5 Must Dos When Renting a Home

 Renting comes with its fair share of advantages. For one, tenants don’t have to worry about making repairs when something goes wrong, like fixing a leaky toilet.  They don’t need to pay expensive property taxes, and they have the option to move once their lease is up without having the hassle of selling a house.

However, tenants do need to be mindful of some responsibilities when renting a home. Here are 5 things to consider.

 

Research the neighbourhood

Although, most likely, rentals aren’t a permanent situation, you do want to be cognizant of the neighbourhood you are moving to.  Before committing to a rental, make sure to thoroughly research the area to ensure that it’s both safe and convenient.  Check out crime rates in the area.  Is there a neighbourhood watch?  Besides crime rates, look for local amenities such as restaurants, grocery stores, and public transit. If it’s green space you are looking for, find out ahead of time if there is a park nearby. These are just a few of the things you will want to know before signing a lease.

 

Understand the terms of the lease


Before signing a lease, make sure you actually read it so you understand the details.  Look for items like rules of the building, required security deposit, maintenance and upkeep expectations, etc.  It’s never a bad idea to have a realtor look over it to make sure everything is standard. The last thing you want is an unexpected surprise, so make sure to do your homework.

 

Inspect the property

Most property managers and landlords require a security deposit to insure that if anything is damaged, it’ll be financially covered. If you move out and want it back, it is recommended that you take a close look at the property and document any damage before you sign the lease. You may also want to ask the property manager for a move in/move out checklist. This protects you and it also protects the landlord because he/she can make sure everything is in perfect working order.

 

Look to buy renters insurance

Just like home insurance, it is wise to purchase renters insurance in the event something unforeseen happens, like a natural disaster.  Though the property manager will have insurance on the building, it likely won’t cover your specific belongings. 

 

Set up automatic rent payments

The last thing you want to do is forget to pay your rent.  Today, with the help of technology, you can set up payments online via a bank transfer.  Some property managers have implemented rent portals so their tenants have the ease of logging in to make payments and keep informed of anything going on in the building.

Hopefully, by the end of reading this post, you will be able to make an informed decision about renting a property before you sign on the dotted line.

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