Monday, January 29, 2018 / by Sean Zanganeh
Despite difficult financial times, the National Multi Housing Council reports that the apartment industry is not affected. In fact, affordable rental units will be coming available as desperate sellers try to rent out units that are just not selling in the current market, according to Bankrate.com, an online financial resource. Therefore, the number of renters is expected to increase. If you are currently renting or expect to sign a lease in the near future, below are some tips that you may want to keep in mind.
Renting May Be A Good Financial Move
There are many benefits of buying a home. Homeownership has often been equated with the American dream. However, this dream can easily turn into a nightmare for consumers that are not prepared for all of the costs associated with owning a home. In addition to a mortgage, purchasing a home also involves many other expenses such as maintenance, insurance, and property taxes. As a renter, your landlord or property manager is responsible for fixing major repairs like a broken furnace or a leaky roof. Expenses such as these could really break your budget, especially while you are focusing on settling your debts.
Read The Lease
If you are required to sign a lease before moving in to an apartment, make sure you read it. Leases usually include quite a few pages of small print and it can be tedious to read. But, keep in mind that you are signing a legal and binding contract and it is beneficial to understand the agreement. Pay close attention to the rent due date, late fees, and the contact information for repairs. You also want to review the policies on terminating a lease. Most property owners do not make it easy for renters. Make sure you understand the provisions in case circumstances arise that do not allow you to fulfill the terms of the lease.
Don't Alter The Property
The lease should also state what the landlord's rules are on making alterations to the property. One of the downfalls of renting is that most property mangers do not allow tenants to paint walls or make permanent changes to rental property without written permission. Even if you do receive written permission to paint, for example, you will usually have to change the color back to the original before you move out, which can be a hassle. Before you make improvements, such as install an air conditioner or a dishwasher, consider the fact that you may not be able to take these items with you when you move. This can be an especially costly endeavor if you do not plan to live at the property very long.
Take Care Of Your Property
When moving in, note any damage that is already visible on the property so you do not get charged for the repair when you move out. Upon moving out, make sure you leave the rental property in the same condition as when you moved in. For example, clean, vacuum, and fill small holes in the wall with spackle. Many apartment complexes also require that you have the carpets professionally cleaned before moving out. You are more likely to receive the majority of your security deposit, which is usually equivalent to one month's rent, if you follow the move-out instructions.
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All Information provided by Shaheen "Sean" Zanganeh