A rent agreement is a written comprehensive document that comprises the details of your rent, its fees, and other similar information.
Though tenants often tend to sign the rent agreement in one go, there are several things that they should consider.
Remember, it is important to consider the following things before signing a rent agreement.
Check Everything You Can About the Property
It is crucial to focus on every detail of a property before you take it on rent. Is it centrally located? Are the rooms in good condition?
These questions can help you to choose the right property.
Suppose you do not inspect the house and take it on rent, there can be several issues that might make your stay miserable.
You need to explore your property well in order to avoid these.
Apart from looking into the condition of the rooms, and the location of the property, you should also check for the condition of electrical and water lines.
Make sure your rented house is safe to live in and has all the amenities you need.
While you take a property on rent, you should also check its safety and security.
You can assess the property’s security by reading the agreement. Are all visitors allowed without verification? If so, you need to rethink your decision.
Read the Rent Agreement Thoroughly
You should read your rent agreement thoroughly before signing it. Remember, a rent agreement can have several terms and conditions.
However, all of these need to be mentioned in your agreement.
Reading a rent agreement in detail helps you to avoid being cheated by the homeowner.
A rented property can have several limitations. For instance, you might not be allowed to keep a pet or change the layout of your rooms.
In some cases you might also require the permission of the owner before changing the décor or getting new furniture for your home.
Reading a rent agreement ensures that you are aware of all the terms and conditions and have signed it voluntarily.
It would also help you to protect your rights in case the homeowner tries to violate any clause mentioned in the agreement.
Focus on the Repair and Damage Clause
Every rent agreement has different clauses regarding repairs within the property.
While in some agreements the renter is responsible for maintaining the house and repairing the damages, the homeowner takes responsibility for such activities in others.
The homeowner charges a maintenance fee in the latter case.
However, it is important to decide who is responsible for these expenses before you move into the rented house.
If the renter is responsible for maintaining the house, it is crucial to take renters insurance.
A renter’s home insurance provides necessary financial cover for any loss or damage in your house and helps you to avoid additional expenses.
There are several kinds of insurance policies and you should read about them to know and compare between companies out there.
Then you should get as many renters insurance quotes, from different providers to see what they cover.
Rent charges dates
A rent agreement should mention the day by which you need to pay your rent and the penalty charges if you miss this date.
It is essential to look for a rent agreement that has sufficient time for you to clear your rent and the penalty rates are not high.
Make sure your rent agreement has the due date mentioned clearly so that you can avoid the fine.
Some rent agreements also charge you for the amenities within the property premises.
For instance, you might have to pay for using the gym, swimming pool and other such amenities.
Make sure your additional charges are clearly specified in the rent agreement.
Proper documentation of the rent date and the charges help you to account for your expenses.
It also helps in preventing the homeowner from charging extra.
Terminating the Agreement
While you sign a rent agreement you should also know about how and when it can be terminated.
There might be cases where either you or the landlord terminates the agreement owing to internal issues.
In such cases, you need to know the cost of terminating the agreement.
Remember, whoever terminates the agreement needs to pay a charge for it and it is crucial to know the value before you sign up for the same.
Renters and homeowners should also know about the notice period before terminating the agreement.
Generally, one needs to inform the other party about their wish to terminate the agreement before actually doing so.
This is called the notice period and needs to be mentioned in the rent agreement.
The points mentioned above are crucial to follow before signing any rent agreement.
While these do not look like major things to consider, they help you to avoid being cheated by your landlord.
Though signing a rent might be tricky at first, following these would help you to fetch the right property for yourself.