Questions to Ask Before Renting

Every young person looks forward to the time they can move out on their own and start their life as an adult. Renting that first apartment is a rite of passage. However, there are some things you should know before you take that leap, and some serious questions you should ask a potential landlord before entering into a lease or rental agreement. The following questions will help save you from a bad situation.

Are Utilities Included?

This is one of the most important questions to ask. Some apartments include electricity, water and gas utilities in the price of rent. A place can look like a great deal as far as price, but when you factor in the extra utilities, it can cost more than an apartment with utilities included. Make sure you find out what's included so you know exactly what your expenses will be each month and determine if a specific place fits in your budget.

Cable, Phone, Internet?

Many apartment complexes have started offering cable, phone and internet packages which are included with the cost of rent. This is a great choice for young adult renters and those on a budget. You may have one particular package to choose from, or several options. These include cable television, local phone service, and internet services. These benefits can help stretch your budget immensely.

Who Does the Yard Work?

Most apartment complexes have maintenance personnel that do the yard work. However, if you rent a house or condo, you may be tasked with doing these chores yourself. This adds up to a lot of time and expense. Make sure you know what's expected of you before you sign the lease or rental agreement. You may be able to work out a deal to get a break on your rent in exchange for doing yard work or improvements around the house, so don't hesitate to ask the landlord about it.

Do I have to sign a contract?

You may be required to sign a rental contract or lease to get into the place of your choosing. Find out what kind of obligation you are looking at before you enter into anything. Most agreements run in 3, 6, 9 or 12-month increments, so you might be locked into a place for up to two years at a time. You don't want to get stuck in a lease that you can't get out of if you need to move for any reason.

As always, if you have questions about this topic or any other financial issue, seek the advice of a licensed, professional financial advisor.

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