Although finding a property is an exciting time, there are loads of things that need to be considered before renting a home. Here is a look at all of the things that prospective tenants should keep in mind before signing their first lease.
Don’t be hasty:
Finding the perfect property for you can be a tricky task, and usually takes time. Do solid research and speak to as many people as possible about what you’re looking for. It’s never a good idea to grab the first opportunity you find, so start researching as soon as you can so that you have time to make the right choice. There are many search portals for properties online and setting up an alert system is the easiest way to make sure you are in-the-know. So take your time, keep panic at bay and have confidence that the right place for you is out there. The last thing you want to worry about as a tenant is having a dispute over the growing black mould in the kitchen that you overlooked in your haste to move in.
Don’t forget to have cash on hand:
Once you sign your first lease, you’ll need to supply a security deposit, which is used by the landlord if there are any damages to the property. Many places will also require the first month’s rent upfront, so make sure you don’t overlook this in your budget. Moving into a new place is an expensive process too, so make sure you have savings at hand for those unexpected costs that tend to crop up.
Review your furnishing options:
Unless you’re renting a fully-furnished property, you’ll need to invest in essentials like a couch, bed and fridge. This can be the most expensive and stressful part of finding a new place. But paying upfront or getting locked into lengthy debt agreements for furniture and appliances isn’t your only option. Some companies offer rent-to-own, which is a month-to-month contract that allows you to rent new home essentials like furniture, kitchen appliances, TV’s and even gaming consoles, at a fixed monthly rate. A rent-to-own agreement allows you the flexibility of taking ownership of the goods after a pre-determined period, or to cancel and return the units at any time, which is an ideal option for students who are in need of this type of freedom or unable to make long-term commitments.
The devil is in the detail:
Take advice seriously and read the lease back-to-front more than once. While most landlords use standard lease agreements, some include small changes that could end up harming you if you’re unaware of them. Once you’ve done this, before you’ve even unpacked your boxes, you need to inspect every inch of your new home. Take pictures of any issues you notice - no matter how small. You’ll be eternally grateful you did it when you get your security deposit back.