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Two annoyed roommates.

Avoid These Common Pitfalls When Renting Your Next Home

At Advantage Property Management, we strive to make the process of being approved for a rental property with our company an exciting adventure for potential tenants. Nonetheless, there are specific pitfalls that renters need to avoid. We are convinced that being well-informed is the cornerstone of a successful and trouble-free rental experience. Here are five common mistakes to avoid when you become a tenant at Advantage Property Management.

Five Things to Avoid When Renting

Not Being Clear on the Lease Agreement

When moving into a new rental property, it’s crucial to understand the lease agreement fully. This legal document outlines your responsibilities and rights as a tenant. At Advantage Property Management, we prioritize scheduling a meeting with you to review your lease agreement’s details thoroughly. We want to ensure that you understand every clause carefully and have the opportunity to ask questions and discuss any terms you are uncomfortable with before signing the lease.

Not Getting Rental Insurance

At Advantage Property Management, we strongly advocate for our tenants to invest in rental insurance. Surprisingly, studies reveal that only around 50% of renters currently have a policy. Many tenants underestimate the significance of rental insurance, considering it an unnecessary expense. However, in reality, rental insurance can be a lifesaver, protecting your belongings in the event of theft, fire, or other disasters. With rental insurance, you can rest assured that the cost of replacing your belongings will be covered, providing you with financial security and peace of mind.

Not Checking Out the Neighborhood Thoroughly

Before selecting a rental property, it’s essential to assess the impact of its location on your living experience. Start by checking crime rates and speaking to local residents to ensure the neighborhood is safe. Additionally, consider the property’s proximity to your workplace and other frequented areas. Lastly, assess the convenience of the neighborhood by determining its accessibility to essential amenities like grocery stores and other preferred establishments. While this is lower on our list, it is one of the most important five things to avoid when renting. Keep your peace of mind and do your research first!

Choosing the Wrong Roommate

Unfortunately, this is a problem we often see in the property management industry. When considering sharing your rental property with a roommate, choosing the right person is essential. A bad roommate can quickly turn an otherwise excellent living situation into a nightmare. To prevent this, have a thorough discussion with your potential roommate. Discussing daily routines, cleanliness standards, and social habits is important to ensure compatibility. Also, ensure your potential roommate has a stable income and can reliably pay their share of the rent and other bills. Advantage Property Management is a valuable resource in this regard, as we conduct detailed background, credit, and rental history checks on all potential tenants. Overall, establishing clear communication from the beginning and agreeing on house rules increases the likelihood of a harmonious living situation.

Going for a House Not Within Your Means

It’s essential to know your financial situation when considering a rental property. Advantage Property Management requires tenants to earn at least three times the rent before approving their application. However, it’s also essential for you to manage your spending appropriately. Creating a budget that includes all your expenses and regular spending will help you determine if a property is affordable for you. Considering your long-term financial stability and any upcoming expenses that might affect your ability to pay rent is also a good idea. Advantage Property Management offers a wide range of rental properties, so we should be able to help you find one that fits your budget.

Avoid These Five Renter Pitfalls for a Smooth Experience

At Advantage Property Management, we want renting a home to be a positive and rewarding experience. Avoiding these common pitfalls can ensure a smoother and more enjoyable rental journey. We are here to help you find the perfect rental property and provide the support you need to make informed decisions. If you are currently looking for a rental property, please get in touch with Advantage Property Management at (901) 347-3148, and we will pair you with one of our helpful rental property experts who can show you properties while answering any questions you may have.

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