Some Fast Tips for Selecting Rental Apartments
Once you have become independent and have enough cash in your hand each month to live life on your own, then the first thing that comes to your mind is renting an apartment. However, before you finally decide to go for rental apartments, you may consider the following factors in your decision-making process.
Finding the Rental Database: You may refer to yellow pages, rental guidebooks, newspapers and magazines in the print media for details regarding rental apartments. From electronic media, you have many rental sites available on the Internet offering valuable information about rental apartments. You may ask the people you know to inform you about any vacant apartments. You may also look for to-let sign boards or hoardings on the buildings. Property dealers can also be of help.
Legalities of Renting: The owners of properties, who generally are huge rental companies, are renting it out are called ‘landlords.’ Generally, large rental companies have their properties out for rent. You may need to fill out a rental application form, which may cost a fee, so that the landlord can judge your ability to pay rent in full and on time. You may need to provide your social security number or the copy of your Visa or LPR card and the proof of your salary for getting rental apartments. In the case that you are not working, a co-signer will sign the rent agreement with you. The co-signer will be legally responsible if you do not pay your rent on time.
Lease Terms: Lease is a legal document for an apartment rental that determines the length of your stay and price fixed monthly fee. Both the landlord and the tenant retain a signed copy of this agreement.
Period for Apartment Rental: Generally, a lease may be of 3 months with high rent, 6 months with half month’s rent-free and 12 months with a month’s rent-free.
Deposits: A tenant has to pay one month’s rent as security deposit and $10 to $15 as safety deposit. A security deposit is refundable depending upon the condition of the property whenever you finish out your lease or move out of the apartment. The landlord may keep some part of the deposit if the property has incurred any kind of damage. You have to forfeit your security deposit if you break the lease agreement.
Rent: Rent for the ground floor and basement is low, people do not prefer them for security reasons. The cost of utilities such as, electricity, water and gas is generally included in the rent. Please check the lease agreement if that is the case. If not then inquire about the cost of utilities.
Notice: In case you have to break the agreement, then you will need to give a month or two months notice in advance as specified in the agreement. At times if the landlords do not get an occupant in thirty days then apart from loosing your security deposit, you have to pay an extra month of rent.
Terminating the lease: In case your landlord is not able to find any other occupant for your flat, then you may have to pay the rent till the lease ends. There are a lot of other clauses attached. Make sure you read through them carefully to save you from being surprised later on.
The key to renting an apartment is to ensure including every detail about the lease and to keep every essential thing in writing.