Finding a great place to live is a must if you want to reduce the stress in your life. That’s especially true when people spend an average of 35% of their income on rent. You don’t want that money to go to a place you don’t enjoy living.
Luckily, there are some things you can learn to help make the decision easier.
You need to know many common property renting mistakes before starting the process. Keep reading to learn about six of the most common mistakes you’ll make when looking at options for property rentals.
1. Skipping In-Depth Research
Some people don’t do much research when moving apartments. There’s one big requirement some people have when moving. It can be anything from being closer to work or within walking distance of shops.
However, some people stop doing research when those needs get satisfied. If you go this route, you may miss out on some significant drawbacks of living in the rental you choose.
Make sure you create a checklist of things to look for when finding a place to live. It also pays to develop a list of dealbreakers you don’t want to deal with. Going this route means you won’t have any surprises and will be more likely to find a rental that fits most or all your needs.
Check out this here to see an example of a site that allows you to vet some of the things you need to look for in rental properties.
2. Glossing Over the Tenant Agreement
It’s hard to find a landlord that won’t have a tenant agreement. These agreements detail everything expected from both you and the landlord. If you don’t look at this agreement before signing a property lease agreement, you may get caught off guard with what you need to do.
Ensure you thoroughly examine your tenant agreement to see what you need to do. It can include things like cutting the grass, handling simple issues yourself, and properly notifying your landlord about problems.
You can get in trouble if you don’t do what your lease agreement requires. On the other hand, you can force a landlord’s hand if they don’t uphold their part of the agreement and take care of the issues you have.
3. Not Documenting Existing Damage
A security deposit is commonplace when renting a new place. It’s there to protect landlords from tenants who damage property. They can get the property fixed without paying anything out of pocket.
However, some landlords use this to their advantage. They have some repairs they need to do that wasn’t caused by previous tenants and don’t fix those issues before renting to a new tenant.
Then when someone moves out of a property, they get hit with property damage and lose their security deposit.
Document every problem with a rental to stop this from happening. You’ll have documentation that you didn’t cause any damage and won’t get held liable when you decide to move.
4. Not Documenting Payments
While it’s convenient to drop cash off at a rental office, that’s not something you should make common practice. There’s no paper trail when you pay cash for a rental. Who is to say that a landlord won’t somehow lose your rental payment and hold you accountable for paying again?
Make sure you use checks, bank transfers, or online payment methods to pay your rent. These payment methods offer a trail for you to point to if a landlord says you didn’t pay your rent.
That’s why it’s also essential to see what payment methods a landlord accepts before signing a lease. If you can only pay cash for rent, look for another apartment.
While many landlords may not present an issue, you may end up renting from someone who screws over tenants and tries to dodge taxes by taking cash payments for rent.
5. Not Understanding All Your Bills
Your rent isn’t the only expense you’ll have in most situations. Some landlords may cover many of your utilities, but others want you to pay for other things.
You must understand your extra bills before signing a rental agreement. In many cases, you can pay much more than expected when you realize how much your other bills cost. Here are a few common extras fees you may face:
- Electricity
- Extra parking
- Water
- Renter’s insurance
- Trash and recycling
Try to get estimates from your landlord of the average cost for utilities in your apartment. Once you have all the numbers, you’ll get the actual amount of money you’ll pay to live in your rental.
6. Ignoring Previous Tenant Experiences
Getting previous feedback from single landlords with only one or two properties may be challenging. However, that isn’t the case when a property gets run as an apartment complex or through a property management company.
Do enough research to learn everything possible about the people who will care for your needs. There are a lot of bad actors in the rental market. You can end up miserable if you sign a lease with one of those bad actors.
You can find reviews online for a lot of these companies. If you don’t find much information about a landlord, see if you can find local community groups. You can ask the members there if they have any experience in the property you plan to rent.
Don’t Fall Victim to Common Property Renting Mistakes
You have a lot to consider in the property renting process. It’s easy to fall victim to a flashy display and end up not getting the property you want to rent the most.
The above common property renting mistakes are a few things you may do that will lead to mistakes. Keep them in mind when moving to ensure you find the perfect rental for your needs.
Head back to the blog to find more tips to help make other big life decisions.
