Renting an apartment is at times tedious and lengthy. It is like buying a new home. You need to make a plan and an extensive research to rent an apartment that will meet your budget, requirements and needs. It would be good to hire a real estate agent to help you. Otherwise you have to do all the footwork by yourself.
If your budget cannot afford the services of a real estate agent, there are things that you should know before signing a contract of lease.
What You Should Know About Renting an Apartment.
- Most landlords will require a good credit history. They do not want to be involved in collection cases. They want to be assured that their tenants are good payers. However, there are lenient landlords who will understand your financial predicament. But you have to change your payment habits.
- Rentals can increase at the end of a contract. Some landlords allow only a one-year contract so that they can increase the rent after a year. You must be aware of this periodic increase in rentals. It would be good to rent an apartment with a monthly rental that is way below your rental budget so that you can financially handle any increase in the future.
- If you are renting an apartment with a roommate make sure your roommate signs as a joint applicant. Your roommate cannot just terminate the contract because he wants to move out. He remains responsible for his portion of the rent until the contract ends.
What are the Steps to Take before Renting an Apartment?
- Assess the apartment and its neighborhood. You do not want to live in a noisy neighborhood.
- Inspect the apartment with the landlord. Check the facilities and appliances if they are working. Check for any signs of leaks on the roof and faucets. Make sure that the apartment is free from rodents and insects. If there are major repairs to be made, ask the landlord to have them repaired before you sign the lease.
- Read carefully the lease contract before signing. Go through every page so that you and the landlord are in agreementon the terms and condition in the contract.
Do not be in a hurry to sign a lease to an apartment simply because you want to move in immediately. Remember that after signing the contract you are locked-in for the period of the contract.