We have been discussing issues related to home ownership for some time now, as the mortgage crisis has been in the forefront of consumer’s minds. However, Kiplinger reminds us that we should not forget the renter. Renting a home or apartment comes with a unique set of financial challenges. Here are some useful tips:
Search Smart
We are reminded to not only consider the cost of rent, but to also calculate the cost of commuting, parking, etc. Also be sure to find out what utilities you are responsible for and what the landlord will cover. Add these costs together to find the true monthly total.
Read Your Lease…All of it!
The BBB encourages consumers to always be informed when making purchasing. This is also true for lease transactions. Be sure to read every word, even if the landlord is waiting impatiently for you to finish! Never sign an agreement without fully understanding your obligations. Also take note of any details noting security deposit refunds. You’ll want to know exactly what you’ll need to do in order to get that back in full.
Get Renter’s Insurance
We can’t stress enough the importance of being protected. There are many companies offering renters insurance at very low rates ($10-20 per month) and your existing car insurance carrier may offer an even better deal. Earlier this month, CNN.com wrote that, while renters insurance is typically very affordable, it will also generally include items stolen from your car and sometimes even some in personal liability coverage. So if someone slips and falls on your property, you’ve got some protection.
Stay Calm
We’ve all heard that you get more bees with honey than with vinegar, and the same is true in this case. When something goes wrong and you need to call your landlord, be professional, avoid personal attacks, and stay calm. Your time in your rented home or apartment will be more pleasant if you have a positive relationship with your landlord. If you have an issue that needs to be addressed, inform your landlord as he/she specified in your lease and document all problems for future reference. If you are not able to resolve the matter amicably, see below for your tenant rights.
Know Your Rights
Tenant Rights: as noted above, know what you are responsible for as a tenant and what your landlord is obligated to provide. Understanding your state’s laws governing rent transactions will help you handle conflict with your landlord without unnecessary stress.
Foreclosure Protection: The Washington Post, in an August article, noted that often, when a home is foreclosed on, lease agreements are dissolved. That means many renters can be forced to leave without much notice and typically without their deposits. Know your state’s mortgage foreclosure law as it relates to renting.
For more information on tenant rights in your state: Indiana, Illinois, Kentucky
For more on your state’s mortgage foreclosure law: Indiana, Illinois, Kentucky
