Last week the University of Notre Dame held a lecture titled, “Moving Off Campus: What to Know Before – And After – Signing a Lease“. This session emphasized the importance of doing your homework before signing a lease. Also the significant knowledge a student may gain from reading through the entire lease and understanding the terms it holds. A lecture such as the one the University of Notre Dame held would be more than helpful at every university, however until then here are a few tips and insights to think about before and after signing your lease.
Before signing a lease be sure you have toured the entire complex. Ask to see a model, or if possible the actual apartment you will be renting. Realize however keeping a model apartment in good condition and looking great is much easier than the lived in apartment you will be moving into. When touring the apartment look for any warning flags such as: moldy carpeting, water stains on the ceiling, large or irregular holes in the walls, rusty appliances, etcetera. Here are a few key questions to either memorize or bring along written in a checklist:
-How much is rent and how long is the leasing term?
-What is the penalty for ending the lease early?
-When is rent due every month?
-If I forget to pay my rent on time is there a grace period? What are the late fees?
-Are utilities included in the rent?
-What is the complex’s maintenance policy? Do you have to repair appliances yourself?
-Does the apartment share a water heater?
(The more people who share a water heater the less hot water you will have available. If it is a smaller water heater or
shared by many people, you may not want to do the dishes, run laundry, and take a shower at the same time.)
-Does the complex allow pets?
-How many parking spaces are allowed per apartment and where do guests park?
After asking all the questions you can possibly think of and found an apartment in your price range it is time to look at the lease. When reading over the lease be careful not to skip over any part of the agreement. Here you will find the important responsibilities on the apartment complex and yourself. Make sure the lease states the correct lease effective date & termination date. If it does not contain correct information or you would like a portion of the lease changed, request a re-written lease with the correct information. If you and the leasing manager initial next the the changes made you should be safe, however it is preferable that a new lease is printed.
Once a lease is signed be sure to document the apartment’s current condition and photograph or write down all damages before you move in. When moving in be sure to keep a copy of your lease accessible. This will be helpful if you should have any questions about your freedoms or the apartment complex’s responsibilities. Remember, if you do not abide by your responsibilities in the lease you are breaking the lease and in danger of eviction.
Another perfect fit for your new apartment is renters insurance. GradGuard’s Renters Insurance protects you from the costs of replacing your personal belongings when they are damaged, stolen, or vandalized. It can provide protection for personal possessions that don’t happen to be in the apartment or house at the time of the loss as well. GradGuard Renters Insurance also provides personal liability coverage if you are found at fault for injuring someone or their property. Keep in mind moving from the dorms to an apartment is an experience in itself, find a renters insurance policy with the right fit for you at: www.collegerentersinsurance.com.
Happy hunting!