Renting - Complete Controller

Renting a place to stay is sometimes tricky, and real estate agents can either make the endeavor easier or more difficult, depending on the agent’s quality. Before hiring a real estate agent, you can do things to ensure you get the best possible rental property and contract. Here are five things to consider before hiring a real estate agent. Check out America's Best Bookkeepers

1- Houses that are without furniture look larger

 When a house does not have furniture, it appears bigger than it is. Therefore, always take the house measurements to ensure that you get what you are looking for as far as space for your furniture. Buyers often fail to achieve a sense of how much furniture they will fit in the house. Beware of being cheated by spending too much money on something that will not fulfill your requirements.

 2- Ask for any technical problems with the house you wish to rent

Technical problems are often cost-effective and may damage your electrical appliances. Before deciding on a place, make sure that you ask for any technical errors in the house and get them fixed before moving in.

Technical issues may increase your utility bill, as they increase the voltage used by the electrical appliances you will put in your house.

3- Maintenance policy  

Gated communities have a policy that the residents have to pay a maintenance fee to either the property owner or the household’s management bodies. To avoid conflicts later, make sure that you contact the affiliated personnel who manage your maintenance fee.

 Decide what to do in the case where major repairs are required in the household. You would not have to end up getting involved in unnecessary issues that are time-consuming and cost-effective. Check out America's Best Bookkeepers

4- Leasing verbal tenancy

Different types of tenancies exist, which determine the obligations and rights of the tenant and property owner. They differ from one another, depending on the agreement between the tenant and the landlord.

Rentals without a lease are known as monthly-based tenancies, or the tenancies are taken at will.  They last only until the rent is paid. Every month, these verbal tenancies change.

5- Terminating tenancy

As many state laws treat verbal rental agreements as short-term leases that are renewable, each lease is terminated right at the end of the lease period. If the rent is paid every month, both parties, the tenant and the property owner, have the right to terminate the lease with only a months’ notice. Taking a step like this is beneficial for the landlords, as it saves them money and time.

Tenants can terminate their leases for which they have to inform the landlord 30 or 31 days before they plan to leave, i.e., a notice period of one month.

If the property owner wants to terminate the lease in less time than the required notice, he is supposed to follow the eviction procedures that may vary from state to state.

After making sure that you have considered all these points with your real estate agent, always consider the laws of the state, you are residing in. Alongside, make sure that you consider the bookkeeping records and include all the financial updates related to that.

Some examples of state laws in different states: Check out America's Best Bookkeepers

1-Alabama:

  • Maximum Security Deposit: The amount equal to the rent of a month
  • The deadline for returning the security deposit: 35 days

2- Kentucky

  • Maximum Security deposit: No statute
  • The deadline for returning the security deposit: 30 Days

3- Ohio

  • Maximum security deposits: No specification
  • The deadline for returning the security deposit: 30 days after moving out

4- Oklahoma

  • Maximum Security Deposit: No specification
  • Deadline for returning the security deposit: 30 days

The amount of money that is dealt with can be maintained in bookkeeping records for business and tax purposes.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers