Finding the perfect apartment can be tricky, which is why many apartment hunters can't wait to complete a landlord's final paperwork and move into their new place as soon as possible.
But there are some important considerations to think about before you commit to a rental. If you rush to sign a lease, you might discover some unpleasant surprises after it's too late to make changes or even prepare for them.
Avoid putting yourself in a difficult position. Instead, take a moment to go over these top considerations for renters before you sign a lease:
Top Considerations Before Lease Signing
- Know what you'll need to pay. Be prepared to open your wallet at lease signing. Find out what you'll need to pay when you sign your lease and also what expenses you're likely to incur over the course of your lease term.
- Protect your stuff. Many renters sign a lease without thinking about what would happen if their furniture, electronic equipment, and other personal belongings got damaged or destroyed. Others just assume they'll get coverage for any loss they might suffer under their landlord's insurance policy. If you care about protecting your belongings -- and yourself from potential liability claims -- find out how you can benefit from a renter's insurance policy.
- Ask moving questions. Many moving day problems can be avoided just by asking the right questions before the big day arrives. Find out which logistical questions you should ask your landlord or manager to ensure a smooth move.
- Ask parking questions. If you have a car or plan to get one soon, make sure you know what to expect regarding the tenant parking situation in your building. For example, if your landlord offers parking on premises, make sure your space is ready on move-in day.
- Check out parking for guests. Even if you don't have a car, it's helpful to get a good idea of where to park -- and where not to park -- so you can pass along this information to people who visit you. Renters who have a car but always park in a tenant lot should also get familiar with the nearby parking scene for the sake of their guests.
- Make leasing decisions. It's important that the lease you sign reflects your situation. If you have a choice, take a moment to decide whether signing a lease for one year or two years is the best option for you. Also, find out when it might be better to opt for a month-to-month rental agreement over a fixed-term lease.
- Understand proration. Depending on when you'll be moving into your apartment, you may owe rent for just part of your first month, which is known as "prorated rent." Find out when a landlord needs to prorate rent and also how prorated rent should be calculated.
- Check lease before buying pet. If you've got a pet or think you might want to live with one in your apartment some day, don't just sign a lease without paying attention to what it says about a tenant's right to keep a dog, cat, or other pet.
- Check decor limitations in lease. If you're like many renters, you'll start decorating your apartment soon after you move in. The last thing you want is to discover you're limited in ways you didn't imagine. Avoid unpleasant surprises by checking for decor limitations in your lease.
