Pitfalls to Avoid When Renting

There are many advantages to renting if you go about it the right way. Renting an apartment can help you save up some money to get a mortgage or simply reduce living expenses and allow more freedom. But carefree living in a rental is possible only when you take the right steps and avoid these potential pitfalls of renting a property.

Not being clear on the agreement

Before signing your agreement with the landlord, ensure that you read the lease carefully and understand it in detail. Some time ago, I was about to rent an apartment and needed to go through the agreement from the landlord’s lawyer. 

The landlord felt I didn’t trust him because I was taking my time to read the agreement. I apologized and told him that I had to understand the agreement properly before making any further commitment.

I trusted him, but any little mistake can quickly become a big one when it comes to financial issues. Before appending your signature, take your time to read the lease thoroughly and with understanding. Look out for details on pets, bills, parking space, and, very importantly, the lease duration.

Not being clear on insurance

Not settling insurance-related issues is one of the biggest mistakes a renter can make. According to ValuePenguin, only 41% of tenants have renters insurance. Before moving into your new rental, know that you have to take care of the insurance as well. 

Your landlord will have insurance on the property. However, it doesn’t cover your personal belongings or extend to liability coverage if you cause damage to the neighbor’s rental (think of flooding).

More like this: Do I Really Need Renters Insurance?

Situations like theft, fire outbreak, flood, and other misfortunes can affect your rental. With insurance, handling the situation becomes way more manageable — that’s why you need to ensure you purchase renters insurance against any eventuality.

Not checking out the neighborhood

The area where the rental is located is crucial. It is probably as essential as the apartment you are renting and a large part of your experience living in this place. Is it a safe environment? Are there issues peculiar to the surrounding, like security, noise, or otherwise? Have you visited a few times to know how the place feels at different times of the day? What about nearby grocery stores and places to eat?

You should also check out the schools or kindergartens in the neighborhood. Are they good enough for your children? These and many more topics are worthy of consideration before moving to a certain area. It’s recommended to make a list of the most important points your future neighborhood must have as well as no-gos before going to see it in real life.

Not considering the convenience of the neighborhood

It is a great mistake not to consider the neighborhood’s convenience to your other areas of engagement. How easy is getting from the house to your place of work or worship? 

If you’ll be commuting from this neighborhood to your children’s school, will they be running late? How is the route and traffic from other places you go to? Can you meet up with work if you stay in this place? 

All of these and more are essential areas of consideration most people make the error of neglecting.

Not checking out the property itself

Some people rely on what the agent or landlord tells them and what they see online to judge the property they want to rent. But this is certainly not enough, as pictures are not always a factual representation of the property. 

Many have been scammed by those who steal pictures from the landlord’s website and pose as agents. They collect fees and even some down payment only for the victim to realize that they have been scammed. It is always advisable to see the house physically and check the paperwork before making any financial commitment. 

It is also good to check out the property before renting because it allows you to ascertain if you’d like the place. If you see the apartment with your own eyes, you can tell if it is what you were told, if connections and systems are working fine, if the interior is damaged on any side, or if the house has a pleasant smell. 

No detail is irrelevant when checking out the house you want to commit your money to.

Not reporting repair and maintenance issues

When checking out the house you want to rent, you should also look out for the proper condition of everything. The plumbing must be in working order, and every appliance must be functioning appropriately. 

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There are situations where you notice one or two things that need to be repaired. Ensure to report them to your landlord and get them fixed on time. Some people mistake not reporting issues like a clogged sink, faulty socket, broken door handle, and other similar things. 

But, when the damage becomes more prominent, as the house’s occupant, you will be responsible for it. And what if your landlord denies any claim to faulty things? You might have to cover the cost of maintenance from your security deposit. 

The goal is to ensure you don’t have any reservations about the condition of fixtures and appliances before moving into the rental. This will save you from unnecessary disputes with the landlord.

Mismatching yourself with a roommate

If you’re planning to rent an apartment that is perfect in every way but too expensive for you to afford, you might be thinking of getting a roommate. This is an excellent plan, especially when you are in a student loan consolidation, credit card consolidation, or payday loan consolidation plan. A roommate will help you share your housing expenses and generate free cash to pay off debts or build an emergency fund.

However, you will discover how strenuous it can be if you mismatch yourself with a roommate. A suitable roommate will make life look easy and loving for you. However, the wrong person can make you feel like everything is turning upside. 

More like this: What is Subletting? The Extensive Guide to Subletting Your Rental

Therefore, it is advisable to set rules from the onset. Agree on house chores, visitors, splitting bills, and other necessary areas before starting living under the same roof.

Going for a house beyond your means

If you get an apartment that you can afford just on the first payment, you might have issues making subsequent payments. If your income is not high enough to afford that kind of house and you struggle to get the money for the first payment, think about the future expenses. You’ll also have to pay for utility bills, Wi-Fi, and other monthly expenses, so think twice whether you want to put additional financial pressure on yourself.

Conclusion

Renting a new apartment is an exciting experience. However, this excitement can die down within a short time if you make some drastic mistakes. With the essential areas of considerations listed above, you are sure to make the right moves when renting a property.

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Author Bio: Lyle Solomon has considerable litigation experience as well as substantial hands-on knowledge and expertise in legal analysis and writing. Since 2003, he has been a member of the State Bar of California. In 1998, he graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, and now serves as a principal attorney for the Oak View Law Group in California. He has contributed to publications such as Entrepreneur, All Business, US Chamber, Finance Magnates, Next Avenue, and many more.