Renting for the first time can be very exciting and unfortunately, during that excitement Renter tend to make some mistakes. But with some pre-planning and extra attention, these mistakes can be avoided. Don’t let your excitement sidestep the common mistakes. We have jotted down the few points that you should consider.
Over Budget
Being a responsible renter, it is very important to design a budget and especially in a competitive rental market, you cannot overlook the budget perspective. There can be possibility that the apartment is near your favorite coffee shop, has a stylish balcony and walls are filled with graffiti, but is it worth spending your hard earn money? Paying a hefty rent without planning a budget will surely going to haunt you someday, therefore it’s always recommended to stick to the thumb rule of rental payments, i.e. it should not be more than 30% of your gross monthly income. New renters may fall in love with the amenities that the apartment has without observing their budget. This might let you face the situation of late rent payment which will ultimately be going to hamper the rental history as well as your relationship with the current landlord. It’s better to opt for affordable rental or choose a flatmate option.
Skimming The Lease
We all agree that reading the lease is not at all thrilling but it is very much crucial. Renter should understand what he/she is abiding and there will be too many specific speculations that you won’t understand even after reading it. So, it’s always better to ask your landlord to clarify specific terms to you. There is no harm in asking any point which is not clear to you. It’s better to ask then to do mistakes. If you skim the lease, then there is a possibility that you are going to end up losing your security deposit or even have to face eviction. In these situations, you can’t even ask the landlord the reason because you are not aware of the terms and clauses that were mentioned in the lease when you signed it. Hence, it’s always advisable to go through the lease agreement thoroughly before signing it. This way you are going to avoid the mistakes and will have a good relationship with your landlord.
Must Read: How Students Should Find Rental Home Within Their Budget
Ignoring Lease Term and Renewal Information
Don’t let your enthusiasm for unpacking the boxes and having the new keys in hand deter you from paying attention to the clauses of the lease agreement. It is very important to understand the renewal and terms of the lease. It is mandatory to know when you have to leave the property and how renewals are going to be handled. Overlooking these details can make you pay for early termination fees if you don’t have any idea that when your lease is going to renew. You could even face an apartmentless situation if you don’t renew the lease on time.
Damaging the Rental
Know your responsibilities as a renter. Discuss the do’s and don’ts with your landlord. There must be a possibility that you have to pay for damages from your security deposit. Therefore, make sure that you follow the instructions given by the landlord and save your security deposit. Every time damages don’t mean abuse to the property; it can be damaged due to your negligence too.
Thus, it is suggested to take a moment and slow down the excitement. First, understand what you require and know how to smoothly sail during lease terms. You will surely be going to thank yourself when you will be enjoying your rental property.
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