Are you a first-time renter? Does the thought of renting send you into a bit of a panic, worrying about making sure you do everything correctly? Below, we’ve amassed a series of must-do items when renting an apartment, condo, house or any other type of residence. By planning ahead, you can sleep better at night in your new digs!
Get Appropriate Renter’s Insurance
A lot of places will try to sell you cheap renter’s insurance, but before you take them up on their offer, read the fine print. It’s better to talk to someone face-to-face when renting insurance than to simply buy the lowest-cost package on the market. The last thing you want to find out is that you’ve purchased renter’s insurance that isn’t worth anything and covers almost nothing in the case of accidents or emergencies.
Check Out Your Landlord
As a renter, your potential landlord may want to do a background check on you‑ but it might be a good idea for you to do a background check on him or her as well. At least get as much info as you can about your landlord. Ask if you can talk to the landlord’s current or past tenants. You don’t want to find out too late that your landlord is a con artist or someone who refuses to take care of the property.
See the Rental Place Firsthand
Rental scams run amok, and one of the biggest is to entice people to rent places that don’t exist. How does this happen? Usually, someone from another part of the country has to relocate quickly. They find an advertised apartment or house, and then rent it unseen. This is a huge problem, and can lead to you finding out that you’ve just been taken for thousands of dollars. If at all possible, find a way to see your rental before signing on the dotted line.
Read the Fine Print
You should literally sit down and read your rental agreement not just with your landlord, but also with a trusted advisor or legal professional. Be sure that responsibilities are spelled out in black and white. That way, everyone will be on the same page. For example, who will take care of the lawn? What happens when it snows? When should you pick up the phone versus doing something yourself? You’ll want to know these things ahead of time.
Ask About Sprucing up the Place
Some landlords are open to you sprucing up your rental by painting, while others don’t even want you to put nails in the wall to hang pictures. Ask about these things upfront rather than waiting until later. Make sure you stick to whatever the agreement is. If your rental agreement forbids you making any kind of permanent changes to the walls and you decide to hang a picture of your great-grandmother, you could be held liable or kicked out.
Be Sure You Can Afford the Rental
As a final word of caution, be sure you can afford to pay for your rental property. In general, your rent shouldn’t be more than about 30 percent of your monthly income, and that means after-tax income. If you’re just starting out and can’t afford rent in a safe neighborhood, you can always ask a relative to cosign to satisfy your landlord that he or she will be paid. Of course, that can create its own issues, so only do it as a last resort. It may be better to get a place with your best friend if you can’t afford to live entirely on your own.
By strategically thinking about how to make renting safer and easier, you’ll be in a better position on moving day!