Central New Jersey Real Estate and Community

July 23, 2018

5 Things to Look for in a Rental Listing

Lackluster listings abound — learn to cut through the clutter and spot the keepers.

Whether you’re looking for an apartment, single-family house or townhome — and whether you’re in a city, the suburbs or a small town — be prepared to spend a lot of time online and even more time driving around to tour the most promising places in person.

If you want to save time and avoid headaches, make sure that every rental listing you consider has all the information you need. High-quality listings help you weed out the places that don’t fit your criteria (wait, Fido’s not welcome?), but they also indicate an organized, communicative and professional landlord — something every renter wants.

As you begin your search, consider these five important things every good rental listing should contain:

1. Detailed details

Front and center should be the number of bedrooms and bathrooms, square footage, storage space and a floor plan to help you visualize the layout.

Avoid listings with vague terms like “junior one bedroom” or “open one bedroom.” According to Zillow research, 88 percent of shoppers search online listings based on how many bedrooms and bathrooms they need. Landlords know this, so they get creative with descriptions to attract more tenants.

Another need-to-know detail is how safe the property is. Zillow research reports that 67 percent of renters said that a safe neighborhood is a must-have, and 46 percent said the same about a secure building.

Most landlords will say that the neighborhood is safe, so do your own research, especially if you’re new to the area.

Speaking of being new — if you’re moving to a new part of town or an entirely new city, look for listings with important facts about the neighborhood, including proximity to transit or major freeways, convenient shopping centers, and nearby recreation and entertainment options.

2. Amenities — all of them

Beyond basics like heating and kitchen appliances, every renter has different amenities that they consider must-haves.

The most popular amenities renters look for include air conditioning, in-unit laundry, ample storage and private outdoor space. Watch for other nice-to-have in-unit amenities, like recent renovations, hardwood floors, plenty of windows and upgraded kitchens.

Shared amenities should be included in the listing too — things like parking, rooftop decks, fitness areas, outdoor space, swimming pools and bike storage.

3. Major (and potentially problematic) policies

The listing should disclose any policies that could be a deal breaker for you. Examples include rules around pets (including specific breeds), the maximum number of people who can live in the unit, smoking, parking, noise and — most importantly — lease terms and length.

Additionally, see if you can tell if the landlord lives on-site or if a local property management company manages things. If the landlord is nearby, they’ll likely handle repair requests quickly, along with general building upkeep and maintenance.

4. Clearly described costs

Make sure the landlord is exceptionally clear about the dollars and cents:

  • What is the monthly rent?
  • How much of a deposit is required, and is any of it refundable?
  • Are there any one-time fees?
  • Is there a pet fee or monthly charge?
  • Does parking cost extra?
  • Who pays for utilities?

These additional charges can quickly move a listing from feasible to fruitless, so make sure you have all the info you need to do the math ahead of time.

5. High-quality photos

Focus on listings that have not only good photos but also recent photos — and lots of them.

Look for listings that include both interior and exterior shots, plus photos of all shared amenities. But renter beware: If the landlord says the photos are of a similar unit — not the one that’s actually for rent — you may find yourself in a bait-and-switch situation.

Once you find a few listings that include these details, you’re off to a great start. You can more easily compare properties side by side, identify deal breakers and find areas where a landlord might be open to compromising.

Posted in Buying a Home
July 9, 2018

Renting Versus Buying - The Myths about Renting!

Renting often gets a bad rap.

It’s true that some aspects of being a renter are less than glamorous, but it’s not all bad. In fact, the number of renters is on the rise, and the traditional mindset about renting is changing.

Let’s debunk three of the most common myths about renting.

1. You’re throwing money away

Many people say that paying rent is like taking your money and throwing it away. While you may not be gaining equity in a home, you are paying for somewhere to call home, which is not the same thing as throwing your money in a trash can.

And let’s not understate the value of avoiding household maintenance costs. Most rentals include upkeep and repair services, and some even include the cost of utilities.

Additionally, buying a home may not be a wise financial decision for you right now. Maybe you live in an expensive housing market or you don’t have quite enough saved for a down payment. Simply put, renting may be in your best financial interest.

To find out whether renting or buying is more financially viable for you, there are several tools available to help you make an informed decision.

2. You have no negotiating power

A common myth surrounding the landlord-tenant relationship assumes the landlord has all the power.

Contrary to popular belief, renters have a lot of negotiating power when they sign a lease, says Tracy Atkinson, director of global marketing and relations for Goodman Real Estate in Seattle.

“If you think you may be buying a house soon ask, ‘Do you have a mortgage clause?’ You can also ask about a job relocation clause. Simply ask, ‘Can you work with me?’ Each resident has the power to do that,” she advises.

The most important thing is to read the lease in its entirety to ensure you understand what you’re signing. If you see terms you want adjusted, don’t be afraid to ask.

3. It’s difficult to get out of a lease

Another common misconception about renting is that it’s hard to get out of a lease.

Though it’s not advisable to sign a long-term lease when you know life changes are ahead, sometimes life throws us a curve ball. Whether you relocate for a job or your roommate moves out, sometimes it’s necessary to break your lease.

One option is to sublet your place. Check with your landlord or property management company to ensure that subletting is allowed, and get everything from both your landlord and the new tenant in writing.

If you’re relocating, another option is to work with your property management company to find available units at a sister property or even in another state.

Talking with your property manager and explaining your situation will always help you find the right solution for you, Atkinson says.

Of course, there may be fees associated with breaking your lease no matter how you go about it, so be prepared for that expense.

Posted in Buying a Home