Renting a house is a viable option to renting an apartment or condominium or outright purchasing a home. For those who choose renting, here are 10 tips to consider before signing on the dotted line.
1. Research the neighborhood. The big question here is: "Will I be in a safe neighborhood and is the property conveniently located?" If you are in doubt or just not certain check out this website moving.com and select City Profile Report.
2. Read the terms of the lease CAREFULLY. It goes without saying that many renters think they got burned by their landlord simply because they did not read the terms of their lease.
Know what you are signing:
- rules
- exclusion clauses
- getting your security deposit back
- maintenance and upkeep obligations
- when and how to pay rent
- guidelines for breaking the lease
3. Inspect the property. For your own protection you will find it in your best interest to inspect the property prior to signing a lease. Document any pre-existing damages (take photos) and submit a copy of your findings to your landlord. Ask your landlord to provide you with a "Move In/Move Out Checklist" that clearly outlines your responsibilities towards the property.
4. Obtain Renter's Insurance. You know the owner of the home has insurance against damages to the property, but it is incumbent upon you to obtain insurance to protect your personal possessions.
5. Set up an automatic bill payment to your landlord. Know how and when your landlord expects to receive the monthly rent. You may be able to set up and automatic bill pay with your bank or set up an automatic calendar reminder to write a check for rent.
When renting a home, it is always to your advantage to be well educated on what to expect. First time renters may feel overwhelmed with the ins and outs of renting but knowing these 10 tips can help make the experience much easier.
See you next week for the final 5 tips when renting a home.
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