What to Look for When Signing Your First Lease
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What to Look for When Signing Your First Lease
You’ve made the big decision to start renting a house. Congratulations! It must have been a challenging process to decide, or perhaps it was a love at first sight. Either way, you’ve been selected as the tenant of the housing unit, and now you need to start thinking about the lease signing process. There are some important things you need to know and be aware of when it comes to the rules, regulations, and law-related information that surrounds the lease signing process. To help you out, we’ve prepared a short article where you get to read all about the process and always be on top of things. Let’s start.
Scan Through the Lease Agreement
Lease agreements can be a lengthy piece of paper, but you shouldn’t leave out any words. You need to read it even twice to make sure you understand everything it contains. You need to know whether it will fulfill your expectations and what kind of responsibilities you should deliver. Read carefully the parts about when and where the rent should be paid, what will happen if you can’t make the payment before the deadline, and what can and can’t be customized in the housing unit. If anything is not clear, don’t hold back in asking questions - every little thing needs to be crystal clear before you sign the contract. And once it is clarified, make sure it is also added in writing.
Check Whether You Need a Co-signer
If you are a first-time renter you will have little to no rental and credit history, so property managers might require you to have a co-signer on the lease. This means that the co-signer will have your back in unwanted situations like you not being able to pay the rent in time or if you don’t adhere to the full requirements of the lease. The co-signer should be a person who has a more extensive rental and credit history than you and has a significant amount of monthly income that is around five times bigger than the monthly rent. Don’t forget that co-signers will need to sign the same lease agreement and are held responsible as much as the lease tenants are.
Do You Have Insurance?
As a rental property tenant, you will be required to provide proof of your insurance upon your move-in. Why is that so? Because with the insurance on the property, only the structural damage is being covered, and not damage done to your personal belongings. So, you’ll need to have a renter’s insurance to make sure you are completely covered.
In addition, if something bad happens, like a fire or someone steals your things, the insurance helps cover the cost of replacing them. Plus, it also helps if someone gets hurt while they're at your place. So, having renter's insurance means you won't have to worry about paying for everything yourself if something goes wrong.
Consider a Fall or Winter Move
During fall and winter, rental properties often have really good deals and special offers for people looking to move in. This is because fewer people tend to move during these colder months compared to the summer, which is the busiest time for moving. So, you can snag some great bargains both on rent and moving services. Plus, landlords might be more open to negotiating terms since there's less demand for places to rent during this time.
Moreover, other expenses like utilities and storage can also be cheaper in the winter because there's less demand. And if you're moving far away, you don't have to worry as much about your stuff getting damaged from the heat in the back of a moving truck. For example, things like candles, perishable foods, or delicate items like vinyl records are less likely to be harmed in cooler weather. So, overall, moving during the colder months can save you money and protect your belongings better.
Things You’ll Need
Last, but not least, here is every document you’ll need to have with you to sign the lease:
Employment proof
Income Report
A photo ID
Your car’s registration information
Proof of renters insurance
Letters of reference (particularly important if you are a first-time renter)
Conclusion
In conclusion, signing your first lease is a significant step towards independent living, whether it's for a house or an apartment. It's an exciting time, but it also comes with responsibilities and important considerations. Taking the time to thoroughly review the lease agreement, understanding your obligations, and clarifying any uncertainties before signing is crucial to ensuring a smooth renting experience. Additionally, having a co-signer, obtaining renter's insurance, and considering the timing of your move can all contribute to a successful transition into your new rental space. By being well-prepared and informed, you can confidently embark on this new chapter of your life as a tenant.