Renting a home is convenient for many reasons. Maybe your career always has you on the go or perhaps you just don’t want the burden of a mortgage. Whatever the case is, there is some important things you need to know about renting. Most individuals do not do the proper research before renting.
Below you will find 6 things you should know if you are planning on renting a home or apartment.
1. Plan Wisely In Your Budgeting
This first thing you need to do is understand your budget for rent. Research shows that tenants spend less than 30% of their yearly earnings on rent. You should understand how much you can afford for rent. This is without compromising other areas of expenses you might have.
2. Comprehend The Lease Document
Before signing a rental agreement, try to understand every piece of the lease document. As a rule of thumb, the rental must clearly specify the deposit security conditions, the amount you are paying rent and even if there is a provision of a grace period. It’s also your responsibility as a tenant to keep in mind the repair policy. This is extremely important as it prevents the possible breach of your contract. All of the agreements must be in written form. Oral agreements are difficult to follow.
3. Negotiate Fully The Repair Policy
It should be clearly established what repairs will be your responsibility and the ones that will be managed by your landlord. The landlord is tasked with the duty of providing electricity that’s dependable and adequate, clean, safe and sufficient water and heat. Your expectation to replace and repair damaged items because of wear and tear is also valid. If there is any damage to the aesthetics of the home when you are living there or when you move out, that is your responsibility.
4. Be Friendly And Open With Your Landlord
Many times renters get into trouble with their landlords due to poor communication and a not so great relationship. Try make certain that communication between you and your landlord is extremely open and positive. This will give the chance to express any issues you may encounter comfortably.
5. Keep Track Of Conditions Of The Rental
Keep track of the condition of the rental before you move in. You can do so by taking photographs of it. Again, discuss in detail all of the damages that exist with the landlord, so you are not held accountable for them once you finally vacate the apartment. Make sure to note down any changes you make to the home. Also, you should talk to your landlord and receive approval before doing any renovation projects.
6. Get To Know The Surroundings
For a newcomer, do what you can to understand the apartment area itself. Security measures are an essential element of it and make sure your landlord has security in place.
7. Get Insurance Coverage For Tenants
Certain leases require tenants to have a renters insurance. The conditions and policies are quite affordable and normally offer you massive protection in cases where your apartment is robbed or a home disaster that damages your belongings. This renters insurance in many cases will cater for all those things your landlord’s insurance can’t cover. Most often, your landlord’s home insurance policy does not contain coverage for your you. It might cover the building and its grounds, but will not replace your belongings in case your neighbor’s pipes burst and flood your living space.
Renting a home is not difficult. It is actually a bit easier then going through the process of purchasing a home. Make sure that you understand and follow the 7 steps above before you sign the dotted line for your rental.