First Time Renters: What You Need To Know
Renting a property is more daunting than most first-timers assume. Many serious but very avoidable mistakes usually occur, leading the renters to lose their money or live in places they do not even like. But there are techniques to make sure that this does not happen to you.
Below are a few things first time renters need to know.
Prepare Long Before You Move-in
Some first time renters think that they can wake up one day, find a house, pay rent and move in. But this almost always ends badly. You should prepare weeks before the planned move-in with the required initial deposit and documents that might be needed to sign the contract, such as proof of income. If you rent a property in a hurry, you will end up finding what’s available rather than what you need.
You need to plan everything long in advance to avoid these problems.
Understand The Lease Agreement
Renting properties is founded on a lot of legal issues, which are usually summarized in a lease agreement. Many people renting for the first time in their lives overestimate the negative implications that can come from failing to honor the lease agreement, and end up paying dearly for the mistake.
For instance, a lease may stipulate the minimum time you have to stay in a property in order to get your deposit back when you vacate.
Note The Condition Of The House Before Moving In
You should take note of all issues with the house before moving in, and if possible cross-check the same with the landlord’s condition report. If anything is broken or missing, make sure the record shows it. If discrepancies exist about what the house looked like between you and the landlord, you could end up in a dispute that will most likely result in loss of your deposit.
So, make sure that all problems with the house are noted, not just for the record, but also because the landlord should have them fixed.
Know How Much You Can Afford, Over The Long Term
A temporary windfall may lead first time renters to believe that they can afford a certain rental property when in reality they cannot. You have to have a long-term view of things, which means you should pay a rent amount that you can afford for the foreseeable future.
Otherwise, you might end up on the streets after a few months looking for a cheaper place to live.
Make Sure You See The Property Before Signing A Contract
With many real estate deals happening over the Internet, many people renting for the first time make the mistake of not visiting the apartments they intend to rent personally. This is a very big mistake.
What you see on websites could be photos of the general condition of certain apartments within a building, and the individual conditions of the apartment may vary wildly, which is why you have to check out a property personally before signing a contract.
When renting a property for the fist time, you should make sure you can afford the rent over the long term and ensure you understand the lease agreement.
Other things you have to do include visiting the property yourself, agreeing on the property’s condition with the landlord, and preparing for the move beforehand.