Top 10 Renting Mistakes For Beginners - Buckeye Northwest Realty
Top 10 Renting Mistakes For Beginners

Getting your place is a new chapter everyone looks forward to and certainly one of the most exciting times. However, along with moving, mistakes can often dampen your otherwise smooth living experience. We decided to take a little time and put together a list of the top 10 renting mistakes for beginners, and you’re in luck because they are listed below. Check them out now!

1. Can You Afford It?

Before you hunt for your ideal apartment, your budget is the first thing you should consider. Thoroughly review your finances and look at what you can afford to pay monthly rent. A general rule of thumb is that your earnings should be 2.5 times more than you pay in rent. (For example, if your rent is $925/Month, you’d want at least $2,300/month in income)  Consider other expenses such as groceries, student loans, or car payments/insurance. You don’t want to feel like you must constantly be on a budget to live or get by.

Once you’ve sorted your first set of payments, look into what expenses are included with rent and what can be added on. Also, rent prices grow over time due to increased property values and inflation. This means that what may help you get by this year will not be enough next year if your rent increases and your salary stays the same.

2. Roommates With No Contract

Taking on a roommate to share the housing costs is a great idea unless you do it without an agreement or contract. Without aFrustration can form between the tenants over time withoutagreement and understanding of how costs will be divided, frustraate agreement should always include expectations and duties required, such as when rent and utility bills will be paid. You must also determine the kind of chores being done, as well as how groceries and household bills will be shared. You should also set some ground rules on visitors and quiet hours.

Setting clear guidelines will prevent conflicts that could make the home toxic.

3. No Walkthrough Before Renting

Not doing a walkthrough could end up being one of the bigger mistakes of the bunch. Many things can be found during this phase that must be repaired. Take a clipboard with you and walk around. Jot down anything that may end up causing an issue either financially or with the normal use of the home. The landlord will be sure to work with you to resolve these issues. If you do not ask for them to be resolved or notice the problem yourself, there is a chance someone else hasn’t seen them. So do not hesitate to inform your landlord and do a walkthrough before moving in.

4. Not Checking Out the Neighborhood

Scope out the neighborhood to the best of your abilities to ensure it fits your needs and is suitable for your lifestyle. Take note of the access to transportation, your workplace, grocery stores, restaurants, and any other conveniences. When scouring a place to live, make sure it’s close to your workplace so you won’t have costs building up daily due to a long commute.

Other things to check out in the neighborhood are community facilities, amenities, and crime rates. Talk to the neighbors to make sure the area is safe. For necessities and emergencies, check out nearby police stations, gas stations, and clinics. Before moving in, it is always a good idea to check out the nearby schools (if you have children attending them).

5. Size vs. Layout

The layout of a home can be a big deal of a breaker because regardless of how large a space is in square footage, the planning and design of a space make it comfortable. When you do your walkthrough, make sure to notice whether or not your furniture will fit and how the room is connected so you can picture what your daily routine would look like. If you need to bring a ruler with your measurements, check it out yourself. Better safe than safe…

6. Renters Insurance

This may seem like something you don’t need, but you never know when it will come in handy. Landlords have insurance to protect their property against fires and natural disasters, but these won’t cover your personal belongings. Getting renters insurance will protect your valuables in the case of unforeseen circumstances. Policies are relatively inexpensive and can range from $100 to $300 per year, and the peace of mind they provide is well worth it.

7. Amenities

Pay attention to the amenities of the property you are interested in renting. Does it have a refrigerator? A stove? Washer and dryer? Do you need these things or have them? This plays a huge role in the home you choose to rent. Of course, you will notice on a walkthrough if there are some things, but be sure to read the listings and ask questions!

8. Landlord Communication

Always establish open communication with your landlord so that if any issues arise, you can make contact without second-guessing. Make sure you know how to contact your landlord and understand the terms of your rental agreement and who is responsible for what.

This can range from a clogged drain to changing light fixtures.

9. Not Documenting Rental Condition Upon Moving In

Conducting a walkthrough before signing your lease lets you know about the condition of your home. Documenting every nook and cranny, especially damages or wear and tear, will benefit you in the future in the case of any dispute claims when you move out. Make sure to take pictures and videos for backup.
Having this written and visual condition report will help you resolve any potential disputes with your landlord when you move out, as well as for your security deposit.

10. Late Rent

While paying your rent on time is common knowledge, sometimes you can’t help it. It’s important to remember that paying your rent late can impact your credit score and lead to eviction. Aside from this, some landlords can charge a late fee ranging from $50 to $200 per day. If something comes up and you know you will be late with your rent, let your landlord know beforehand so you can work something out.