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With 36% of American households renting, the competition for rentals is keen. Read on to find out how to save money and avoid regret.
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When it comes to finding a rental, I know what it feels like to be squeezed. You’re looking for a great place at a reasonable price and becoming increasingly frustrated. The places you love are ridiculously priced and the places you can afford leave a lot to be desired. On top of that, you feel rushed. Given that roughly 36% of American households rent, there’s a lot of competition out there.
It’s when you’re feeling desperate that mistakes are made. And one of the biggest mistakes is not looking for red flags before signing on the dotted line. Failing to check things out before putting down a deposit can end up coming back to bite you in the rear and the bank account.
Checking these five things can save you both money and frustration.
1. Floors
We once had a landlord who was so enamored with her house that she was able to filter out any potential flaws. Realizing this, we refused to sign a lease until we had the opportunity to walk through the house with a pen and pad of paper.
We noted every scratch in the hardwood floors and every loose heat register. If there were grease stains on the garage floor or dried paint on the concrete in the basement, we made a note. Before handing over a deposit we had her visually inspect the items on our list, then sign and date our findings.
It’s a good thing we created that list because when we found a house to buy the following year and decided to move out, she was weirdly irrational. She even texted in the middle of the night to tell us that she noticed dust on a ceiling fan. I have the feeling that the only thing that stood between us and a ridiculous claim for damages may have been that list.
2. Utilities
This includes:
Electrical: Check every lightswitch and electrical outlet. If there’s an electric range, turn both the stovetop and oven on to ensure they’re functioning properly.Water: Check every water faucet — from the kitchen sink to the shower. If there’s a drip, now’s the time to address the issue. Make it a point to flush toilets to make sure there are no leaks.Internet: Ask about internet service. Is it included with rent? If not, ask about which internet providers are available in the area. Comparison shopping can leave you with a little extra to invest each month.
Now’s also a good time to ask about utility costs. If the landlord can’t tell you off the bat, ask that they email you the information. Paying too much for utilities will wreak havoc with your monthly budget.
3. Windows
When it comes to windows, you’re looking for three things:
Screens. You want a screen on every window that opens. Note any tears and ask the landlord to make repairs. The ability to open your windows can save money on cooling during warmer months.Latches. Make sure none of the window latches are broken and they’re all operational.Weatherproofing. A good way to save money on utilities is to have well-sealed windows that don’t leak.
4. Amenities
Access to amenities is nice, but only if they work for you. Why pay for extras you won’t end up using? Before committing yourself to a lease, make sure you fully understand how much access you’ll have. For example:
If there’s a pool: Find out what hours it’s open, if the complex regulates noise, and if there’s a limit on the number of guests you can invite.If there’s a gym: Ask when it’s open, if there are any security measures in place, and if you can invite guests.If there’s a dog park: Ask if there are breed restrictions and who maintains the park.If there’s free parking: Find out if parking spaces are assigned and how many spaces you’ll get. If only street parking is available, find out how long you’re allowed to remain in the same spot without moving your vehicle. If you’ll need to pay for parking, ask how much you can expect to pay per month.
5. Check for “razzle-dazzle”
If you fall in love with the view from an upper floor, make sure the only unit available is not on the first floor (or next to a busy street). If the available unit is on the first floor, the landlord or management company has no business selling you on another unit. You want to know what you’re actually paying for.
If a discounted price drew your attention, make sure you know when the promotion period ends. Unless you plan on moving when the promotional period expires, you’ll need to factor the “actual” rent into your budget.
One final tip: If you don’t already have coverage, an inexpensive renters insurance policy offers personal property protection, meaning your insurer will help you replace anything you lose in the event of a break-in, fire, or other calamity.
When finding a new home becomes a chore, it’s natural to ignore red flags. Still, all that’s standing between you and renter’s remorse may be the nooks and crannies you check and questions you ask.
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