With a shift in real estate trends, people are increasingly leaving homeownership to renting.
This has led to a drop in rental vacancy, resulting in a surge in the rental market.
The increased competition for scarce apartments has trapped many tenants into the scarcity syndrome. While the rental crisis is real, it doesn’t mean that you should rush into just any apartment.
In the wake of it, it’s a good idea to know mistakes that you can possibly make during your next rental search. Learning better about them can effectively help you avoid errors that could cost you both time and money.
Signing the Lease without Reading It
Leasing contracts may greatly differ in terms of the length of the lease, the terms of tenancy, and other conditions. Signing the lease without understanding the contract can cause you serious problems down the road. While you may get out of a bad lease, doing so may be extremely frustrating, potentially leading to financial penalties.
It’s strongly suggested that you read the document carefully before you sign on the dotted lines. Some key points to consider include the length of the lease, penalties for late payments, due date of the rent, rules about subleasing, payment of security deposit, the terms of utility payments, the renewal terms and the arbitration rules. Even if the landlord claims to be using a standard lease, carefully read the contract for any additional or special clause.
Not Getting Renter Insurance
Your landlord’s insurance may not provide you the coverage for your personal belongings in the event of a mishap. If your personal items get stolen or damaged by a fire, your landlord will not be responsible for the losses. Also, if someone gets injured in your apartment, you will be liable to pay for the damages. However, having a tenant’s insurance is essential to protect yourself from potential problems in both cases.
Not Documenting the Current Condition of the Apartment
Maintain a record of the damages or problems that existed when you moved into the apartment. Mention everything on the landlord’s move-in checklist and keep a signed copy of it for future reference. Also, you should take pictures with a time stamp to keep a proof of damages and home problems. If the landlord agrees to make repairs, have it included in your lease before signing the contract.
Renting a home can become a lot stress-free if you take the right assistance. As one of the most reliable apartment locators in Dallas, we assure you to help find the most appropriate rental home without any trouble. Start your home search with us by providing us with your requirements online or by calling us at 972-418-0066.