If you are getting ready to sign a lease for a rental property or an apartment, you need to be thinking about some of the particulars associated with the process. Your renters insurance can be affected by the lease and conditions. If you don’t do your homework, you can end up with all kinds of issues and problem that you have to deal with later. All you need to do is a little research and planning. Don’t be afraid to negotiate on certain terms. Know what you can and cannot deal with in the agreement before you meet to sign the deal.
Rents have increased over 15% in the past few years. From 2009-2014 however, income has only risen 11%. During this period of time, the economy has been through the ringer with washington meddling, decreases in real wages, housing market decline and regulatory constraints that have done nothing but slow our great economy down. While the housing market is starting to come back, the losses produced a market that resulted in greater demands for renters instead of buyers. This is one of the reasons why there has been a sharp increase in rents over the years. So, the first thing to do as you consider your rental property agreement is make sure you are financially secure to uphold your end of the agreement. This is where a little budgeting will come in handy.
You want to make sure you research in the market you’re thinking about renting in. Check out pricing around the area and make sure you’re comparing apples to apples. In some more expensive, more desirable markets its possible to look for places nearby the center of town and find deals that are close, but not as popular or as convenient as the more expensive locations.
When you find the right spot and you have the agreement in your hands, you want to make sure that you look through the entire agreement. Some of it will be standard types of items, may be required by law, but other sections that may include fees, parking issues, amenity issues, etc. These may be things that you can negotiate with some. Make sure you review the entire rental agreement, mark items you are unsure of and get the landlord to help you understand it. You may need to get someone who is familiar with these types of agreements. Ask a friend or relative who you can trust, who is familiar with with these.
Good luck and call us when you are ready to get an affordable quote for renters insurance.