Home Care & Maintenance

Pitfalls to Avoid When Renting

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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? 

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