period for termination.
Before appending your signature to the agreement, ensure you read and understand all clauses. If there are unclear terms, confirm and get satisfactory answers before going ahead. The tenancy agreement is supposed to have details about the responsibilities for repairs and property maintenance. If it doesn't, ask questions and get answers before signing the contract.
6. Inquire About The Service Charges and Internal Policies
Before concluding the rental process, you should know the service charges that are covered in the apartment. Ensure to ask details about the charges, prices, and payment frequency for these charges.
Some Nigerian landlords restrict modification and structural changes to their buildings. Before agreeing, ask questions about how much modification can be made.
7. Interact With Neighbors
Your interaction with neighbors is a vital part of your property rental checklist. Most times, people underestimate how much information they can get from interacting with persons who live around their prospected apartment. What they do not realize is that neighbors are goldmines with a wealth of information.
Neighbors are an essential third party in your rental process. Ensure to discuss with them about the reliability of water and electricity supply. Also, confirm the compound's security and ask about the landlord's responsiveness to tenant requests and concerns. Before you end the conversation, you might want to ask about the challenges they have had and their experiences so far.
Conclusion
Changing apartments could be a time-consuming and intensive process. In that period, it is easy to forget essential tasks that you ought to carry out. Having a property rental checklist ensures you do not forget anything when it's time to rent a property. In this property rental checklist, all actions you need to take are carefully outlined so that you have a seamless transition process.
Land Republic is committed to having you soar in your real estate journey. We have several guides and resources that can help you navigate the real estate landscape like a professional.
