To find a fair deal, think like an appraiser
Question: I am relocating to a different city and will be renting. How do I figure out if I’m getting a fair deal?
Answer: Think about what an appraiser would do. First, check out prices for comparable properties. Professional appraisers consult public records or listings for information, but the researching tenant has other resources, such as local listing services -- both the Internet and hard copy -- and neighborhood “For Rent” signs with phone numbers to call for specifics.
What should a renter consider? Neighborhood plays a top role in determining value, so look around and decide whether the location you are focusing on suits your needs. Because no two properties are identical, features have to be weighed to create a balanced comparison. Appraisers also consider price, size, age of property, number of bedrooms and baths and property upgrades.
What upgrades are important to you? Will your high-tech needs be met? Is cable provided?
What adds to an appraisal value is quality. Consider the age of the unit, the renovations -- everything that makes up the big picture. For example, is the kitchen graced with granite countertops or faded Formica?
Speaking of the kitchen, another aspect worth considering is appliances. Be sure to find out which appliances are included, especially the refrigerator. Between buying and delivery-installation, providing your own refrigerator can be both a financial and physical burden. But the fancier the existing appliances, the higher the unit will be priced.
Does size matter? Appraisers consider the square footage, or actual size of the living space, when assessing a property. So should renters.
Like to lounge? Be sure the bedroom or living room suits your space considerations, especially if there is going to be more than one resident. Same for closets. If you’re a clotheshorse, be sure there’s ample space to corral your herd. If you work at home, is there a quiet space to set up an office?
Other appraisal considerations are public nuisances and nearby noise. Is the unit on a busy street? Next door to a commercial center or store?
One tenant rented a place near a local university during the summer. Charm, location -- it had it all -- including a fraternity house next door. Once the fall semester began, the students returned -- bringing plenty of noise to the formerly placid area.
Depending on the neighborhood, gated units are sometimes seen as a plus, especially at newer properties.
If the “security” is merely metal bars on the windows, take a good look around to figure out why the bars were installed -- the crime rate is a major consideration. But sometimes, it’s because the previous resident was on the first floor and preferred to leave windows wide open.
Wherever one lives, an in-unit full-sized washer and dryer is considered an asset. The stackable-size versions are a notch below. Having to wander down a common hallway or outside to do laundry is even more of a drawback.
No laundry on the premises at all? Do the math. In general, the farther you and your laundry have to travel, the less the cost of rent or the unit’s value.
Also take note of the heating system. Types of heaters vary widely by location and age of property. Is there air conditioning? Some places offer little more than open windows for a breeze. Others have window units that cool a specific area. Central air conditioning or a newer air-conditioning unit will likely raise the price.
Some people love hardwood floors and are willing to pay extra for them. Carpet can vary from fabulous to fraying, with obvious value assigned due to condition. Units with tiles that are cracked or sagging rarely command a premium price, ditto for those with vinyl flooring.
Make a list of your priorities and decide what items of value figure into your decision -- and your pocketbook.
Reader comments may be sent to hmayspitz@aol.com.
