Pitfalls to avoid when renting
Category Advice
Renting a new property is challenging. Whether you are looking for a new home, workspace or office, there are many things you must consider before you rent. While you are hunting for an apartment, it is important to plan ahead of time. You must be clear about what kind of a place you are looking for and what is your budget.
In this article we will be discussing the common pitfalls you must look out for before you sign your rental agreement.
- Paying more than you should!
It is easy to be carried away during property hunting. People tend to get too excited to finalise the deal, so they may overlook several important aspects about leasing. You should do a market survey and look thoroughly for the place that suits you the best. Make sure that you do not rush into the decision of leasing. You must be comfortable with the rent you are paying. Take your time to ask all the questions you have in mind.
- Not reading the lease agreement thoroughly
Many people sign the lease agreement without taking the time to read it properly. Skimming through the rental agreement is not the best idea. You must read all the terms of the contract to avoid any surprises in the future. This becomes even more important when you are sharing an apartment with a roommate.
Another essential thing you must look out for is whether or not additional costs are included in the rental, this may include, security costs or parking. This will help you plan your budget accordingly, and clarifying these details before signing the agreement.
- Leaving your security deposit unprotected
You must have heard the term, 'Security deposit'. This is the amount of money that renters give their landlords at the beginning of their rent agreement. This money is refundable when the renter vacated the property and may only be deducted if there are shortfalls or maintenance repairs to the property. Some landlords may exploit this security deposit. The best way to protect your security deposit it to ensure that the deposit lies in trust and there is a comprehensive inspection report. Working with a reputable rental agent will avoid unnecessary inconvenience and possible loss of your entire security deposit.
- Bearing the cost of renovations and maintenance
Maintenance of an apartment or any property for that matter, is expensive. You must remember that you are the tenant and not the owner. Any costly repair work must be taken care of by the landlord. It is also preferable that you discuss these details before signing the lease, should you, as the tenant, want to make alterations ensure that they are approved by the landlord before commencing. Certain maintenance items a tenant will be held responsible for, and this will be specified in the lease agreement. Tenant should therefore make sure that they also check the maintenance clauses in their lease agreements.
- Buying a lot of furniture
When you are renting a space, you must keep in mind whether it is a temporary or a long-term move. If you are planning to rent it for a short term, it is not advisable to invest a lot in furniture. Moving can also be very expensive and it is surprising how much additional items we collect over a short period of time.
We hope this article helps you avoid some common mistakes that one might make when renting a property. Contact De Lucia Group (Michael De Lucia - michaeldl@delucia.co.za) for professional and sound advice to avoid unforeseen pitfalls when renting.
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- Author: De Lucia Group
