3 Common House Renting Mistakes and How to Avoid Them
To put it mildly right now is a weird and challenging time to be a renter. After a year in which rental prices collapsed at an unprecedented rate, rents across America are now rising faster than ever, with some cities seeing a 40% uptick in the past few months alone.
If you are considering moving to a new rental in 2022, it is more important than ever that you do it the right way. Renting is one of the more attractive options for houses, depending on the type of resident you are and where you are in life. In order to get a good deal and secure a rental that does not undermine your financial security, make sure to avoid these critical house renting mistakes.
1. Not Knowing Your Options
When deciding how you want to live, you need to know your options before you sign a house lease agreement. For example, you could pursue a “standard” rental, where all of your money goes to the landlord with no chance of building equity in a home.
You could also opt for a rent-to-own property when all of your rental house budgets go towards a mortgage for when you are ready to buy the home outright. Of course, different options work for different people, so make sure to read this expert rent-to-own vs. mortgage guide to see if it is the right path for you.
2. Not Visiting the Property Beforehand
This one is so, so important in this day and age. A house may look great on Zillow, but that does not mean it is a nice place to live. Even if you are currently on the other side of the country, always try your best to see the property in person before you sign anything.
If not, you could be confronted with serious rental house maintenance issues that weren’t clear from the online listing. You might notice a weird sound or smell that it is too late to do anything about. Only in-person rental house inspections can prevent you from making these mistakes.
3. Not Reading the Contract
Even if your landlord seems reputable, the contract could contain some surprises that you might not want to sign up for. Rental contracts can contain pretty much anything that landlord wants them to. It could ask that you don’t have pets, or that you cannot decorate the property.
A contract might have overly strict provisions regarding property damage and maintenance, or it may give a landlord the right to come and go as they please. Read the contract for your rental as closely as possible. Ideally, you should get a lawyer to look over it.
Avoid All House Renting Mistakes in the Future
In 2022, renting is a minefield. That’s why you need to take extra care to avoid making the cardinal house renting mistakes that could trip you up. For more advice on how to find the right home for you, on your terms, we have got you covered. Consult our expert Real Estate & Home guides to learn everything you need to know.
