The allure of moving into your first home can be overwhelming.
The thought of being independent to do whatever you want is both exciting and enticing. Unfortunately, many first-time renters have a terrible experience because they’re so caught up in the event that they forget to pay heed to the little things.
In this article, we’re going to discuss five important things that first time renters make the mistake of not paying attention to:
1. Financial responsibility:
There are people who move out of their homes even when they’re not financially capable of supporting themselves.
It’s quite common especially among first-time renters. You have to write up a plan of future expenses such as electrical and internet and make sure you’re not living month to month on a pay check before you move.
Take care to avoid miscalculating your finances. This will have dire consequences for you.
2. Need/Want:
Separating what you want from what you need, can save you lots of cash and trouble down the road.
For example, you want a place with a gym but you’ll need to live near your workplace so you can save on transport costs.
3. Visiting:
Under no circumstance should you agree to sign a lease before viewing and inspecting the property thoroughly.
Even if you’re renting from someone you trust, you need to inspect the property otherwise there is no way to know for sure if you’ll be comfortable living there and if there are any inherent problems with the place.
4. Overlooking the lease:
Although it’s fourth on this list, this is arguably the most important thing you have to do before signing the lease.
Most people simply gloss over the lease and sign it without reading much of the fine print. When things go wrong and they confront the landlord, they find that the landlord has indemnified himself against such an issue.
Always read the lease thoroughly or hire a lawyer to look at it for you.
5. Not looking at other properties:
It’s best to have a few options on hand even if you’re convinced you’ve found your dream home. This does two things:
a) It keeps you prepared in case something unprecedented happens
b) It keeps you from looking too desperate and ripe for an unscrupulous landlord to take advantage of
The threat is real. Check out these real-life Property Renter Nightmare stories & learn from their lessons:
My Booking Fees were Forfeited because the Landlord Kept Delaying
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