When moving into a rental property, the initial investment is usually much higher than just the first month’s rent.
Topics under the umbrella of real estate can be complicated, especially for first time renters. If you’re venturing out on your own and attempting to secure a rental property, there are some factors that you should keep in mind. Here are four things to know before you rent.
Your Initial Investment
When moving into a rental property, the initial investment is usually much higher than just the first month’s rent. You’ll probably be required to pay application fees in addition to a security deposit. Depending on where you want to live, the application fee could range between $35 and $100. While some states set limits on these fees, others don’t. Once you’re approved, you’ll then be required to pay a security deposit and the first month’s rent before you move in.
Your Plan for Utilities
It is especially important to include the cost of utilities in your rental budget. The utilities that you’ll be responsible for should be clearly listed in your rental agreement. Once you get your move-in date, you’ll have to arrange a time with the local water and gas and electric company to have those services turned on inside your apartment or rental home.
Terms of Your Agreement
Before signing your agreement, it is crucial to read and understand the language and terms included. If you have any questions about what certain phrases mean, it is important to ask, as you’ll be held responsible for adhering to the regulations outlined within the agreement. This may include topics like whether you’ll be able to paint the walls or changing out any fixtures. If you don’t, the landlord can choose to keep your security deposit or even move to have you evicted on the grounds of a lease violation.
Additional Credentials Beyond Your Credit Score
Rental decisions usually involve more than just your credit score. Having a good credit score is helpful for securing a rental, but it also involves your rental history. A shining recommendation from a previous landlord is also a great way to ensure that your application will be approved. In addition, some landlords require a minimum income so it’s best to check with the landlord for a list of rental requirements.
Trust the Professionals at Clagett Enterprises for Your Realty Needs
If you’re looking for the perfect realtor for your property or a professional to assist you during your purchase of any home, you can rely on Clagett Enterprises. Clagett Enterprises is a full-service real estate company with almost 30 years of experience in the Frederick and Western Maryland area. For assistance with selling your home and getting the best possible price, contact us online or give us a call at 301-665-6009. To meet our team and see some of our beautiful homes, follow us on Facebook, Twitter, Pinterest, and Google+.