Steps to determine the best terms for renting an apartment

Written By Steps To Faculty Published June 15th, 2010

Don’t want to buy a house? Like the many who have endured one of the worst real estate markets in decades, the idea of renting an apartment can be appealing. So how do you determine the best terms for renting? Find out here.

Step 1 Check the rent amount

Before you sign in an agreement indicating the rental conditions of the apartment, be sure to have analyzed the costs between related buildings of similar size to have an estimate for basing your understanding of terms of the agreement and to ensure that you are not being overcharged. The work will begin with the landlord’s fixed rent quotation. How will it make sense to you upon looking at many factors in premise related to the rent? The quotation could be in form of square footage, while the actual footage usable could be within the square and of course less. So relate the quotation with your needs before giving it a go ahead.

Step 2 Fit your needs

Find out if the structure of paying rent fits into your needs and professional goals. If you have a start-up business the terms in rent agreement should be realistic and considerate to your income status. With less capital the rent should be fair to you for at least the first three months. It could be free at the beginning, then a lower rate for the first year before increasing for the second and consecutive years in response to your income status.

Step 3 Consider the costs

The operation costs are another important consideration you have to make before signing. Are you required to pay fro cleaning, air-conditioning, gardening, security services and maintenance? If you will pay, do your estimate for the same and compare with the stated amount in the agreement lest you pay more than you need to. If the landlord is gathering for these services, be sure of how much you will pay in return before signing the agreement. Some of the services could not be help to you. Therefore, try as much as possible to avoid unnecessary provisions in the agreement. Otherwise you may sign an agreement which require you to pay for the services that you do not even get anything from.

Step 4 Check your credit

Prior to offering you an agreement, landlords and building managers often get your credit report to verify that you are a worthy tenant. But if you have a blemish on your credit, as most people do, your chances of getting the best rental terms diminish. How do you combat this? Check your credit scores at now to find out what is actually on your credit. If there are problems, then you need to have the mistakes corrected before you negotiate terms with a landlord.

Step 5 Explain yourself

If you have an unstable employment history or a negative report on your credit history, write a letter to the landlord explaining the reasons behind this. Get some references to back you as well. By doing so, you can still benefit from the best terms of an agreement.

Remember, a little forethought and planning can go a long way.

Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

My name is Roger Due and I am from Albuquerque, New Mexico and I am the owner of the Monsano software company. This has been an absolutely fantastic conference. This is the best I have ever been to.