What to Look Out for in a Lease
After finding your perfect apartment at Legacy Court Apartment in Midvale you must go forward with the process and sign the lease paperwork. When it comes to rentals you need to know the ins and outs of a lease. We have gathered some items you should be aware of in your lease and suggest you read these items carefully and thoroughly.
Renewal Clauses and Policies
When it comes time to renew your lease you will need to know what will be involved for you and what the process will be. That is where the renewal clauses and policies comes in. One item you need to check for in particular is if there is an escalation clause, which would raise the rent in subsequent years and is typically based on a fixed dollar amount, a percentage of the first year’s rent, or cost of living increases. When it comes time to renew you need to pay special attention to the date your renewal is due. If you miss the assigned deadline for the renewal date–usually 30, 60, or 90 days prior to expiration of the current term–the right to renew can be lost.
Utilities
Your lease will usually list out the specifics when it comes to your utilities. Your rent may have the utility costs rolled in or you could be in charge of setting up specific utilities and paying for those separately. These costs need to be accounted for when it comes to your budgeting and determining on if you can afford the cost of living.
Renter’s Insurance
Your lease will also tell you what will happen if unexpected damage does occur to or in your apartment. Most of the time the loss of your items will not be covered just by signing the lease. Getting a renter’s insurance policy is the only sure way of protecting your belongings.
Security Deposits
Most rentals will require you to put down a security deposit along with first month’s rent. This deposit is available for you to get all or some of back when you end your lease, but there are several conditions you will have to meet. All of these conditions are outlined in your lease. The more you adhere to the rules the more of your deposit you will get back when you move out.
