Questions to Ask Before Signing a Lease
Are you looking at renting a house or apartment soon? Before you sign that lease, make sure you know exactly what you are signing. Here is a list of things to look out for in your lease and some questions you should have answers to before signing.
How Long Is the Lease Term?
This is one of the most important factors you should know before signing. You need to know how long you are committing to living in the place and how many months you must pay. Some management companies might offer a discount if you sign for longer, so take that into consideration. Some questions you should ask yourself regarding the lease term:
- Are you willing to live there for up to 18 months if it means you get a discount?
- Do you plan on moving in the near future?
- Are you looking for short-term or long-term?
- What other factors in your life might change? Are you getting married soon? Do you plan to start a family soon?
What’s Included in the Rent?
Review the lease to see which utilities the landlord includes and which ones you’ll need to pay for, so you know your total monthly cost. Make sure you know how much you have to pay for parking if the management company has a fee. Ask how much all the amenities are. Every apartment offers different amenities, so be sure to know how much they are. Common amenities are a pool, gym, covered parking, and clubhouse.
When Is Rent Due?
To avoid any late fees, ensure you know when rent is due each month. You’ll also want to clarify how you pay it to help avoid any confusion. It is becoming more common to pay rent online through the management’s online payment portals on their website or on an app.
Is the Security Deposit Refundable?
Most of the time, security deposits are refundable as long as you leave the apartment the way it was when you arrived. If there is something that you broke, management will most likely take the amount needed to fix it from your deposit.
Is Renters Insurance Required?
A lot of management companies require you to have renters’ insurance for where you’re living. Look around at different insurance companies to compare coverages and prices.
Are Pets Allowed?
If you have a pet or are considering getting one, this is an important question for you to know that answer to. Most places will require a monthly pet fee. Ensure you know what that fee is because it will impact your monthly payment.
What’s the Guest Policy?
There will probably be times when you want to have people over and have them spend the night. Landlords set different rules for overnight guests or extended stays, so read your lease terms carefully to understand your landlord’s policies.
Are Developers Planning Any Construction?
Builders may be putting up buildings or homes near the apartment, depending on the area. To avoid listening to construction for the duration of your lease, ask the landlord if they know of any construction that might take place. Also, if it’s an older complex, ask them if they plan on doing any renovations soon.
What Happens If You Break the Lease?
Every management company also has different rules regarding what happens if you break the lease. For example, the landlord might keep your deposit, require you to pay the next several months of rent, or change you a percentage of the remaining rent. This is a very important question to have the answer to before signing. You need to know what you are committing to and the consequences if you break that commitment.