6 Mistakes To Avoid While Renting A Property

Whether you are a tenant or the landlord, several things can go wrong while renting a property leading to frustration and loss of money. Renting a property is indeed a hectic and time-consuming task; however, it is not rocket science, a person only has to keep in mind a few important things while renting any kind of property such as an apartment, a house, a small office space, or a man camp, etc. and they won’t get into any kind of trouble whatsoever.

No one becomes an expert overnight. There are two ways to go about it, the first is to rent the property yourself, and the other is to hire a professional to do your job. Suppose you have opted for the former, then this article is for you. Thankfully, we have done some research, and here are the top mistakes to avoid when renting a property if you are a tenant or a person looking for a rental property.

 

6 Mistakes To Avoid While Renting A Property

 

1. Research Properly

The first and foremost important thing is to always thoroughly research about the place and the property you are trying to rent. We are living in a digital age; you can easily get information while sitting in the comfort of your home.

For instance, if you are a manager or the CEO of a company and are looking for a man camp near Pecos, Texas for your workers, just Google man camp Pecos tx, you will get thousands of options available to you.

Simple, isn’t it? Or, if you are looking for an apartment to rent, just Google apartment and the name of the place, and you will get a number of options you can choose from.

2. Renting the Property Before Visiting and Inspecting

While it may seem like an obvious blunder to avoid, often, we end up making this mistake due to the scarcity temptation mode.  The marketing and promotional industry have a massive role in this.

Some of us get tempted to opt for the property only after reading an advertised description or clip of the property. Unfortunately, we are not the only ones that do this; according to a report by Statista, 13% of tenants didn’t physically or virtually visit the property before signing the agreement.

Therefore, it’s crucial to check the property personally before making an offer and signing the rental agreement. It can result in unexpected and unpleasant surprises such as the interior looking different somewhat subpar compared to what was shown in the advertisement –it is not at all recommended. Not only this, but you could also fall prey to professional scammers and con artists and end up losing your money.

3. Signing an Agreement Without Understanding Its Terms

No matter how wild the rental market is, don’t ever rush into signing an agreement, especially when it doesn’t feel right at heart. The rental business involves lots of paperwork and money; hence, making it right at the beginning is the best option to avoid later disputes.

Failing to read the lease agreement before signing is probably the worst mistake you can ever make. It’s a legal agreement. Take all the time you need to go through every point of the contract.

The landlord or the rental property owner could include clauses you never agreed verbally, such as the clause that may state that you need to pay extra for utilities and water.

Whereas it was listed as “included with the property.” So, it’s recommended to discuss the contract with an attorney, friend, or even family member who has some experience with rental documents. Before signing, ensure your rights aren’t compromised, and always keep a soft copy with you.

4. Document Existing Damage Prior to Moving

Before moving in, as discussed above:

  1. Visit the property and record every damaged portion or part of the property.
  2. Besides this, ask for a move-in inspection sheet and plan an inspection with the rental property owner.
  3. Ensure the landlord notices the damages you want him to repair and address your concerns.

It will avoid disputes in the future regarding damages claims.

Never move in until all the repair work is done if you are renting an old property, as it is the only way to pressure the rental property owner to get things done.

5. Putting Up With Illegal Landlord Activities

When the rental market is competitive with fewer properties available, many landlords believe they can get away with their responsibilities, such as not looking into unsafe living conditions, leaving repairs to tenants and increasing rent frequently.

Most probably, if they are not being judged by the law is because tenants let it go and fail to assert their rights. In most cases, the tenants aren’t even aware of their rights; hence, keep yourself updated about the law and your rights.

Numerous online resources and local government booklets are readily available to help you understand your entitlements. Never compromise on your rights. Laws have been put in place to safeguard the rights of the each and every individual irrespective of who they are.

6. Make Transactions Through a Bank

It is pertinent to make each transaction through a bank. Never pay anything in cash or do transactions manually without keeping a proper record of it, and what would be the best record keeper than a bank? It will help you greatly if a problem arises between you and the rental property owner.

 

Bottom Line

It is important to research properly before opting to rent a property as it will not only help you in getting a good property but also make an informed decision. Additionally, always remember to go by the book and learn about the local laws regarding the property—as then you will not be exploited in any way.

Keeping all these things into perspective, we compiled the list of common errors and tips to overcome them, so you don’t get into any kind of trouble that will make your life difficult. Never go blind, always being with the end in mind.

We hope that people who are in the process of renting a property of any type will enjoy the article and try to be more vigilant. Hopefully, no one will have to learn the hard way and stay ahead of their rental game.

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