4 Mistakes to Avoid While Renting an Apartment
Many millennial from age 20 to 37 are nowadays moving out of their parents’ home and renting affordable apartments for the first time. But honestly, they make a lot of mistakes while looking for the rental apartment because they don’t really consider everything that must be known.
Whether you’re a recent college graduate who’s willing to live independently or just move to another city for Job, renting an apartment is the only option for you when it comes to accommodation.
Choosing the right rental apartment can be incredibly intimidating at a time especially if it’s the first time. While being a life-changing experience, it’s inevitably going to be one of the most significant financial steps that you’ve taken so far.
Besides paying the monthly rent, you’ll have to spend on utilities, furniture and other essential items as well.
Therefore, the real estate industry giants have highlighted a few mistakes that may threaten your financial security. So let’s dive in 😉
1. Renting an Apartment You Haven’t Seen
May sound silly but yeah that’s true. A few minutes of online browsing 5-10 pictures of an apartment aren’t enough. It’s good to browse online to do research at your end.
But when it comes to renting a space, you must pay a visit before signing that dotted line.
Even if there’re plenty of pictures, still it’s quite easy to omit a unit’s shortcomings strategically through ads’ poster.
Perhaps that’s the reason why you shouldn’t take any chances and check back twice. The real experience might be what exactly you experienced from the ad, but there shouldn’t be any lacking from your side. Better safe than sorry.
2. Ignoring Small Damages
When you visit the apartment, make sure you take pictures of any damage that you come across in the apartment even if it’s minor.
When you’re a tenant in future, you’ll be held liable for any sort of damage.
Even if there’s a giant soda stain, just take a picture of it as it could end you up on the hook for a hefty cleaning bill, or you won’t get the deposit back.
The landlord may also have pictures as well. But in case they don’t, you won’t be having any way to prove your case. 🙂
3. Not Knowing About the Utilities
For instance, you’ve moved into your dream apartment that’s within your budget. And suddenly after a month, you come across huge utilities to pay like water, gas electricity, maintenance, etc. Many rental apartments include utilities, but that’s not the rule.
In many cases, the tenant might be required to bear all the utilities. To avoid such unexpected bills, just make sure you read the fine print carefully.
In case you aren’t sure of whether you’re supposed to pay utilities or not, just ask the landlord. Clarifying such concerns on the initial stage is way better than messing things up ahead.
4. Not Accounting for Deposit
In apartment rental in Mankhool Dubai, security deposits are amongst the most significant challenges for potential prospective tenants.
In most cases, the tenants are asked to pay a deposit that’s much higher than one month’s rent. You may even be asked to pay 2-months’ rent plus a fee.
Things may get difficult if you’re tight on money. So before signing an agreement, make sure you ask the landlord about a deposit.
If it’s not like you can manage it all together while looking after other expenses, it’s better not to waste your time and search for another apartment with favorable conditions.
In case you have no other choice but to rent that apparent, you can ask the landlord if your parents could consign a lease on your behalf as a guarantor.
This way, they’ll look after any financial obligation in case you are unable to pay on time.
Renting an apartment is inevitably one of the most significant transactions.
So make sure you do thorough research and get the right deal.
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