About That Lease

Fri, Feb 19th, 2021 @ 6:23am

You found your dream place. Now what? Here are some things to consider before you sign.

TERM OF LEASE How long is the lease and what are the terms? Read it carefully so you know if it’s a year or six months, what is the penalty should you have to break your lease. When is rent due? Is there a grace period and late fees?

FEES Besides the rent, what else do you have to pay? Is there a security deposit? Utilities? If so figure them into your budget. What are you responsible for, water, electric,, heat, trash pickup, etc. Are there parking and or/storage fees?

24/7 MAINTENANCE IN CASE OF EMERGENCIES
Can you count on management to handle a late-night or weekend emergency? What if there’s an incident that will temporarily force you out of your apartment? Will they handle the expenses like a hotel bill for you?

NOTICE TO ENTER APARTMENT
Management is typically allowed to enter at reasonable times and required (in most states) to give 24 hours’ notice before a visit, unless it is an emergency.

LOCKS AND SECURITY
How often are locks changed? This is particularly important for communal areas like parking garage, workout spaces, party rooms, etc. Does your building have lockers to hold deliveries?

MAKING THE PLACE YOUR OWN
Paint? Window coverings, cosmetic changes? It’s good to know beforehand what you can and cannot do to your apartment. Get it all in writing so you won’t be hit with losing your security deposit when you move on.

Along the same lines, when you DO move in, make sure the apartment is move-in ready, clean and livable.

GUEST POLICY
Check with management before you have a friend or family member stay for a month. What is the policy If you’re having a significant other move in?

Subletting is another issue you need to discuss with your landlord in advance.

PETS
What kind of pets are allowed. What is the deposit? Are there extra fees for having a pet? This of course, does not include service pets, although you may be liable for any damage caused by the animal.

PEACE AND QUIET
Do check out the master plan if you can as if there is construction planned for the building or nearby projects, this could become a nightmare. If there is already a lot of work in progress you may be able to wrangle a deal to compensate for the noise.