Residential Application To Rent Or Lease: Fill & Download for Free

There seems to be a common misconception that a person's home is a true investment. Strictly speaking, an investment involves some sort of capital outlay initiated with the intent of profiting at a later date; it implies a certain degree of speculation and some form of expected return. Shelter is such a basic need that the thought of one making speculative investment decisions on the very roof over their head is quite disturbing, especially if children are involved.Investment vehicles are simply tools to create wealth; there should be no sentimental attachment to these things. Housing is clearly different. A rational person chooses a home based on affordability, community, schools, work and family. It's simply the wrong mindset to adopt when one focuses strictly on profitability and total return when buying a home. This type of person is much more likely to walk away from a home if it goes underwater - not exactly the responsible thing to do.If you find yourself hyper-focused on the equity your home accumulates, you probably had gotten into it for the wrong reasons. Equity, after all really is debt, unless you decide to sell and transfer your equity to a home in an entirely different market, or just downsizing in general.Now with all that out of the way, let's take a closer look at each scenario:MaintenanceRenting. For the most part, maintenance costs are the landlord's responsibility--the costs are immaterial to the renter.Buying. You'll be responsible for all costs associated with maintenance. This could be a hefty sum depending on the condition of the property and/or any special HOA assessments.StabilityRenting. You can expect to move often, especially if you rent in a high growth market. This is primarily due to rent increases, which have a tendency to push out lower income households. You're also at the whim of a landlord if it's decided that the property should go for sale. Also consider if you're the type of person who needs to relocate every couple of years--this could be an advantage to you.Buying. This is just the opposite from what was previously mentioned. In addition, your payments will remain relatively fixed, except for insurance premium increases or property tax increases. Don't forget to account for PMI and how it'll affect your future payments if this is applicable to you. Another thing to consider is the opportunity costs for not waiting. If a decrease in forward mortgage rates (benchmark 10-yr notes) occur, assuming demand stays constant, you would have missed out on a cheaper loan.Pride of OwnershipRenting. Essentially none.Buying. Homeowners typically enjoy showing friends and family new remodels, new landscaping, new appliances, etc. The social aspect is also fulfilling to some, so is the idea of owning a large asset that can be passed down to future generations. For these people in general, a place to call home is just as important.SavingsRenting. The cost of renting is typically 1/3 of your gross monthly income, often times more depending where you live. Obviously, this can make it pretty difficult to save. If you split rent with a partner or friend, you can save a lot here because rents are typically priced by square footage and by number of bedrooms/bathrooms.Buying. In a way, buying forces a person to save because your principal payments act like deposits into a bank account (a less reliable account at that). It is certainly possible to lose your "savings" if your home is underwater (market price less than original cost). Be careful to not confuse this with investment. Savings and investment are entirely distinct.Exchanges/TransfersRenting. There is no way to make transfers because you don't own the asset. You can, however, transfer the lease to someone else if your rental agreement provides the optionBuying. Housing swaps have become more common during and after the housing downturn and could add additional flexibility for homeowners. For instance, Homeexchange.com, one of a few exchange sites out there has a growing list of swap listings on its site. You may also consider transferring ownership to your children or next of kin.In choosing the most viable option for you, with simplicity in mind, try to determine if having children in the future is something you would like. If it is, look into buying a home that will accommodate for a larger family. It's better to end up having more room than less, something to keep in mind.If children aren't in your cards, your best option may be to stay renting. And finally, if you're somewhere in between (have children and are renting or just undecided) perhaps you could explore lease-to-own options on residential property. This does come with its own set of risks, so make sure this option is explored with the council of a qualified real estate attorney.Rent vs. Buy CalculatorAs others have pointed out, renting versus buying is highly dependent on local real estate markets and the current lending environment. The New York Times, The Upshot Blog provides a calculator that can run a number of scenarios for renting vs. buying that are specific to your market. As you'll see here, the longer you plan on living in the home, the more favorable homeownership becomes over renting. Check it out: http://www.nytimes.com/interactive/2014/upshot/buy-rent-calculator.html?abt=0002&abg=1

We moved to Toronto from Florida a couple of months back and we did face some issues in finding a decent apartment. The rents are twice in Toronto compared to Tampa, Florida. Also, I started my job within a week of landing so I wouldn’t get much time to look for apartments except on weekends when most leasing offices would be closed. Also, it’s not like the states where you just walk into any apartments’ leasing office and they show you a list of available apartments. You need to take appointments in advance to see them. Once you find something that you would like to rent then you need to provide them a couple of pay stubs or offer letter with the application and get approved(You might need to convince them to accept offer letter alone which I had to do in my case where they needed 3 paystubs which is not possible in the first month of your new job). After getting approved you pay first and last months’ rent and have your apartment.The apartments get filled atleast a month in advance so for getting one between May-June you should already start searching by now. Another thing to note is the difference between apartments and condos.Apartments are little cheaper, generally managed by a leasing company and may not be that pleasing depending on what kind of place you rented in states. Condos are little more expensive than apartments, privately owned and leased by the owner, they are really nice with a great gym, pool and many other bells and whistles. Condos are newer and apartments are mostly older buildings.Utilities like Water, Heating and Cooling is included in rent for most places (Stay away from a place which doesn’t include it). Hydro(Term for Electricity in Canada) is not included in most places but sometimes you might find a place where it’s included.The renting process could be time consuming and not as easy as the states where it was a cakewalk!If you need more help in narrowing down apartments/residential locations based on your job location then message me if that’s possible in Quora (I am new to answering here and this is my first answer ever!).All the best!

This question is vague. I will assume for this answer that it is an application to rent or lease a specific residential property considered real estate. Applications to lease Commercial properties are completely different.In most states, an application should be part of a lease package showing the intent of the applicant to rent or lease a specific property. So the following questions should be on the application:Name of the Landlord/lessorProperty by address and descriptionDate of the application Expected length of leaseName(s) of the applicant(s)Current address of applicant and current mailing address if differentDate of birthPhone number landline and cellPlace and type of employmentName of employer or contact for purposes of verification of employmentMonthly income including all sourcesQuestion about history of criminal recordSome include question(s) about previous drug usage, mostly to get in writing that they do not use drugs.Some Applications ask about previous sexual offender history or whether the applicant is a registered offender.Statement of expected security deposit, rent and other charges should be disclosedExplanation with check box for agreement that tenant screening will be done. If a fee is charged for that or the application, put the fee amount in writing.Previous landlord/manager with phone numberSome ask if the applicant has ever declared bankruptcy and if they have ever been evicted or charged with commission of waste or damage to a property.Ask for personal referencesAsk for names and ages of all children or people who will live in the unit under the age of 18. All inhabitants over the age of 18 should be screened and be on the application as co renters even if they are not paying part of the rent.Pets and pet breeds, age weight, color and name, license number.The social security number can be requested as well. I always suggest that the application have a copy of the driver’s license of all applicants attached. Fees should be paid in cash up front. That insures that this applicant(s) is committed to renting. I never run tenant screening reports until the applicant has paid the application fee.It is up to the landlord/manager to contact the employer to verify employment and monthly income. Requesting recent copies of pay stubs is a good idea. Always contact the previous landlord and at least on reference for a recommendation.These applications allow you to collect the data needed to request a tenant screening. Use of these tools will help the manager to get the best applicants for that valuable rental property; tenants who will pay rent on time and take care of the premises.