Renting a property is a great way to explore your independence without having to actually purchasing the place. It allows you to enjoy the home without having to worry about some of the costs associated with owning your own home. However, there are certain things you need to make sure you understand when renting a property. Contracts can be confusing and filled with legal jargon that often leave you thinking one thing when it is in fact another. To help simplify the process and make sure you are getting what you need, here are three things you need to make sure you understand about the rental right from the start.
Who's responsible for the repairs.
While you might not have to deal with repairs during your tenancy, it is always good that you know who is responsible for paying them if something does occur. For example, if the shower suddenly stops producing hot water through no fault of your own, you need to make sure the landlord is responsible for paying the bill. You don't want to find out that you are the one responsible for all repairs on the home or that there is a $400 deductible before they pay anything. The only time repairs should be on you to pay them is if you are the one who caused the problem to begin with.
How long the lease term is.
Knowing the duration of your lease is important. You need to make sure you are comfortable with the terms. You don't want to sign a lease only to find out you signed a two-year lease when you were looking for one year. It's important that you are on the same page as the property owner. You don't want to end up in a positon where you are trying to break your lease down the line.
Any extra expenses beyond the rent.
Make sure to ask whether there are any additional costs beyond your normal rent. For example, what are the late fees? How many days do you have as a grace period? While you might not plan on being late, things can happen that are out of your control. You need to know the numbers beforehand just in case you are ever late. The same thing applies with any pet fees or furniture fees. Do you have to pay extra for a furnished place or having a pet?
By knowing the three things above, you can minimize your chance of something going wrong down the line.