Do you plan to rent a new home or apartment? Before you sign a lease and move in, you keep in mind some several important considerations. In this article, we will discuss 7 key things that you should never forget before you rent a property.
1. Read the Lease Agreement Carefully
Most renters do not read their lease agreement carefully. Many renters will skim the lease agreement and sign it without paying attention to the details — such as payment schedules, late fees, and visitor protocols.
This rush can be problematic if the renter experiences unforeseen changes or circumstances, as the lease agreement will outline the process for maintenance, repairs, and damage. Disregard of the lease agreement can result in additional fees and penalties. Read the lease carefully and understand these terms before you sign it.
2. Visit the Property before You Rent
Online rental platforms have enabled prospective tenants to search for rental properties without unnecessary traveling. However, this convenience can encourage tenants to agree to rental leases even though they have not seen the property.
This ignorance can be costly, since you may not be able to account for any potential maintenance and repair costs associated with the property. You cannot determine the age of certain fixtures, the condition of major appliances, and the quality of the insulation if you do not visit the property.
In addition to inspecting your own prospective rental unit, you can ask the neighbors about the building's upkeep and safety to see if the property has had recurrent issues.
3. Assess the Neighborhood
Some renters do not take their time to investigate the neighborhood around the property. You must always investigate the amenities of the rental home and neighborhood. Also, visit the property at night to get a sense of the area.
This due diligence can help you understand the security of the locale. As you visit, you can notice if the area has any access to highways, public transport facilities, and other amenities. You can avoid unpleasant surprises after you sign the lease if you take your time to examine the neighborhood.
4. Obtain Renters' Insurance
Property owners understand the value of their estate. Thus, they obtain insurance to protect their assets from potential hazards like natural disasters. Renters cannot depend on the owner’s insurance policy, since it does not consider your assets as part of the coverage. Instead, protect yourself with renters' insurance. This way, you can safeguard your personal belongings if you lose them in a hazardous event.
5. Document the Property's State Before You Settle
Another consideration is a media record of the place as you move in. Remember to take pictures and videos that document the condition of the property. This evidence will protect you from disputes with the property owner at move-out time.
Without photographs or videos, you will face an uphill task to prove the condition of the property before you moved in and any pre-existing damage that the proprietor may be responsible for. Failure to document the property's condition might cost you your security deposit or trigger a small claims dispute.
6. Focus on Suitability Rather than Square Footage
Numerous renters focus too much on the square footage of a rental property and do not consider the layout. Without actual confirmation, renters may overlook important features such as room design or how furniture might fit and look like within the space. Do not consider a property just because it has a large square footage. Instead, choose a layout that suits your needs.
7. Create a Roommates' Agreement
You might decide to live with a roommate to minimize the costs you incur to rent a property. However, conflicts may arise if you did not stipulate common rules that you must all follow. For example, you might need to define how you and the roommates share and handle obligations. A written roommate agreement will be necessary in such a situation.
Contact us at Robert Cottingham Property Management Co for assistance with rental property services.
