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Our Finances

4 First Time Renters Mistakes We Made

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When you move out on your own it is an exciting time. You are finally feeling like an adult and you are taking on a big responsibility. When you move out, you’re probably going to be renting a home or an apartment to start with. This is a wise decision until you’re financially ready to buy a home. What happens when you rent? What are some common mistakes you can try to avoid? Take a look here at the four common mistakes first time renters will make so you can be sure you’re prepared for your experience.

Read the Lease
Actually sit down and read through your lease agreement. Most times renters just sign it without actually reading the fine print. You need to understand the requirements you have as the tenant and what the landlord is responsible for. You want to know if you can have a pet, when rent is due, and what constitutes a late fee. All of these are important ideas you need to know. Make sure if you have questions about the wording of the lease, ask.

Moving In Without Inspecting the Property
Sometimes you may not be able to look at the property right away. Do not move your things in until you’ve toured the property and inspected it with the owner or property manager. There could be items in the home that are damaged that you’ll be responsible for if it is not brought up before you move in. Save yourself some trouble when it’s time to move out and walk through the home with your property manager.

Leasing From Someone Who Does Not Own The Property
Unfortunately with the housing market and the scams recently, some people have faced terrible consequences when renting. Some scam artists will lease out a property that they do not even own. This can lead to you being kicked out of your home by the sheriff’s office without knowing why. Be sure that the same person you are dealing with and that signs the lease is the actual owner of the property.

Not Being Prepared Financially
When it comes to moving into an apartment or renting a home, it can be quite costly. You have to pay deposits on the home, first month’s rent, and to move in can cost a pretty penny if you use a moving company. Do not underestimate the actual cost of moving in and what you’re prepared for when you arrive. There are also deposits for turning on power, water and cable in most locations as well.

About the author / 

Julie Murphy