Posted on May - 10 - 2010
Renting a Baltimore Apartment
Renting a Baltimore Apartment., Renting an apartment is something that most people have to do at some point, especially now that the price of a home is out of the reach of most young people who are just starting their career. You can get some really great rental deals, but you have you to know what you are doing else you could end up being out of pocket. To make sure that you get a good deal, and do not overspend or get ripped off, bear in mind the following…
Cost – It may sound like an obvious point, but you should never go over your budget. The question is though, how do you know how much you can afford? Well, a good rule of thumb is that you should not be paying more than a third of your gross income. So, if you make $3,000 per month before taxes, you should not rent somewhere that costs more than $1,000.
Privately owned or property company? – There are pros and cons to renting from either a private landlord or a property management company but, for the most part, you are better off dealing with the latter. The reason being that you are more likely to get a better quality of service, as property management companies have a reputation to build and maintain, whereas as private landlords do not.
The lease agreement – You will have to sign a contract (referred to as a lease) when you rent an apartment. Your lease is legally binding on both you and your landlord, and you both must adhere to the terms, conditions, roles and responsibilities set out in it. It is therefore very important that you carefully read the document in full before signing it. You should get a friend or family member to read through it too if you do not completely understand it yourself.
Electricity, water, etc. – The cost of water, electricity, etc. can add a significant amount onto your monthly rent payments, so be sure to save some of your budget to account for such costs. Some landlords will work these costs into your monthly rent payments, but it is not a common arrangement. Dealing directly with utility companies is the cheapest course of action, as then your landlord cannot add any mark-up onto the standard bills.
Checking for damage – When you move out of your apartment at the end of the rental period, you will have to pay for any damages that you have caused. Therefore, you need to know what damage is already present when you move in to ensure that you are not blamed for it when you leave. You should do a thorough damage assessment on the day that you move in, take photos of anything that you notice that is not as it should be, and notify your landlord immediately.
Find Out More – Apartments To Rent In Birmingham
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