4 expenses to prepare for with renting a home

Renovation

Renting a home is more than just looking at houses for rent and picking one at the last minute. Instead, it’s a decision that should be thoroughly thought out and planned for as renting comes with expenses you may not have prepared for.

Renter’s Insurance — While you may have thought insurance was for your vehicle or when you purchased a home, that’s not the case. As a renter, you should have renter’s insurance on your property.

When you sign the lease agreement, you’re often signing stating that as you occupy the home you are the sole owner of that home and acting as such.

That means if you burn a pizza in the oven and the stove catches fire, you’re responsible for any damage that happened to the property while you were the occupant.

Same goes for if your home or vehicle gets broken into. Many times, vehicle insurance will not cover any lost or stolen items, but your homeowner’s insurance will.

Pet Deposits — If you’re renting a home and have decided you’d like to add a fur-friend to your family, you will need to review your lease agreement to see if this is allowed. Often times houses for rent allow pets but with a small pet deposit.

This pet deposit will help the homeowner fix any damages the occurred due to you having a pet in the home such as scratched doors or walls, torn carpet, pee stains, or chewed up furniture that was provided by the homeowner.

Be sure to ask the homeowner what the pet stipulations include and how much a pet deposit it and if there is a tacked-on monthly pet rental fee — as this is common.

Application Fee — When you’ve found a house for rent or a rental apartment, you often need to fill out an application fee for the homeowner or property manager to use.

This application isn’t free — though we all wish it was! A standard application fee is around $34-50 per applicant.

First Month’s Rent or Prorated Rental Amount — One item you should not miss when viewing homes for rent is asking the property manager or homeowner how they collect the first months’ rent.

Many places will ask for a security deposit plus the first month’s rent upfront and others will simply ask for a security deposit and a prorated amount based on the date you move in. Be sure you ask these questions so you’re not shocked when it comes time to write a check.

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