Before signing a lease, check budget, location, safety, rental terms, property condition, amenities, and utility responsibilities to avoid rental pitfalls.
Renting Tips
Finding the right place to rent can be hard. That's especially true when there's more demand than supply and the pickings are slim.
Whether you're moving because of school, work, or for a fresh start, you'll want to focus on more than aesthetics when seeking the right place.
Consider the following seven things before signing a lease to rent a home.
1. Budget and Affordability
Set a realistic budget before looking for a rental property. The 30% rule of thumb calls for paying no more than 30% of monthly income on rent. Remember, that's just a general money principle to consider. You don't have to treat it like gospel, but you don't want a huge chunk of your income to go toward rent since that'll subject you to financial difficulty.
Don't forget to factor in utilities, parking, internet, and renters' insurance, because they can add up and significantly boost your monthly payment.
2. Location and Commute
Location is also vital. Do you want to rent a place close to work, school, or family? Do you drive, use public transportation, or rely on both options? Whatever your answers are will help determine the right location.
3. Security and Safety
Safety comes first. When you find a rental property that seems to fit your criteria, check out the crime rate. You can research that information online. It might also be worth your while to check out their area in person. Whether driving or walking around, you can get a feel for the community.
4. Rental Terms and Versatility
Carefully read the lease contract before signing. Taking the time to familiarize yourself with the rental contract will ensure you know your rights and obligations so there are no surprises down the road.
5. Condition of the Property
When checking out a rental unit on your shortlist, don't just glance at the floor plan. Look at appliances, faucets, doors, windows, and heating and cooling systems to verify they work. Also, check for signs of pest infestation, water damage, or mold. A well-kept property suggests that the landlord takes care of the rental unit and the tenants.
It’s also worth asking if the landlord retains the services of a property manager, since such an arrangement will show that the rental property owner is committed to proper upkeep and repairs.
Having a property manager is good -- but it’s also important that the service provider be located nearby. If the property is, say, in League City, Texas, the property manager should be in or around League City, Texas.
6. Amenities and Extras
Amenities like laundry facilities, gym space, or parking can save time and money. Just don't spend too much on amenities and extras you won't be using. Otherwise, you might spend more than you should on rent. You should find the right balance between nice-to-haves and must-haves.
7. Utility and Maintenance Responsibilities
Some landlords take care of items like water, heat, or internet, and some leave those tasks to tenants. Clarify what’s provided and who is responsible for performing ongoing maintenance, such as mowing the lawn or snow shoveling the driveway and walkway.
The last thing you want is to sign a lease and find you misunderstood something that subjects you to inconvenience or extra costs.
Renting a place isn't merely about finding four walls and a ceiling -it's about finding space that enhances your life. You need to go beyond simply finding a home that checks the aesthetics box.
By carefully considering these seven things before signing a lease, you’ll be better prepared to avoid common pitfalls and find a rental unit that fits your needs.
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