Research shows that, as of 2017, about 75 million households in the United States are renting their homes. To emphasize how significant that is, these numbers indicate a 50-year record high!
A significant portion of these households prefer renting an apartment. And while every apartment seeker wants the perfect space, the process can get overwhelming. It involves finding an apartment that fits your budget, is in a safe area, is in a convenient location, etc.
With so factors to look out for, it’s not surprising that we often don’t pay enough attention to the lease itself.
Here are some pitfalls to watch out for when signing a lease:
Make comparisons carefully
Often, apartment seekers compare the rents of apartments and base their decision on rent alone. Many renters fail to take into account other factors that lend the property value.
One of these factors is the floor area. You may think that the difference between a 1000 square feet apartment and a 700 square feet apartment isn’t much, but those 300 square feet don’t just add valuable floor space, they also need to be accounted for when comparing rents.
The second factor that apartment seekers miss out on is utilities. What utilities are you expected to pay? Are they included in the rent? Are they a separate charge?
When comparing two apartments, first figure out what the base rent is. Figure out how much you are paying per square yard on the apartment, without utilities. Then figure out which one offers a better deal when utilities are factored into the equation.
When addressing utilities, you need to keep in mind that some apartments aren’t as energy-efficient as others. Tightly constructed apartments offer better insulation, for instance. Moreover, the appliances placed in an apartment could be old and inefficient, costing you more to use them.
Another factor that can affect the decision of which apartment you choose is additional costs. Some apartment complexes charge an additional fee for parking space, amenity fees, pet fees, etc. Make sure you understand everything you are paying for before signing the lease.
Signs of neglect
Apartment seekers often tend to ignore signs of neglect in an old apartment in the hope that they’ll get to rent it for a lower price. However, you could end up spending more on repairs if your agreement compels you to take care of them.
When visiting apartments, make sure you look at them beyond aesthetics. Look into small details that could become problems in the future. Make sure there are no signs of seepage, assess the condition of appliances, the smoke detectors, etc.
Are you looking for your dream apartment in Lewisville? Dallas Upscale Apartment Locators is a great apartment locator in Frisco and Lewisville that can help you out. Our experienced and qualified real estate agents list the latest apartments on our website. Contact us for more information at 214 772 8022.