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Top Renting Tips
Renting or buying?
The age-old dilemma that everyone seems to differ on when deciding to move. So, what is renting vs buying? Does it have perks? Owning a property is about buying a place with a mortgage or outright. It’s also about being solely responsible for a property and its maintenance. Many people may not want all that responsibility, so they decide to rent. What is renting? According to Consumer.org, renting is “when you rent an apartment or house when you pay the owner money every month to live there.” Renting has a lease involved that includes its own set of rules such as rules that you have to follow, how much you pay a month, how long your rental is for, and the consequences for not paying on time.
Did you know that the average rent for a 1-bedroom apartment in New York, NY is currently $2,475? This is a 15% decrease compared to the previous year. This means more people are choosing to rent over buying a property. Renting does have its perks. Most who own a home know that there are many expenses that go into a home. Being a tenant means you don’t have to worry about making necessary home improvements to the property. They also aren’t responsible for paying expensive property taxes on the rental. Renters also have the option to pick up and move at the end of their lease term, giving them ample flexibility when it comes to moving. Are renters out in the clear from a lot of responsibility? Not exactly! Here are some rental tips and things all renters should be aware of.
Research Your Surroundings
As we all know, renting is not a permanent solution allowing the renter to pick up and leave. The one thing you want to do before renting or making a decision is to do a thorough research of the area you want to rent in. This means looking into the area, local amenities such as grocery stores, schools, hospitals, and public transportation. This is about deciding if these are sufficient for you and something you can afford.
Carefully Read the Lease & Obtain Renter’s Insurance
The next tip is to read everything on the lease and make sure that you understand it all. This means having someone who knows leasing to look it over with you and ask questions. This means looking at how long your lease is for how much you owe, what you are responsible for as well as what customizations you are allowed to make on the space. Another part of this is making sure that you pay on time and that you set an automatic payment to ensure that you are always on time. This will create a good relationship between you and your landlord. You will also need renter’s insurance to help replace your items in the case of water damage, fire or theft. The landlord may have general insurance on the building, but it won’t cover your personal belongings. It’s a crucial step in renting a space is to always have insurance.
Property Maintenance, Cleaning, & Deposit
In the same fashion as you learned about communicating with your landlord, be sure to communicate any issues that you may have. If something stops working such as the stove, heater, or water, then call them immediately. This ensures that the property will be fixed by the landlord pending the details on the lease and it keeps you the tenant from waiting.
When moving into a property be sure to do a deep cleaning of it. In today’s world with a pandemic, you have to make sure everything is clean. Expect to be cleaning for the first week to make sure that all is the way you’d like it. Living in a sanitary and thoroughly cleaned property should be a top priority. This is also great when looking at a property to inspect it and ask questions!
Last but not least, make sure to get your deposit back when you leave a space from the landlord. To expedite the process, make sure that the space is clean and neat and offer the landlord a walkthrough together. This goes back to having great communication, cleaning the space, and having accountability for space as the tenant. For more information, check out rental, financial tips, and research on Zumper. So, what’s Zumper? Zumper is used by millions of renters to find houses, rooms, condos, or apartments for rent.