With the new year comes a new crop of renters looking to get into a different space either for a change of location or because of new specials on the market. You’ve searched online, toured a number of apartments or houses, and now you’ve made a list of the final candidates of places you could see yourself living for the foreseeable future. But after you sign a lease, the deal is done.
Statistics show that given the myriad of factors in today’s housing market, renting is much more attractive than buying. And while this may be true, this doesn’t necessarily mean the ball is in your court as the renter. You should consider some major factors before signing a lease and feel compelled to bring up your concerns with questions to your possible landlord or leasing office. Here are some examples:
How Do I Pay Rent, and How Are Late Fees Assessed?
Nearly every complex, especially the new complexes, have the option to pay online or by app. Typically there are convenience fees that go along with this of $1-$5 for doing so. You should double-check to make sure check or money order is still an option as this will be physical proof you’ve paid and allows you the benefit of a paper trail. When it comes to late fees, make sure your possible landlord or leasing office gives you firm details on how long you have after your due date to pay, and what kind of fees are added.
Will You Be Entering My Apartment Without Notice?
Privacy is key in any house, in any complex, no question. Even though you’re not an owner of that apartment or house, you still have rights as a community member. In most cases, the landlord should give you proper notice prior to entering your apartment, and complexes that work with integrity will be upfront about what circumstances warrant them entering a home.
Do You Require Renters Insurance?
The answer to this question nine times out of 10 is yes, if not all the time. Personal insurance options are in place to include renters insurance to cover you in moments where you cause harm to your unit. Renters insurance Indianapolis providers can offer regional coverage for your new space in the event of an accident. A small fee per month can go a long way when a hefty price tag is tacked on to cleaning up or fixing an issue.
What is the Community’s Guest Policy?
If you live in a town with family or friends, or just make new friends from church or work, for example, there’s always the possibility of having someone over. Having an out-of-town friend or family stay with you should be okay, but many communities have policies against guests staying for longer than two weeks or so. The property manager may require you to notify them if you’re going to have someone staying longer than that because they may expect a fee. The policy should be outlined in your lease, but make sure you know the rules so you don’t get slapped with a major fine.
How Far in Advance Do I Need to Give Notice Before Leaving?
In most cases you’ll have to give notice 30-60 days (some places even require up to 90 days) in advance of moving out. If you don’t give the required notice, your lease could automatically renew, or you could get hit with losing your deposit on top of additional fees. If you are planning to leave before your lease is up, make sure to ask about terms around breaking your lease.
Can I Sublet the Unit?
Sometimes life happens, and you may have to up and leave to a new part of the state or country you live in for work or family. But what happens when you still have months left on your rent? In this case you need to know your options. Some complexes and landlords are strictly against subletting, and it could bring about a serious breach of contract. Make sure to be upfront that you can live with the penalty for breaking your lease or see how you can work things out with your leasing office or landlord when it comes to subletting.
About Walker & Associates
If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.