Renting a house is indeed a convenient idea over owning. With a rental property, you can steer clear of mortgage and tax obligations. Additionally, there is the option to opt for a neighborhood more suited to your lifestyle. However, there’s also a possibility of certain misunderstandings that may occur between the tenant and owner. Therefore, while renting a property, it is prudent to have all the concerns settled in the lease agreement. We’ve listed out some renting pitfalls you must avoid as a tenant.
Not Adding Essentials In The Lease Agreement
A lease agreement typically comes in a written form, but certain clauses are settled through verbal understanding. This is one serious misdemeanor to make as a renter. Ensure that you put every single provision under the agreement right on the paper. These provisions involve:
- What is the level of flexibility in the total period of the lease?
- When exactly is the monthly/weekly payment rent needs to be paid?
- Who is going to bear the expenses of basic maintenance lags?
Not Reading The Agreement While Signing
Details are important; no matter what sort of financial agreement you’re signing. As for the rental or lease agreement, you ought to read the entire agreement before finalizing it. Once you have read the text of the agreement, you can remove or further negotiate on any objectionable point. Moreover, after checking out the unit in person, make sure that little details are settled within the written agreement such as:
- Utility bills
- Expenses of all major to minor upgrades
- Permission of pets
Not Ensuring Law Implications
Law and tax obligations are another thing to focus on when reading the agreement. We’re bringing it up here in a separate section so that you remain wary of any illegal clause in the agreement. For instance, we have listed out some provisions the legality of which can be challenged:
- A clause that hinders the refund of deposit upon lease expiry (without any legitimate/legal reason).
- A clause that prevents the tenant from taking legal assistance from court or filing a lawsuit upon any out-of-agreement activity by the owner.
- A clause that allows the owner to increase the rent without prior notice.
- A clause that permits the landlord to confiscate the deposit if the tenant doesn’t move in on the said time; or if the tenant fails to relocate within days of lease expiry.
Not Considering The Neighborhood
Although the ill-suited neighborhood has more to do with the tenants themselves, it can be a major turn-off for them, triggering a misunderstanding with the landlord. Therefore, it is crucial to inspect the locality before striking the agreement. Here are some tips concerning the neighborhood:
- Schedule your visits at different times from varying routes to gauge the calmness of the locality and average traffic on the connecting routes.
- Check out the location’s proximity to your workplace or office and the quality of schools nearby.
- Look into other amenities such as parks, grocery stores, fitness centers, malls, etc.
- Make sure that the house and its neighborhood can conform to your overall living standards.
Your all emphasis, when negotiating with the owner, should be on putting every single point down on paper. Read the agreement thoroughly and remove the illegal clauses before signing up for the tenant tag. Never shy away from examining the locality, so that you can enjoy the time in your new home to the fullest!