Questions to Ask when Renting or Purchasing Housing

The housing market can be intimidating, especially if it is your first time renting or buying. In order to help, I have summarized the key questions I always ask about properties:

Renting: Questions to ask when you are planning to rent a property

  • Lease agreement

    • What is the length of the lease term (e.g., 12 months)? Is this flexible?

    • Is there a flexible, short-term option (e.g., month-to-month structures)?

    • Are pets allowed in the building? If so, what’s the fee (if any)?

    • Are tenants allowed to sublet? If so, what’s the process, and are there any fees associated with subletting?

  • Pricing

    • Are you running any promotions right now (e.g., first month free)?

    • Are there any fees incremental to the monthly rent or due at signing (e.g., common area fees, trash fees)?

    • If we want to extend the lease, by how much would the price of rent likely increase? Is there a maximum? If they can’t answer this, ask about historical increases (e.g., By how much did rent levels increase during the last lease cycle?).

  • Utilities

    • Which utilities are / are not included in the lease?

    • Is WiFi included in the lease? If so, is there an additional fee for WiFi?

    • How much can I expect to spend on utilities per month (e.g., water, heating, gas)? (Note: They likely can’t speak to electricity given that will be an account you open and maintain separately.)

  • Amenities

    • What shared amenities are there for tenants (e.g., gym, rooftop, working spaces or lounges, reservable rooms)?

    • Is there a front-desk person / concierge? If so, are they 24/7?

    • Is parking offered? If so, what is the fee and is there a wait list?

    • What is the process for maintenance requests, and how fast are requests typically handled?

  • Application process & financing

    • Is there an application fee? If so, how much is it?

    • Is there a non-refundable deposit due at the time of application submission?

    • Is there an official credit check? If so, is it a soft or hard inquiry? (This is super important; it should be a soft inquiry.)

    • What is the income threshold for approval (e.g., 2.5x monthly rent)?

    • Do you offer asset- or wealth-based approvals? If so, what is the threshold / process?

    • For the security deposit, what types of fees (if any) are typically taken out (e.g., painting costs, cleaning)?

Purchasing: Questions to ask when you are planning to purchase property

  • Financials

    • What comps (comparable sales) support the listing price?

    • What loan types are viable (conventional, FHA, VA)?

    • Is the mortgage assumable? (Note: This is unlikely but can be advantageous.)

    • What are the annual property taxes?

    • Are there any HOA fees or special assessments?

    • Have there been any price reductions?

    • What’s the expected monthly utility cost?

    • Are there seller concessions available (closing costs, points)?

  • Amenities & features

    • Is there a private yard, patio, or balcony?

    • Are there roof rights or shared outdoor space?

    • What types of heating/cooling (e.g., mini-splits, central AC, radiators) are there?

    • Are appliances vented (e.g., range hood, dryer)?

    • Is the unit individually metered for gas/electric?

    • Is there a washer/dryer in unit or in the building?

    • What’s the parking situation (deeded, leased, street)?

    • Is there storage space (basement, attic, closets)?

  • Renovations & systems

    • When were the kitchen and bathrooms last renovated?

    • Can you please share the age of key systems: roof, HVAC, water heater, boiler/furnace?

    • Are there warranties on appliances or renovations?

    • What type of plumbing and electrical systems does the home have?

    • Are there any known issues with mold, termites, or lead paint?

    • Are there any known code violations?

    • If condo/co-op: What are the board rules (pets, rentals, renovations)?

  • Context & seller motivation

    • Why is the seller selling now?

    • What is the seller's ideal timeline?

    • Would they consider offers contingent on inspection/financing?

    • Have there been previous accepted offers that fell through? If so, why?

  • Neighborhood & community

    • What’s the local school district rating?

    • How is the noise level (e.g., traffic, nightlife, neighbors, airport)?

    • What's the walkability and access to transit?

    • Are there planned developments or zoning changes nearby?

    • What are the nearby amenities (e.g., parks, groceries, cafes)?

    • Are short-term or long-term rentals allowed?

I hope you find these resources helpful. Should you have any questions about or suggestions to improve this document, please contact me (email: sis35@cornell.edu; cell: (818)-404-8601).