7 Things Landlords Wish Tenants Knew But Don’t Tell You
When signing a lease contract, every renter wishes they knew what their landlord is really thinking. Luckily, you are going to discover this by the time you finish reading this article. This is important information that every renter should know. It pays to understand why your landlord can decide to raise your rent or hold it steady when your lease expires. You also have to understand why your landlord can respond immediately to fix issues or take their time. Here is a sneak peek at your landlord’s thought to help you stay on his good side.
No excuse not to read the lease before signing
There is usually a lot of excitementabout finding your dream home. Most renters make a mistake of rushing to sign the lease agreement before thoroughly reading it. You have to sit and explain every clause in the rental agreement before putting pen to paper. This is very important to allow you to understand your rights and responsibilities before sealing the deal.
Going through the blueprints of the agreement allows being on the same page with the landlord. This allows the penalties when your rent is due and where or not you can remodel the property. You have to think twice before making changes in the home without the landlord’s notice. The only exception is only if it is permitted in the contract. Violating the terms of the contract might lead to deductions on your security deposit.
Owning your own home is not that expensive
Renting a home is for people without credit to finance owning a home. However, it doesn’t cost a fortune to own a home. This is why some landlords offer rent to own contracts. You just have to find lease to buy home in Canada and understand the requirements. This contract is a cost-effective way to own your dream home. The beauty of this is a chance to spend some time in the home without purchasing it. This allows determining whether the home actually matches your requirements.
Landlords are willing to negotiate with you before sealing this deal. Some of the things you can negotiate with the landlord to make a rent to own contract work for you include:
- Option fee
- Rent credit
- Purchase price
- Lease renewal
- Optout clause
Rent payment is immediately after the first month
Before signing the contract, you agree with the landlord on when to deposit monthly payment. So, the landlord always expects you to make timely payments without fail. The rent allows management of the property, paying bills, and return on investment. Payment after a previous month is late and puts your reputation in jeopardy. Late payments are very inconveniencing to the landlord and might cause refusal to renew your contract.
Some landlords even charge a late fee to tenants for late payment. This is not a way for landlords to extract money from you. Landlords might also have to pay late fees resulting from your failure to meet your payment obligation on time. Additionally, the landlord might enforce a late fee as a motivation for you to pay rent on time.
Report any issue immediately
Before moving into a home, ensure to check that everything is in order. This is very important to ensure that your security deposit is not deducted to fix issues that existed before moving in. However, there is a chance of some fixtures breaking down because of wear and tear. This might include things like the roof or plumbing system. Landlords wish tenants could report issues immediately you hear a funny noise or realize a leak.
This allows fixing these early enough before the issue escalates and costs more. Some tenants ignore issues thinking that they will go away magically. Landlords have to ensure that their investment remains in good condition throughout your tenure and appreciate reporting small issues before they develop. You are likely to end up conflicting with the landlord when the lease expires. It will be hard to convince the landlord that the issue was present since you moved in.
Sometimes raising rent is inevitable
Some unscrupulous landlords increase rent to cheat tenants. However, there is a chance that yours has a genuine reason. Issues including covering an increase in property taxes make it inevitable to increase rent. Genuine landlords don’t aim at taking advantage of tenants but covering related costs. Sometimes it is just not possible to maintain the same rent for some time even when you are a good tenant.
Renting a home is filled with various misconceptions especially about landlords. There are various things landlords wish tenants knew for a harmonious relationship. Going through the contract before signing allows for understanding responsibilities and expectations to limit the chances of conflicts in the future. Additionally, landlords wish tenants could realize how lease to rent contracts allow owning a dream home without spending a fortune.