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Learning More About Real Estate

After finally saving up enough money to use as a down payment, I decided that it was time to hit the market. I met with a lender, got pre-approved for a loan, and then started visiting different properties. However, I quickly realized that I didn't know as much about real estate as I would have hoped. I wanted to find a great neighborhood and know what to ask the professionals, but I could tell that I needed a little help. To point me in the right direction, I started working with a great real estate agent who was familiar with the area. This blog is all about educating the general public on real estate matters.


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Learning More About Real Estate

4 Things to Look for in an Apartment Lease

by Nathan Olson

Are you going to be renting an apartment soon and are getting close to signing the lease? If so, it will help to look for the following things to make sure that it's an agreement that works for you. 

If Pets Are Allowed

Plan on adding a furry family member to your apartment, either because you currently have one or want to get one soon? You'll want to look into the pet deposit and if you can get it back at the end of your lease. Some apartments charge a pet deposit that you do not get back, which is supposed to cover any damage caused by the pet during the lease. Other landlords will give that deposit back if there is no damage. Make sure you understand the term of the lease.

In addition, look for restrictions on pets that can cause a problem in the future. You may be restricted from having loud pets, which pretty much limits you to only having cats. You may also have limits on how many pets you have. This is another lease term that can catch you off guard if you are not aware of it.

If Subletting Is Allowed

One term in the lease that can be different between landlords is if subletting is allowed. This is when you have remaining time on your lease, and you decide to rent out the apartment to another person so that they pay for your rent. Subletting can be handled a few different ways, with the tenant having full responsibility or the landlord getting involved. For example, the landlord may require that they screen all subletting tenants, and even require that they pay an application fee. It's also possible that your landlord does not allow subletting at all.

How Occupancy Is Handled 

There are situations where only one person's name is on the lease, and they are the person responsible for applying and making payments. However, other landlords may require that every occupant is on the lease, with their own background check being performed to ensure that they are a good tenant. Make sure that it is clear how occupancy is handled regarding who is on the lease because of this. 

How Parking Is Handled

If you're renting from an apartment building, verify how parking is handled. Will everyone on the lease get a parking spot? Verify how many spots you'll actually get and if you need to pay extra for them each month. In a big city, it is common for parking to be extra, rather than included with the lease. 

For more information, contact local apartment rental services.