5 Lethal Home Renting Mistakes by Tenants
Due to rising property prices, renting is a good option especially for graduates and newlywed couples. Many home renters find it extremely difficult to run a smooth tenancy. This is just because of lack of experience and basic information. But all mistakes and troubles can be avoided if tenant has the basic knowledge. Here are the top 5 lethal home renting mistakes by tenants.
Not considering location
Many people rent a home without considering the location. Some families require downtown homes while others need homes in the suburban areas. This wrong decision results in extra travel expenses. As a tenant you should always prefer to rent home near to your work and important road & transportation links.
No budget planning
Many renters face tenancy problems as they have not prepared their budgets to rent homes. It’s always important to assess your rent affordability. As a rule of thumb, rent increases with the size of home and prime location. Select home size and locality where rents are affordable and within your range. It’s highly recommended to rent a home with monthly rent equal to 35% of your monthly income.
No knowledge of duties & rights
It’s important to know your duties and right as a tenant. As a tenant you have to properly maintain the property. You have to pay rent on time and also need to inform the landlord about property condition. Similarly as a tenant you should know that you have the right to live peacefully and should be given one month’s notice if landlord wants to evict you.
No written agreement
Many home renters have difficult tenancy tenure as they have no tenancy agreement. This can create lot of problems & disputes, especially during annual rent increment and eviction process. Therefore it is highly recommended to keep a copy of rent agreement so that you know your liabilities & facilities. The rent agreement can be produced during quarrels.
The final mistake by the tenant is the unprofessional behavior during quarrels. You should always remain professional and just take the legal actions to solve the disputes. If a dispute arises you should first give verbal notice to landlord, then a written notice by your lawyer and finally proceed to the court to solve issues.