Things To Consider When Renting a Place to Live, whether it's an Apartment, Condo or a House

There's no place like home, whether it's a cabin, a cottage, a castle -- or an apartment. And whether you're renting your first apartment or your tenth, it's still a major decision. So if you're doing this for the first time or just need a refresher course, read on.

The Search Is On

Don't be shy -- start with the obvious -- word-of-mouth. Ask friends or coworkers for ideas on where to look for an apartment. Professional resources include real estate agents or apartment-locating services. The usual charge for this service is the equivalent of one month's rent, which is paid by either you or your new landlord. Find out who is responsible, and get it in writing.

If you have time and tenacity, you can check the classified ads in your newspaper. But you'll save time and money, and rule out unacceptable apartments, if you keep in mind that some ads are just come-ons.

When you call about an ad, insist that the landlord define terms you don't understand and explain the flowery adjectives. For example, cute may mean tiny, and prestigious can be another word for expensive. For more references, try your local Chamber of Commerce; you'll find the number in the Yellow Pages or on the-internet.

Financial Matters

You want a comfortable place, but you don't want to break the bank. So how much is too much? One rule of thumb is to spend no more than 25% of your monthly gross income on rent. For example, if you earn $30,000 per year, or $2,500 per month, you shouldn't spend more than $625 per month on rent. Remember, the more you spend for rent, the less you'll have for other living expenses, including entertainment and savings.
Location, Location, Location

Sometimes it isn't easy to find the perfect place for the perfect price. Don't despair -- you probably can get close enough to suit your purposes. Here's a short checklist of factors you'll want to consider when checking out a neighborhood. Add questions that address your individual needs:

Take Safeguards

Before you sign a lease, inspect the apartment for physical damage or safety violations. This is crucial for two reasons: You don't want to be held responsible for damage you didn't cause, and you want an apartment that's safe to live in. Take photos (or make a videotape) of existing damage, date them and get the landlord to sign them. Insist that any violations be corrected before you move in and that any repairs or improvements to be made are recorded in the lease agreement.

Remember, a landlord who keeps the property in good working order is probably someone you want to do business with. A landlord who is careless may be sending you a signal to keep looking.

Additional items you want to evaluate include:

This is also an opportunity to find out about your prospective neighbors -- above, below and next door. Do they have children? Animals? Do you hear loud music coming from other apartments? How close is the pool or recreation area to your apartment? What is acceptable to one person may be hard for someone else to live with. If you think a neighbor's lifestyle may impact yours, now is the time to look at other options.

On the Dotted Line . . . Once you have decided to rent an apartment, your landlord will ask you to sign a rental agreement called a lease. A lease is a legally binding agreement between a landlord and tenant. A lease must contain your name, the landlord's name, the address of the apartment, the amount of rent and the payment schedule. In addition, a lease may spell out the following:

Rules for subletting:

Read your lease carefully before you sign it. Find out exactly what you can expect from your landlord (in the way of repairs, for example) and get it in writing. Laws governing landlord/tenant requirements and relationships vary from state to state. If you have a dispute with your landlord, contact your state rental or housing agency to find out what remedies may be available to you.

It is a good idea to have an attorney available in case you want to add or delete certain provisions. For example, you might want to insert a clause that releases you from the lease if your employer transfers you out of town. Never sign a lease if you are uncomfortable with any part of it.

Security Blankets . . . You and your landlord both need to know that your interests are protected. For your landlord, this probably means a security deposit from you, usually the equivalent of one or two months' rent. A security deposit assures your landlord that any damages to the apartment while you are a tenant will be covered. The landlord also may keep the security deposit if you fail to pay rent or leave before the end of your lease. But security deposits are refundable if you fulfill your lease agreement and leave your apartment in good repair. In most states, the landlord must itemize any deductions from your security deposit. Additionally, some states mandate that security deposits be kept in separate interest-bearing accounts for the tenant.

For you, security comes in the form of renter's insurance. Policies typically cover the following:

A word of caution regarding rental insurance policies . . . may policies differ according to the insurance company and the laws in your state. The list above is just an example of possibilities. Consult your insurance representative to determine what type of rental insurance policy suits your needs.

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