Lots of people would agree that renting has its advantages to owning a home. When you rent, you’re not responsible for things like maintenance and property upkeep. In some instances, renters aren’t even responsible for utilities like hot water and electric. Though renting can be convenient mainly because of the reduced responsibility and affordability, if you’re not careful, you could end up costing yourself a lot more money and headache down the road. Below, are four common mistakes made by renters that cost them more than they bargained for.
- Choosing to Rent Based on Cost Alone
It’s understandable to not want to pay a lot of money for housing. After all, if you pay too much for rent, you’re not left with much to cover your other living expenses. Be that as it may, when shopping for the best rental property, cost should not be the only factor you consider. As you search for the perfect place to rent, look at factors like the neighborhood, crime, schools, and amenities offered like utilities included, a laundry facility, a pool, or an onsite gym. These additional features in a rental unit can make living there a lot more comfortable and affordable.
- Not Getting Renter’s Insurance
Most renters don’t find out that their belongings aren’t covered by their landlord’s property insurance until something goes wrong. A fire, robbery, or natural disaster could leave you without the things you’ve worked so hard for. While the landlord is able to file an insurance claim to cover the cost of damage to the property, this claim does not cover you. Renters insurance, on the other hand, provides you with protection. You can shop online to get renters insurance quotes. You’ll find that it is pretty cheap but well worth the investment.
- Not Taking Photos Before Moving In
Whether your landlord does a move-in inspection with you or not, pictures are worth a thousand words. As you know, when moving into a unit, you’re required to provide a security deposit. This deposit is returned to you provided that there is no damage to the property outside of normal wear and tear. If you want to protect your security deposit, it is imperative to take a picture of each room. This will provide proof of the condition of the place prior to you moving in should the landlord want to dispute giving you back the deposit.
- Not Reviewing the Lease Before Signing
You’ve passed the extensive background and credit history check, and now you’re just ready to get into your new place. Though it may be tempting to just sign on the dotted line without reviewing the lease agreement, that would be a huge mistake. Your lease agreement not only outlines what you pay for rent and security deposit, it also tells you what your responsibilities are as a tenant and what your landlord’s responsibilities are. Your lease will be your guide while living at your new place. Review it and if necessary, ask questions before signing.
Yes, renting has its advantages. It’s a lot less responsibility and a lot less money than owning a home. Be that as it may, you need to make sure that you’re being a savvy renter. To avoid wasting money or regretting moving into a place, it is best to keep the above-mentioned tips in mind.