If you’re thinking about renting a property for the first time, you’re undoubtedly excited but also dealing with some stress. After all, the Triad area, which includes Greensboro, High Point, and Winston-Salem, has some specific challenges that renters must face. Chief among them is the fact that rental prices have risen significantly in recent years.
Fortunately, we’re going to help you learn about setting a rental budget, understanding lease agreements, and choosing the right Triad property. This should help you eliminate stress as you rent a property for the first time!
Setting Your Rental Budget
Determining how much money you can realistically spend on rent is essential, especially for first-time renters. The industry standard is that your rent should only take up 33% or less of your monthly income. Before you decide to sign a lease, be sure you take the following into consideration when setting your budget:
- Utilities
- Pet fee
- Parking fee
- Coin laundry
Each of the items listed above will be in addition to your base rental amount. For example, if your base rental rate is $1,200, you could be looking at closer to $1,350 by the time you add everything else on. Aside from keeping your rent to 1/3 or less of your monthly income, be sure you carefully consider your other financial obligations. Using an online rental budget calculator is a wise idea. Alternatively, you could talk to your future property management company to receive tips on setting a realistic budget. Remember: Setting a proper budget can help you avoid a lot of financial stress in the long run.
Understanding Lease Agreements
Learning how to read a lease is critically important. First, ensure you know what a lease actually is: A legally binding contract between the property owner and yourself. Most companies will not take the time to go over every lease point with you. Instead, they’ll point out the highlights such as your security deposit, lease duration, renewal clause and penalties for breaking the lease. However, it’ll be up to you to make sure you understand every provision in the lease. When you’re renting a property for the first time, you should utilize the following tips for reading your lease. Your rental contract should include:
- Property details
- Deposit, rent, and fees
- Whether utilities are included
- How to request repairs and maintenance
- Pet policy plus any pet fees
- Property rules
- Early termination fee
Make sure you have enough time to read the lease thoroughly. Request a copy in advance, if necessary. Ensure you ask any questions as well, including:
- Are there rules about guests?
- What is the late fee structure?
- Can I sublet the apartment?
- Can I pay rent online?
- Do you inspect the property on a regular basis?
Common pitfalls that renters may run into include unclear terms and hidden fees. By reading your lease carefully and asking questions, though, you can avoid these issues. However, if you’re still unsure, seek legal advice regarding the lease.
Choosing the Right Rental Property
Rather than choosing any location, take the time to do some research. Renting a property for the first time is a big deal, after all, because you’re likely going to be stuck there for 12 months. By taking the time to make sure the property fits your budget, along with your specific lifestyle needs, you can avoid making a bad choice. There are a number of different rental properties on the market, such as standard apartments, condos, and privately owned homes. There are pros and cons to each type. For instance, an apartment won’t require you to do lawn work, but you will be able to hear your neighbors. A privately owned house in Greensboro, NC, will likely be more spacious and offer more privacy, but the monthly rent may be higher.
Before you make a decision, be sure to consider a unit’s location, proximity to work or school, neighborhood safety and access to amenities. It’s also a good idea to visit potential properties during the day and at night to get a better feel for what they’re like.
Final Tips for First-Time Renters
You’ll be renting a property for the first time, so ensure that you know how to read a lease, set your rental budget, and choose the right property. Other important things to know include keeping a checklist of must-haves, reading reviews of property management companies, and knowing your tenant rights in NC. Furthermore, make a plan now to keep your rental unit organized. This will become one of your major responsibilities. If your unit becomes too dirty, you could even be evicted. Renting in NC means finding the right property. Fortunately, SLT Properties makes it a lot easier to find their perfect rental home in the Triad area.
Are you ready to rent a home in the Triad? Contact us via SLT Properties’ website or call us today for assistance in finding your new home!