Finding a new place to rent is one of your most stressful and important decisions. You’re spending a lot of your money on your rental home. And when reports show that 41% of renters pay 35% of their income on rent, you’ll probably spend a good portion of your cash on yours.
Are you planning to become a home renter for the first time and aren’t sure what to expect? Read the post below to learn what you should know about renting a home for the first time.
Understand Your Rights
A landlord can’t put anything they want in a lease. They may be able to ask you to do things like mow the grass and take care of the home. But they aren’t permitted to go against renter laws in your location.
Make sure you check the lease agreement to see if anything doesn’t look right. If something looks off, check the rental laws in your region to be sure your lease follows the law.
Look at Insurance
It’s not always required to get renters’ insurance. Most local locations don’t have any laws around the issue. If you are required to get insurance, it’s because a landlord requires it.
But even if insurance isn’t a requirement, that doesn’t mean you shouldn’t still look for a policy. You never know what will happen in a rental, so getting insurance to protect your stuff makes sense.
Remember Initial Fees
You don’t only have your rent to worry about as a renter. Both apartments and homes have one-time fees you must cover before moving in.
In most cases, this means a security deposit. A landlord wants assurance that you’ll cover damage to a property that happens on your watch and is your fault. You’ll get your security deposit back after you leave as long as you take care of your rental and pay rent on time.
Learn About Rent Increases
The rent you see when looking at a home for rent may look great today, but it may not stay that way in the future. If you sign a lease, you probably won’t see rent increases during that time. But that doesn’t mean you won’t see a rent hike if you sign a new lease in the future.
Be sure you understand how rent increases work for your rental. You may end up paying far more to live somewhere in the future and may need to quickly find a new place if you see one.
Look for Amenities
Amenities are important to look at in a home. If you rent an apartment, you want to be sure you have things like internet, cable, utilities, and other things. For houses, you can expect similar things.
You can also look at a rental neighborhood to see what’s close to access. Click for more information about some common amenities you can see.
You’re Ready to Become a First-Time Home Renter
You’re making a big decision when looking at homes for rent. You commit to living in a location for an extended period because of your lease, so you don’t want to get stuck in a bad situation.
That’s why it’s critical to learn all you can before you become a first-time home renter. Remember the advice above when renting a new home to find the perfect rental property for your news.
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