The hard part is over, you found the perfect place to call home, you completed your rental application, passed your background and credit check and signed a lease. Now what?
After signing a long-term rental lease, it's important to understand the various steps and responsibilities involved. Here's a breakdown of what to expect:
First and Last Month’s Rent
- Upfront Payment: In addition to the security deposit, landlords often require the first and last month’s rent to be paid at the time of lease signing. This acts as a guarantee for both the tenant and the landlord.
- Budgeting: Make sure you budget for this substantial initial payment, as it can be a significant expense, totaling up to 3 months of rent.
Security Deposit
- Purpose: A security deposit is typically required upfront to cover any potential damages to the property. This amount is usually equal to one month’s rent.
- Refund: The deposit is refundable at the end of the lease, provided the property is in good condition. Be sure to document the property’s condition when you move in to avoid disputes later.
Transferring Utilities
- Water and Electric: Once the lease is signed, you’ll need to transfer utilities like water and electricity into your name. This typically involves contacting the utility companies and providing them with your move-in date and a copy of your lease.
Setting Up Cable/Wi-Fi Service
- Service Providers: Depending on your location, you may have several options for cable and Wi-Fi service. Research and compare providers to find the best deal. If you are in a condo or apartment, the building might have a preferred service provide to make the switch easier.
Punch List
· Keep Track: Create a detailed punch list and take photos of any visible damages or areas needing repair. Notify the landlord of the issues so they can be repaired and keep track, so you're not held responsible for pre-existing issues when you move out.
How a Real Estate Agent Makes the Process Easier
- Expert Guidance: A real estate agent can simplify the process by helping you find suitable properties, scheduling viewings, and handling the application process.
- Lease Logistics: An agent can help explain lease terms, landlord and tenant rights, and go over any questions you may have about the legalities of a rental.
- Local Knowledge: With their knowledge of the local market, agents can provide valuable insights into neighborhoods, rental prices, and more, helping you make informed decisions.
Signing a long-term rental lease involves several steps, from financial commitments to logistical arrangements. Understanding each part of the process can help you prepare effectively and ensure a smooth transition into your new home. A local rental agent can help guide you every step of the way.