If you are considering renting an apartment or home, it can be more affordable then making an investment that well, could take a lot longer to fulfill. When purchasing versus renting there are thousands of dollars for closing, inspections, an appraisal and more. When renting you only have to come up with firsts months’ rent, last month’s rent and a security deposit and in some cases just first month’s rent and security deposit.
Be prepared for a credit and background check. Your credit more than likely be checked depending on the landlord and a call to your job. Of course the owner of the rental is looking for dependable renters that will fulfill a contract.
You also should consider doing a background check on your landlord or rental company. Here is a link with some helpful tips and how to go about that.
If you are looking to rent, check over your lease and the property you are considering carefully. Get everything in writing, from repairs that may need to be done, to how long your lease is for and other restrictions you will be complying to.
Once you have decided on the place and signed the contract, take photos of the home before you get all your stuff in and are settled. Look for any holes, water marks in the walls, the grounds outside, things that need repair, a broken screen, window and anything that you may be held liable for it not notated from the beginning. Put every repair in writing (email) and keep those pictures on a separate stick or disk in case you need them later. You may want to ask the landlord if they want copies. As you are settling in for the first month you may see things that you missed when you first moved in. Put that in writing or take photos.
Check the lease if there is a cost for pets. Do they allow a relative or friend to visit for more than a week? If you have someone stay with you, some contracts have stipulations on how long they can stay before being considered a renter themselves on your property and could cost you more money. For pets, a separate deposit is usually required and cost extra a month for little fido or kitty.
There are many benefits to renting when it comes to repairs. The air conditioner goes out, need a new fridge or the roof needs repair. It is your landlord’s responsibility and while you may be inconvenienced for a short time, you are not putting out the money for these repairs.
In today’s economy, renting is a popular option but as convenient as it is you should know your rights and make sure your personal belongings are covered. It is not the landlord’s responsibility if something happens to your personal possessions. Hurricane, theft, fire etc. the responsibility is yours for replacement or cash value. Click Here for more information on the importance of Rental Insurance.
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