Many first-time renters are currently entering the market. This season is known for its increase of new renters on an annual basis due to the college graduations. However, this year, in particular, first-time renters are flooding in even quicker than last year. For many, being more independent and renting for the first time can feel a bit thrilling and in a way, feel like a rite of passage. Although, it is also a serious decision that requires careful consideration. When the process is unfamiliar, it’s easier to feel overwhelmed by it all and make harsh decisions or overlook important details. Knowing the common mistakes to avoid can save both money and stress. Here are the main first-time renter’s mistakes and how to avoid them.
Skimming Through the Lease Agreement
All too often, people rush and click “I agree” and sign their name to a “terms and conditions’ agreement that they did not thoroughly read or even read at all. With this digitalization, it is even that much more tempting to skim these documents quickly. However, it is crucial to understand that an apartment lease agreement requires careful review before signing. It will cover payment schedules and late fees, rules and regulations, and act as an outline for visitor protocols, community guidelines, maintenance, repairs, and damage.
In the agreement, you will also find contractual details such as the steps to take if you need to break your lease or make unexpected changes. Be sure to have open communication with your property manager about these circumstances, as going against the policies in place may have serious consequences.
Opting Out of Renters Insurance
Too many renters go without proper insurance. Although most apartment communities require renters insurance nowadays, some still don’t. Whether it is a requirement, renter insurance is a vital protection. It is a small expense for such a crucial investment. Covering the loss or damage to your personal belongings in the event of a flood, fire, theft, or other emergencies will be well worth it in a time of need. Protect your belongings with renters insurance and review the lease liability coverage requirements. Consult with your property manager to ensure the policy you choose meets the property’s standard for coverage.
Not Asking Important Questions
When we come across an already visually appealing apartment that meets our needs in terms of size, location, and amenities, sometimes we forget to ask the important questions. You may find it beneficial to bring a list of questions to review with the leasing agent if you get sidetracked to make sure you check off all the details that may impact your living experience. Some questions you might want to ask include but are not limited to:
- Will there be ongoing construction, renovation or projects on the property?
- What security measures are in place? How is Internet connectivity?
- What utilities are available?
- What are the guidelines for amenity use?
- How is the parking situation at night?
Be sure to also confirm if the apartment you’re touring is the same model as the apartment they would be renting out to you. Ask if there is limited availability of a specific floor plan. Ask to tour the open flats and get a better sense of what features are similar to the unit type you would be leasing.
Underestimating Costs
Keep in mind that there may be additional costs on top of the rent associated with utilities, trash pickup, parking, community amenities, concierge services, WiFi, and pets. Inquire upon any additional fees with the property manager. It is also a good idea to verify the payment structure and platform. Will you be asked to provide a monthly rent check or go online to a resident portal to create a recurring deposit from your checking account or using credit card payment options? It is important that you feel good about the payment setup as well as understand when and where to pay on time. Often, first-time renters make late payments, but this will probably cost you a fee and is bad for your record.
Not Thinking About the Future
It is crucial to understand that how you show yourself as a resident will impact future living opportunities. Many property managers will call the previous manager to see if you were a responsible resident. If you ever want to purchase a home, this will significantly influence your standing with lenders. Set yourself up for success by remaining reliable, paying rent on time, getting along with your neighbors and the leasing staff, and respecting all the community policies. Being able to use a former housing provider as a reference is a privilege and can make or break your future living arrangement goals.
About Sine Insurance
At Sine Insurance Group, we are dedicated to providing you with custom-tailored insurance policies to protect your assets. Our comprehensive packages have been expertly crafted to serve St. Louis and the surrounding areas for the past 25 years. For more information about our products, contact us today at (855) 700-0889.