What to know before moving into your rental apartment?
- Location, Location, Location
It is crucial to know the property location and its whereabouts when you are looking to move into a new rental home. The major things to consider here are the conveniences and facilities like proximity to your workplace, the commute routes, medical facilities, and safety of that area.
- Affordable Rent ?
Keeping yourself informed of the rent prices in the market, can help you make better decisions while choosing a new rental property. It will help you decide whether the rent is affordable and falls within 30% of your total income. Also, make note of the security deposit amount and the annual rent hike, if you plan on renewing your lease agreement after a year.
- Lease Agreement
Before signing the agreement, list out all the required amenities like safety, parking, internet etc. Check if all terms and conditions in the agreement meet your queries regarding the period of the tenancy. Some of the important terms to consider are the validity period of the lease agreement, the day of the month when your rent is due, pet policies, penalties, the expenses for maintenance and utility bill. Always retain a copy of your agreement to refer back to in case of an emergency. Find someone compatible, if you are looking for a roommate to share your apartment with and make sure to add them into the lease too.
- Changing the Locks
It can be quite scary to think that the previous tenant may have a spare key to your apartment and your natural reaction would be to change the locks. However, before you proceed to change the locks to your new apartment, it is important to check with the owner or the property management company, regarding the move out date of the tenants who have previously resided at your property. It will thus be convenient for you, to make the necessary changes to your apartment like changing the locks or repainting walls.
- Property Visit:
During your initial visit, document and take photographs of all the rooms at the apartment, making note of any issues or repair works pending from the owner’s side. Make sure to inform the owner of the same immediately after you discover issues at your apartment, so you won’t risk losing money while vacating the apartment.