There comes a time in everyone's life when we decide that it is time to leave our parents' home and begin an independent life. There are many reasons that can lead you to want to start a life for yourself.
Maybe you finished the Superior grade and you are looking to develop fully in your profession, perhaps you have found an excellent job in an area far from your current home or you simply want to start a new stage. Whatever the reason, if you are a young adult, it is likely that the most efficient way to become independent is through rent.
If this is what you are looking for, we invite you to continue reading to know everything you need before signing a rental contract and move to your new home:
What is a rental?
When we talk about rent a property, we refer to the action by which said property will be granted to us for a defined time in exchange for the payment of an agreed amount. Generally, these types of negotiations are carried out through a contract, in which both parties agree to fulfill a series of agreements for mutual benefit.
Whoever uses the property in exchange for a payment is known as a tenant, the owner or lessor being the owner of said property. This contract can be as broad as we can imagine, covering a series of aspects in which the following questions are generally answered:
- Within what dates must the rent be paid?
- How much is the amount of money that must be paid?
- What is the period in which the tenant agrees to stay at least?
- What are the accepted payment methods?
- What will be awarded as proof of payment?
- What expenses are borne by the tenant?
- What expenses are borne by the owner?
- Is rental insurance included?
- In the event of a claim, how will you proceed?
- What rights does the tenant have?
- What restrictions does the tenant have?
- Who will be in charge of paying the taxes?
You should know that for all these aspects there are legal guidelines to which both the owner and the tenant have to comply. It is always advisable to request legal advice so that both parties are sure that the established clauses are valid. It is true that you will have to pay a fee for this review, but it is definitely an option that will benefit you in the long run. It is preferable that you have a rental contract with clear clauses and that it complies with legal regulations, so that in that way you can be calm in the face of any situation that arises.
Even if you are renting with someone you trust, it is always better to establish a contract. Not only is it beneficial to you, but it will also protect the owner in the event of a problem. If you notice any behavior that does not convince you and your legal advisor advises you not to accept, it is better to keep looking.
Elements to take into account before renting
But before we even think about a contract, we must be able to find the best option that allows us to live peacefully. Some of the aspects that you should take into account to choose the best property to rent are the following:
- The legal guidelines established in the contract. Also check that whoever is renting you has in effect the legal capacity to carry out the contract and make sure that they are the owner or that they are legally empowered to carry out the contract. We insist once again that you always seek legal advice to avoid falling into fraud or misunderstandings. Do not forget to make sure of the legal terms of the duration of the contract, and the procedure that must be followed in case a renewal is necessary.
- There are landlords who seek to take advantage of the needs of tenants, and omit vital information such as the title of the property or the status of the mortgage or taxes. Make sure that all the legal elements of the property are in order so that you are not forced to pay debts that you did not cause.
- In the same way, check if there are previous debts with service supply companies such as telephone, gas, electricity or water. Remember that if there is any debt you will have to cover it yourself, and many times the supply companies refuse to reconnect the services if the debt case is very serious.
- Check the work of the property in its entirety and make sure if any refurbishment works are needed. It does not hurt for an architect to review the property to ensure the quality of the construction. Additionally, check the pipes, the electricity system and everything else that you consider necessary.
- If you are looking to rent an apartment, there are likely to be monthly maintenance payments for the building. Make sure that these payments are within your budget and that they are for the benefit of the entire community.
- Sometimes moving elements such as furniture or appliances are included. If so, take an inventory of them and ask your owner to give you the go-ahead and sign it. In this way, both of you will be clear about the elements included and which ones you brought along with your move and the necessary responsibilities can be assigned.
- If you bring a car with you, make sure you have an assigned parking space where you can leave it with the assurance that nothing will happen to it. Usually this is included in the clauses of the contract, but discuss it with the owner in case it is not so.
- Check that the prices they are giving you are consistent with the level of capital gains of the residence you plan to rent. You can check the benchmarks on the internet or ask about other similar properties in the area.
- It doesn't hurt to talk to your neighbors before you move in. They will be able to tell you very valuable information, recommendations and precautions to take.
Helpful tips before you rent
- Renting an apartment can be really expensive, and if you are just starting to earn an income, it may be best to wait a bit before deciding to make such an important financial decision. Remember that experts recommend that the total price of your rent does not exceed 30% of your monthly income. Try to adjust or as much as possible to this budget to be prepared for any imbalance in your financial situation.
- It is true that today the fastest and most effective way to find a flat that suits what you are looking for is through the internet, but do not get carried away by simply the ads and photos you see. Always visit the properties and carry paper and pencil with you to make sure you write down everything you need. This will also help you to get a precise idea of the location of the property and the various ways to get there.
- Consider looking for a realtor to do the process. Not only will they help you with legal procedures, but they can also get you better costs and personalized attention.
- Most landlords will ask you to pay an additional deposit. Make sure to keep that in mind when budgeting.
- Also consider that in case you have to move and do not meet the minimum term established in the contract, the safest thing is that you will have to pay compensation for non-compliance. Make sure you have the necessary financial liquidity to meet the established time and not have to resort to this.
Share the rent
It doesn't hurt to consider share the rent with a friend or colleague, especially if you are a young adult who has not yet planned to start a family. It is increasingly common to share an apartment to reduce expenses, also taking into account that the quality of life can be increased by dividing the tasks and responsibilities.
Also take into account that costs of flats in Spain They are on average 20% cheaper than in the rest of Europe, so you will surely find a spacious apartment with more rooms than you will need for yourself. On average, you can find a very good shared flat for just an average cost of 280 Euros. Do not discard this option from your list, it is likely that you will find in it the way to rent the apartment that best suits what you are looking for.
At what point to stop renting?
Renting is an excellent option to live independently while you live by yourself, but it is recommended that you save part of your salary early, so that after a few years you have good savings that allows you to stop renting and start paying for your own house. That is why we insist that your rent cannot exceed 30% of your salary, so you can cover your daily expenses and save a significant percentage that allows you to become the owner of your home.