Signing a lease is a big deal, whether it’s your first property or tenth, once your signature is on that dotted-line you are financially responsible for those payments. Being prepared and making sure you have chosen the right property can end up making a world of difference, because not doing the proper research can make your decision a regrettable one. Here are some things to think about before signing yourself away:

• Review the lease – Make sure that you read thoroughly through the lease or rental agreement and make sure there are no provisions that don’t agree with you and your lifestyle. For example:  No pets, no smoking, restrictions on guests, or running a home business.
• Budget correctly – A handful of finance professionals will say that you should never spend over 1/3 of your gross monthly income on rent, so if you’re taking home $5000/month after taxes you’re payment shouldn’t be more than $1666. In certain markets this isn’t always possible, but it’s a good rule of thumb to try and stick to.
• Be prepared with first month’s rent/security deposit – Once accepted, you will most likely be asked for first month’s rent, last month’s rent, and a security deposit. This means your nice, new $1,000/month property will be $2,000 plus a deposit (amount can very), So make sure you have the money in your account!
• Purchase renter’s insurance – Your property management company/landlord’s insurance policy will not cover your losses due to theft/damage. Renter’s insurance will do that and protect you if you are sued by someone who claims to have been injured in your rental due to your carelessness. The insurance typically costs around $350/year for a $50,000 policy that covers loss due to theft or damaged caused by other people or natural disasters. This is a small price to pay overall for peace of mind.
• Talk to the neighbors – Talk to a few neighbors in the building or development if you get a chance to find out as much as possible about your new area of living. It would most likely be the best idea to find out ahead of time about the crazy ex-boyfriend that likes to sing to his girlfriend at 3 a.m., the chain smoker, party animal, or rock band member next door.
• Protect your privacy rights – One of the most common misunderstandings between tenant and landlord/property management companies is the owner’s ability to enter a rental unit, and the tenant’s right to be left alone.
• Demand repairs –Know your rights to live in a habitable rental unit. Most landlords/property management company/owners are required to offer their tenants livable premises, which includes adequate weatherproofing, heat, electricity, and clean/sanitary water. Failure to maintain good repair can lead to a tenant’s ability to withhold a portion of rent, demand repair, or move out without responsibility towards future payments.
• Protect your safety – None of these other things matter if you are not safe (or even feel safe) in your new environment. Learn about your prospective neighborhoods, including past criminal incidents.

In conclusion make sure that you are setting yourself up for a good fit, after all, relaxation and comfort are a some of the most important things when it comes to living in your own space!

To learn more about property management, renting out your property, and Renters Warehouse visit their website at http://www.renterswarehouse.com

Tune in every Sunday from 8am to 9am as I’ll be your host on AM 1130 Fox News Talk. “All Things Real Estate Radio” is a call in show with a panel of residential and commercial real estate experts discussing the latest news, trends that affect you and the real estate market today. www.KTLKRealEstate.com.  Renters Warehouse is proudly endorsed by Glenn Beck, the 2nd most watched show on television and the 3rd most listened to radio personality in America, as well as Josh Altman, Star of Bravo TV’s Million Dollar Listing.