If you are a renter, according to RenterNation, you are one of over 100 million Americans choose to rent their home versus buying one. Whatever your reason for renting, you are not alone and there are a few things all renters should keep in mind.
Here are 4 tips every apartment renter should know:
1. Set a Reasonable Budget
Sure you can qualify to for rent up to 1/3 of your pre-tax income, but is that realistic for your personal financial situation? Make you you review all your bills – utulities, cable, car payments, insurance, credit card, etc. – and then decide what a reasonable monthly rental budget is.
2. Protect Yourself
Not only should you have a written lease to protect your rights as a renter, you should also purchase renters insurance to protect your belongings in case of emergency. Renters insurance is typically very affordable and can give you peace of mind.
You toured an apartment (if not the apartment you rented) before you committed to the lease, but when move-in day arrives give everything a good once- or twice-over. After all, if there is damage to the home when you move out you will be responsible for the repairs. So if the damage exists when you move in and you do not report it, you’ll be sorry later.
4. Know Your Rights
Your landlord has rights – he owns the property, but as a renter you too have rights. Your lease outlines standard rights of renters, but always ask questions if you’re not clear. Confirm whether or not you can paint, what you can use to hang items on your walls, and even if you can sublet the unit at some point. You might also want to verify fees and penalties for late rent payments or early lease terminations.