Worst mistakes new renters make
25th Jul 2018
Renting for the first time can be very exciting but it can be too easy to ignore the fine details and expensive mistakes can be made, so don’t let excitement get the best of you!
RENTING OVER BUDGET
- Budgets are vital to be a responsible renter, and especially in a tighter rental market;
- Follow rule of the thumb, don’t apply for a rental that costs more than 30% of your monthly income;
- Living above your means risks a lot of stress and falling behind on payments, this could damage the relationship you have with your landlord as well as your rental history.
SKIMMING THE LEASE
- It’s crucial you understand exactly what you’re agreeing to when you begin to rent;
- You should understand the terms of the lease, this means you’re less likely to break them;
- Skimming the lease guarantees you’re approaching the living situation without the tools necessary to become a responsible renter, this could cost you your security deposit or could even cause you to be evicted;
- There is no shame in asking for clarification.
REMAINING UNDER PREPARED FOR EMERGENCIES
- Most renters know their land lord is responsible for the property damages including an unexplained fire or other disaster, and they don’t feel concerned about the dees associated with an emergency.
- The tenant is not responsible for the land lord’s property and vice versa;
- Tenants will need renter’s insurance policy, this will mortgage the out-of-pocket costs to replace all your possessions if they’re damaged or stolen.
- Also, having a savings account with emergency funds is crucial, just in case an emergency was to occur.
IGNORING LEASE TERM RENEWAL INFORMATION
- Don’t let the excitement of having new keys in hand and boxes ready to be unpacked deter you from paying full attention to the lease term and renewal;
- It’s crucial you understand when you are expected to leave the unit and how renewals are handled;
- Ignoring these details could mean that you are stuck paying early termination fees if your lease renews automatically OR you could be left apartments if you didn’t renew your lease in time to stay.
- New renters make costly mistakes all too often, but it doesn’t have to be that way. If you do your research and read into the terms of your lease to fully understand what you’re agreeing to, it will be smooth sailing! Your land lord and your future self will be thanking you!