First Rental a property is an important consideration, often done for lifestyle, financial, or practical reasons. For instance – renting can be more flexible in terms of moving one’s net worth. It generally imposes less responsibility on the renter and may be more affordable than buying a house in certain cities.
The National League of Cities states that renters are usually younger than homebuyers. The former’s median age is 42 years when compared to the much older 52 years for the latter. Also, rental households do not necessarily have related individuals.
Though the concept of renting a property is good, it must be done wisely to derive its maximum benefits. If it’s your first time, we understand that the process can seem daunting. This guide is here to ease things for you. Keep reading to discover five important steps that must be ensured before you move into your first rental.
Conduct Thorough Research
Research in the process of renting a property corresponds to planning. It is often like the saying goes that if you fail to plan, you’re essentially planning to fail. Many renters suffer later because they neglect at least two important areas of research.
- A proper understanding of the market – The truth is that rental property prices may vary significantly between neighborhoods. An example would be how properties in a city’s downtown may cost more than those located in the suburbs. Ask people who may know and research online to get an idea of the average rent costs in different areas.
- Neighborhood dynamics – Not every neighborhood will have the same amenities. It is equally true that you may have to forego certain amenities altogether depending on your budget, location requirements, etc. This is why you must decide what you want and research about which neighborhoods provide those amenities. Some examples include schools, parks, proximity to public transport, grocery stores, clinics, and more.
Ask the Right Questions
One secret to renting well is to ask all the right questions sooner than later. This will not only give you an idea of what to expect but will equip you with knowledge of what’s acceptable and what isn’t.
Some important questions would include the following –
- Will utilities be charged separately?
- What are the terms of the lease agreement?
- When will rent be due every month?
- What is the procedure to extend or break the lease agreement?
- What is the pet policy?
- What is the garbage collection policy like?
Besides these questions, one extremely important but sometimes overlooked inquiry would be in terms of asbestos use, especially if the building is old. Let the landlord give you an assurance in writing that no asbestos dangers lurk in the apartment. It is best to have a professional inspection of the place to be sure.
Asbestos has been banned across 55 countries, including the US. It was heavily used in building structures between the 1860s and 1980s. Hence, edifices built during this period may still expose residents to asbestos. This is no trivial matter because TorHoerman Law states that asbestos exposure can cause serious conditions like mesothelioma and asbestosis.
According to WebMD, common symptoms of exposure include coughing up blood, loss of appetite, fatigue, trouble swallowing, anemia, and wheezing. It’s better to have things cleared out beforehand. If the landlord gives their assurance but later, you discover that the apartment has exposed you to asbestos, legal recourse is possible.
In case of questions like, “Can I sue for asbestos exposure?”, the answer is a resounding yes. You can file a lawsuit against the landlord for negligence or intentional lack of disclosure. Any questions regarding health and safety must be brought to the surface at the earliest.
Account for Total Living Costs
Many renters simply account for their renting cost and call it a day. This should never be the case because extras will creep in, including utilities, parking charges, transportation costs, etc. We are referring to total living costs, which will give a better idea of budget planning.
If you fail to make room for extras, it might be too late until you realize the actual cost of living in a particular locality. Suppose you wish to cut down on commuting costs. The ideal way to do so would be to rent an apartment well-connected to different parts of the city. It should be within walking distance from your workplace, university, etc.
Visit the Property
They say seeing is believing and this is certainly true in the case of property rental. Do not rely on virtual tours or walk-through videos because appearances can be greatly deceiving. You will only get to know what you’ll be receiving once you’ve stepped into the property in person.
For instance – the photos and virtual tours may show the property to be in excellent condition. You may arrive at the location and discover that the apartment is more worn down than you thought. This happens because the photos and videos would have been taken immediately after construction.
Avoid such unwanted surprises and visit the property. While you’re there, check for potential issues with the natural light, upkeep and maintenance, and noise levels. Also, assess the neighborhood to ensure there are no safety issues. Does it feel safe to walk at night? Are there well-functioning smoke detectors and escape routes?
Get Renters Insurance
If you haven’t thought about renter’s insurance to date, do not proceed with signing the lease without getting coverage. According to Investopedia, renters insurance covers at least three areas, namely furniture, clothing, and electronics.
There may be numerous reasons why you could suffer losses to personal assets, including theft, natural calamities, fire or lightning, and riots. The policy will cover your belongings to minimize the impact of losing any during an unfortunate time.
In many cases, the landlord may require renters insurance coverage. Depending on the policy you choose, additional expenses may also be covered. These could involve costs associated with temporary displacement due to natural disasters.
Just to put things into perspective before closing – the apartment rental market is growing at the rate of 7.5% till 2028. The current renting trends show that high prices of real estate and mortgage rates are two main reasons for leasing an apartment.
If you’re also planning to rent in 2024, just keep in mind the steps mentioned in this article. Take your time before selecting an apartment so you do not have to relocate frequently. Consult with other renters and prioritize your requirements to get the most out of your agreement.
