I, Mark Roemer, know that when you’ve saved enough money to begin looking for your first rental home, it’s one of the most exciting times of your life. Moving into your own home is a rite of passage in life that signifies that you’ve reached adulthood and are living the good life.
There’s more to renting your dream property than the listing price. If you enter into agreements without knowing all of the additional charges associated with property rentals, you risk ruining the best deal. It’s imperative to rent from a private landlord because you’ll need to double-check every contractual detail.
Let’s take a look at all of the fees and charges associated with renting a home. Knowing about them will help you avoid entering into negotiations just to find out halfway through that your budget isn’t enough.
Private Landlord or Rental Agent?
Renting from a private landlord may appear to have less red tape, but you must double-check the contract. Most private landlords draft contracts to save money, but vital information can be lost in translation in such circumstances.
Check the fine print if you’re renting privately. Inquire explicitly about the deposit, how much it will be, and where it will be held. Deposits should be kept separate from the landlord’s bank account in an interest-bearing account. Check to determine when the money is due and if you can pay it off in installments.
If you’re working with a rental agent, you should ask the same questions, such as how much commission they charge and who will pay it. Because it isn’t their money, most landlords are willing to negotiate on the deposit size and down-payment timeline. It could help you have a better cash flow for other critical bills in the first two to three months.
Is Water Included?
It’s crucial to understand what the monthly rental includes and excludes. Request that the agent show you where in the contract water use expenses are specified. If it’s included, find out how much water you can use per month before being charged extra. These details should be included in the contract.
If your water isn’t included in the rental price, you’ll have to pay extra to get this service from the local municipality or town council. The location of the property determines the price. You’ll need to budget for it as part of your original costs to have running water when you move in. You’ll be required to pay a utility deposit, which will be held in an escrow account until the end of your lease agreement.
Check The Plumbing
Leaking plumbing is one of those things that may add up quickly in terms of costs. Take the time to inspect all of the property’s pipes and taps for any dripping or leaking water.
It’s also a good idea to check for wet or damp walls or flooring. It could be a sign that a pipe inside the building is leaking. If this goes unchecked for a long time, it might cost you a lot of money on your utility bill. If the house has a garden, you should inspect it from the exterior. Wet spots of water or damp soil could indicate that your water pipes are damaged and leaking.
It doesn’t have to wreck your dream rental home if you feel there’s an issue. Mention your concerns to the real estate agent or landlord, and request that they fix the problem before you move in.
Does The Price Include Electricity?
The same advice that applies to water usage also applies to energy consumption in the home or apartment. Before signing the leasing agreement, double-check that you will be required to pay a utility deposit for power.
Prepaid energy is available at some houses, which means you’ll have to pay for your first month’s electricity in advance. Knowing these facts and figures can assist you in planning a more realistic budget for your relocation into your new home.
You might also talk about the potential of using gas instead of electricity to power your appliances. Cooking with gas is a considerably more cost-effective choice. You should ask your landlord if the hot water tank could be replaced with a gas or solar version, and if so, whether they would consider it.
Choosing a Reliable Mover
If you’re moving inside the same town, enlisting the help of a few friends with automobiles or pickup trucks could save you a lot of money. You may give them money for gas or a good lunch in exchange. It would help you save a lot of money.
It’s a very different scenario if you’re moving to a new city or state, and it may be quite costly. In this instance, it’s critical to hire a professional mover. It’s not a good idea to go for the lowest choice because you can end up with broken furniture and appliances in your new town.
It’s a good idea to call as many movers as possible for detailed quotes. Get insurance on the contents of the boxes throughout the move if you can afford it. Most reputable logistics businesses provide insurance against force majeure, accidents, and theft.
Professional movers will provide you with solid boxes in which to pack your belongings. During the transfer, these can secure your most expensive possessions and breakables. A little extra attention goes a long way in terms of long-term savings.
Internet Service Providers
Always check with the landlord or real estate agent to see if the house or apartment has Wi-Fi. Even if it has all of the necessary equipment, you will have to pay extra for connectivity.
To get the best bargain, you should compare broadband pricing from local providers in the area. This is something you should do before you move in, primarily if you work from home or have smart gadgets.
Deposits for Pet and Pest Control
It’s frequently an unanticipated cost that the tenant discovers only when it’s too late.
Check with your landlord or agent to see if there are any other charges than the security deposit you are accountable for. Many landlords demand a pet and pest deposit to fumigate the property after the tenant has vacated to prepare it for the next tenant.
If you have pets, be sure they’re welcome and that you’ve budgeted for the additional expenditures of bringing them into your home. The size of your pet and the property will determine the pet deposit. It’s also standard practice in the industry to impose a monthly pet fee, which you can arrange with the agent ahead of time.
The pet deposit may be higher than usual if the residence has appliances or furniture. If the property has a well-kept garden, the same applies. It’s the landlord’s insurance against any harm caused by your pets.
The majority of tenants aren’t accountable for the building’s exterior or sewage. A clause in the contract should specify which components of the property are your obligation to maintain and the landlord’s responsibility.
Before signing the contract, it’s a good idea to go over each of these points. Make sure you’ll be able to afford the essential upkeep.
Parking, Garage, or Storage Space
You should check ahead of time to see if you’ll have enough storage and parking. You may have to pay extra for a lock-up garage or covered parking if you own a car and move into an apartment building.
Additional storage space can be rented in many apartment units. When you go to see the house, make sure to think about whether you’ll need it.
In A Nutshell
Moving into a new house can be a delightful experience if you’re well-informed and prepared. Drawing up a checklist with questions for the landlord or realtor before house hunting could be well worth the effort.
If you use some of my recommendations, you may avoid a lot of worry and aggravation while looking at different properties. It assists you in determining whether or not you can genuinely afford the house or apartment before proceeding with further talks.
Think about whether you want to go through a rental agent or a private landlord. Make sure you look into the costs of water, power, and the internet; they may be included in the rent. To minimize surprises, later on, double-check the plumbing and any other maintenance expenditures.
Examine your possibilities if you will require additional room. Some owners may not allow pets, and if they do, inquire about additional fees. Finally, taking the time to research professional moving costs can save you a lot of money. If you’re moving close by, see if a buddy can lend you a truck or van. I, Mark Roemer, know that the better prepared you are in terms of your budget and funds, the more efficient your searches will be since you can rule out many suitable properties based on costs.