Renting Your First Home: What You Need to Know
When beginning the process of renting your first home, be sure to thoroughly review the rental agreement. Make sure to not guess or simply glance through it. Rental property contracts are specifically prepared for the purpose of protecting both the landlord and the tenant. Be sure that you have a full understanding of everything mentioned within it. That way you have a clear understanding of all that is expected of you and what you can expect from your landlord. Failure to abide by the terms listed in a rental agreement will result in potential monetary and even legal consequences.
Rental agreements cover many important aspects of living in a rental home. For example, many first-time renters fail to understand that they cannot simply shift residence any time they wish. There are procedures to be followed with the landlord before moving out. Likewise, you can’t move in and paint the walls with your preferred colors or change the appliances and fixtures without prior permission. Landlords remain the owner of the house, requiring you as the tenant to adhere to their preset requirements. Make sure to read the lease carefully in order to set a foundation for a positive rental experience.
When renting a home, you will typically have to pay more than the first month’s rent. You may be required to pay an application fee, which varies in amount and is generally nonrefundable. There might also be a security deposit requirement. This is often equal to one month’s rent, in addition to the first month’s rent. Some landlords may also demand the last month’s rent before moving in. Other potential expenses include maintenance fees and pet deposits (if you have one) that will need to be paid after your agreement is approved.
Some rental payments include certain utilities, but this is not found at all properties. In addition to your monthly rent, ongoing payments are required. These usually include electricity, water, and gas in addition to other optional bills such as cable. You may also consider purchasing renter’s insurance to better protect you in case of theft, natural disasters, or accidental damages to the property.
Again, be sure to read the agreement and find out if the rent amount covers any utility or maintenance costs.
Roommates And Pets
You may be renting your first home with a few friends. If you’re planning on moving in with roommates, all applicants are required to fill out an application and be listed on the rental agreement. Some landlords may have strict conditions about the number of people living in a house. Failing to abide by these requirements can provide grounds for eviction or other repercussions. It is also for your benefit that all tenants be listed in the rental agreement in order to protect yourself. A rental agreement is a legal contract, helping in situations where people might attempt to bail out on their contract. Failing to list tenants will leave you to bear the weight of the full rental amount if someone unexpectedly leaves or does not pay their portion of the rent.
Be sure to ask questions and inform your landlord if you plan on bringing a pet into their property. Many landlords do not allow pets, while others require a pet deposit to be paid prior to moving in. At many properties, you may even find restrictions placed on the types of pets allowed.
Northern Colorado Rental Property Management
There are many things to keep in mind before renting your first home. All Property Services remains committed to helping ensure that first-time renters have a clear understanding of what to expect. To find a rental property in Northern Colorado or for more information on renting your first home, contact All Property Services today.