The majority of people prefer renting than owning a home because it usually entails fewer responsibilities on the part of the tenant. However, there are still some mistakes that renters sometimes make, which could end up to them losing hundreds to thousands of dollars in the end.
As previously reported here on Realty Today, many Americans are still opting to rent than to own a home because of different reasons. Generation X and baby boomers preferred renting because it does not entail a lot of responsibilities on their part while millennials opted to rent because it allows them to save more and it fits their lifestyle.
While it is true that renting entails lesser responsibilities, there are still some things that you need to check prior to signing on that lease contract with your landlord. However, most renters often forget to check these things and end up doing these three common mistakes:
1. Not Checking the Contract
This isn't really something foreign to renters. Most people are aware that one should read every single thing listed on any contract before signing. However, some renters find it too tedious to go through each and every clause in the lease contract.
This could, however, end you up losing more money in the end. According to Realtor.com, renters may not be aware that they are on an automatic renewal clause, which could force them to pay for early termination fees.
2. Not Getting a Renter's Insurance
Sure, your landlord is mostly responsible should a disaster strike your home. Unfortunately, his responsibility only lies in his property, not yours. The publication noted that one should consider getting a renter's insurance in order to save them $10,000 and up.
3. Turning Down Extra Services
The publication stated that some landlords may offer extras such as an alarm system. This is usually not included in your monthly rent, but this will at least help give you reassurance that your home and your items are safe even while you are away. Plus, you're also reaping the benefits of not paying for the system's installation fee and this can even save you some money on your renter's insurance.
