Five Tips You Need To Know As a First-Time Renter
If you are a first-time renter in Burbank, the entire process can seem very overwhelming. In most cases, students who are renting homes for the first time have no idea what to expect or what to do. Usually, this leads to many mistakes that could cost them a lot later. The best way to avoid these mistakes is to use a property management agent. Alternatively, if you want to do it on your own, you will need to read up on how this process works.
In this article, you will learn of the top 5 tips that you need to know as a first-time renter.
Top 5 Tips You Need to Know as a First-Time Renter
- Understand the Length of the Lease
In most cases, you are too in hurry to get accommodation in a city where the accommodation is scarce that you forgot to consider the lease length. The first thing you need to consider when you are renting a property is the length of the lease. Depending on the state you are renting a new home, you can be able to get weekly, monthly, or yearly leases.
As a student who wants to move back in with your people for the summer, taking monthly rent may be better for you. A monthly lease allows you to move on any time you want. However, if you are looking for a more permanent place, you should go on a yearly lease.
- Payment of Security Deposit
Most states in the United States have a limit on how much a landlord is allowed to collect from a tenant as a security deposit. Most states have a single month’s rent as a security deposit. In states like Iowa and Arkansas, you will be required to pay two months up front as a security deposit. In some states like New York, landlords can ask any amount they want as a security deposit.
Security deposit covers any damage done to the property as a result of your own fault while staying on the property. If there are no damages, the landlord is required to pay back the complete security deposit when you are packing out.
- Extra Charges
Beware of extra charges. Some landlords will like to extort you by asking you to pay for key money. This is common in highly sought-after areas where prospective tenants are desperate to get accommodation. You should be aware that most of these extra charges are illegal and you should not fall for them. However, extra charges like finder’s fee are not illegal. You can ask for an advice from an experienced property manager when you are looking for a new property to rent in order to avoid falling for illegal charges.
- Adding Roommates, Extra Tenants, and Subletting
Sneaking in a new tenant when your roommate moves out is illegal and can put you in some serious troubles. It is recommended that you let your landlord know instead of taking laws into your hands. You are likely to make this mistake if you are a first-time renter. When your landlord finds out that you Sublette the property without his permission, he may be forced to evict you or the new tenant or both of you.
Instead of sneaking in a new tenant, ensure that your tenant is aware. In most cases, your landlord will be fine with it.
- Understand Your Landlord’s Responsibilities
As a first-time renter, you need to know what your landlord’s responsibilities are. Your landlord is responsible for all major repairs. There are some utilities that need to be available on the property such as smoke and carbon monoxide alarms. Ensure you understand what your landlord’s responsibilities are so you can be able to ensure he fulfills his responsibilities.
A good way to understand this is to take a look at the landlord-tenant rule of your state.
Final Words
The first thing you should understand as a first-time renter is that every state has different rules. It is very important that you understand these rules before you sign a lease. If you don’t understand how it works, you can hire Los Angeles property management company to help you out.
