Economy is tough and with foreclosures soaring, many people are now renting. If you are among the first time renters or haven’t rented in a long time, remember these important considerations:
• Rent a property you can actually afford. Don’t look for a perfect house to rent, especially if your own home is in foreclosure. Your credit is taking a hit, and not every landlord will work with you in the first place. Make sure that you set a rent limit that you can afford and stick with it. If you are ever unable to pay your rent, it can really damage your credit history or your rental history.
• Inspect the house thoroughly. Ask the landlord when the last inspection was done, how efficient the heating and air conditioning is and whether there are any issues you should know about.
• Read the rental agreement carefully. You should find the answers to the following questions. When is the rent due? Do you have a grace period? What happens if you are late? Who is responsible for minor repairs?
• Purchase renters insurance. Your landlord has homeowners insurance, but it does not cover your personal property in case of something happening to the house. It is wise to purchase a policy to protect your belongings. Usually renters’ insurance policies are pretty affordable.
• Ask your landlord if you can have your rent lowered for a month or two if you make certain improvements to the home. For instance, if the interior needs repainted, see if you can get the cost of paint knocked off.
• Always ask your landlord in advance before making changes to the home, such as drilling holes in the walls or running cables. You can avoid unnecessary problems by discussing with your landlord what is acceptable and what is not.