Once the house hunt is over and you’re ready to sign the lease, you should know the answers to major questions, like how much the rent is and what utilities are included. But there are certain details many renters overlook. A rental property management company will present you with a legally binding lease, and before you sign, you need to know what you’re agreeing to.
Here are three questions you should always ask your property manager before making your property rental official:
- What Kind Of Payment Do You Accept? You know how much you’ll be expected to pay every month, but there are several different possibilities in terms of how you pay. You may be required to mail a check to a P.O. Box postmarked by a certain date, or your rental property management company may have a drop box at their office. They may also accept online payments. Find out their preferred method to ensure you never miss a payment.
- What Happens If You Pay Late? If you do end up missing a payment, there will likely be repercussions. Some landlords offer a grace period where they don’t consider the rent late until the third or fourth day of the month. If this is the case, it may only be a one-time offer. Whether there’s a grace period or not, it’s important to find out what the fees are for a late payment.
- Is Renters Insurance Required? Similar to homeowners insurance, renters insurance protects your assets. But instead of covering the property, renters insurance only covers your personal belongings. If your items are stolen or damaged, your renters insurance is your financial protection. It’s easy to sign up for and relatively inexpensive, and many rental property management firms require tenants to have some form of coverage.
Once you have the answers to these questions, you’ll be able to sign your lease with confidence. For more advice about rental properties, Arc Property Management Group in New York City is a reliable resource. Learn more about rental property management by calling (800) 769-8084, or visit them on Facebook for information about residential and commercial real estate.