Staying in a rented place has become very convenient for many as they cannot afford a home of their own. However before you decide to move in, there are a few key factors to be borne in mind.
Finding a rented home is fairly easy today. People tend to move from place to place due to their professional commitments. As such getting a rented place to stay is a blessing in disguise. If you are a newcomer to the world of tenants and landlords, here are 7 tips to first time renters.
It’s all about budgeting
The importance of being budgeted cannot go unnoticed. Ideally your rent should not eat up major portion of your income. This is amongst the other 7 tips to first time renters. Rent though a major component of your budget plan is not the only one to worry about. Security deposit, moving expenses, per month expenses, furnishings and uncalled expenses are other components we tend to overlook. Another tip would be to avoid using your credit card for all your moving expenses. You do not want to be in debt at the start of your independent life.
Consider the deposit
Security deposit is most often one month’s rent. It is extremely important to have a plan wherein you can comfortably accommodate your security deposit and other expenses including the rent. Always ensure that your deposit amount is protected. There should be a clause in the rent agreement regarding repayment of the deposit money.
Read that document
Irrespective of a friendly landlord or a trustworthy agent, it is extremely important to read the leasing arrangement for yourself. Never sign the lease in a rush, read and understand every clause, dos and don’ts as you do not want to be held liable in the future for something you weren’t aware of. Keep a tab on any provision that the landlord would have failed to include in the agreement. If you do not understand something, ask your landlord. This is a common pitfall amongst first time renters. There is no harm in getting your doubts clarified after all you are expected to sign it after understanding the lease.
Signing the agreement without visiting the apartment
It is important to understand that you are going to be living there and not your friends or the broker for that matter. Visiting the apartment before signing the lease is highly recommended. Open all the cabinets and closets, check if all the faucets work properly, enquire about the security of the place, know if there are common parking slots or individual ones and others. Speak to other tenants in the same building to get a more realistic idea about the locality and the building. Sometimes we tend to seal the deal by going through pictures online; such an approach is very risky for obvious reasons. A personal visit is imperative.
Ignoring the importance of a rent insurance
Often you don’t feel the need for rent insurance. There is absolutely no control over uncalled hazards such as a fire or a flood. In such cases, what better than having insurance in place that can monetarily cover your loss? A fixed sum of money should be put aside monthly or yearly towards this insurance. While most of the landlords insist their renters have such insurance, there are others who don’t pay heed to such essentials.
Ignoring basics to make a home
In the rush to finalize your home, fulfilling formalities and others you often forget to take into account the basics you will need to transform the apartment into your home. This is the case with every first time renter. From bathroom essentials like a bucket, towels to cleaners like brooms and dustbins, screwdrivers, mirrors and others are often ignored. Keep in mind that you are going to be given only four walls, making it your own is entirely upto you. Have a checklist in place before you move in, having everything written down saves you on a lot of unwanted stress.
Getting swayed with luxuries
Always have your priorities in mind before searching for a place. It is very tempting to compromise on your needs to enjoy some luxury. Never forget that being budgeted and wise is essential for a peaceful and happy life. Stick to your needs such as proximity from your work place, get a place in a familiar and safe locality and look for a home that you can afford easily and not struggle to pay the rent every month.
These days, landlords prefer giving their homes on rent than on outright sale, this is because of assured monthly income. There are plenty of different styled homes you can avail on rent. Reach out to a realtor for better assistance.
