Renting an apartment or renting a house can be a very exciting time in one’s life, especially if this is your first time being out on your own.
There are many things you need to be aware of when renting a house or renting an apartment. Be aware that there will be other items that you will need to pay for such as phone service, gas services, electric services, water and sewer, trash service, Internet and/or cable service, etc…
Some of these will probably be included into your monthly rent payment, but it is highly advised that you ask questions about these items and read your rental agreement very carefully. Some of the more common items that are generally included in rental/lease agreements are water/sewer, trash services, and sometimes even electric or gas.
Therefore, understanding these items and planning for them in your budget can help to make sure you allow for enough money to go towards these expenses. You can also call the utility companies and give them the address for the property you are considering renting and ask them what the average bills are on that property for the past year or so. This may help you to plan your budget more accurately. Keep in mind that these bills will usually run a little higher when renting a home versus an apartment.
Understand your lease or rental agreement before you sign it. Know what is allowed and what is not. Some agreements allow for pets, some allow for pets up to a certain size, some will only allow a specified number of people living in the rental unit, some charge more for extra people. Understanding these rules and guidelines before you sign a rental agreement is crucial.
You can be penalized from your landlord, or even worse, evicted from your rental unit if you do not abide by these rules. Being evicted does not free you from the terms and payment of the remainder of your lease, and if you do not pay what you owe, this could have serious negative implications on your credit report by becoming a judgment or a collection against you.
Therefore, make sure that you understand what is included with your monthly rental fee and make sure you understand the terms and conditions of your rental or lease agreement before you sign it. Don’t feel silly if you want someone to look over your lease for you to make sure that there is nothing out of the ordinary contained within your lease. Most leases are somewhat different from each other and they all need to be read very carefully. If the landlord or management company tells you something about your lease, make sure it is in writing. Never assume and never go by word of mouth.
The author of this article, Dave Zwierecki, has over 10 years of experience in the credit and mortgage lending fields, and dealing with renters and rentals. http://www.gofirstsecurity.com
Tags: Apartment, house, lease agreement, Rent, rental agreement, Renting
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