Top 5 Fatal Mistakes Condo Renters Make

philpropertyexpert.com

When it comes to investing in the Bonifacio Global City condo, making a fatal mistake is definitely a no-no! It is going to be one of your nightmares when you do such mistakes. And I’m sure you all don’t want that to happen to you. Right? That means; we have to be careful in everything we do when it comes to real estate transactions.

However, one of the nightmares renters can possibly experience is when the rent prices continue to rise as more and more renters flood the real estate market. And one of the most brutal thing to experience is when you don’t have enough pocket money for the rent and other important things that you need for you living and a fewer rental options. It is a quite a challenge, right? The struggle is real for the renters!

Yes, struggle as it may seem, however, that doesn’t mean that you should rush things immediately without any second thoughts. Well, if you are lucky to find a good condo unit to rent out, then you should avoid doing these fatal mistakes most condo renters make. If you do, then good luck!

1. Not reading the lease

Basically when you rent, there will be a contract between you and the owner and/or the landlord. There will be some arrangements and agreements when it comes to property that you are going to rent. Of course, not all leases are equal.

The kind of lease that you are going to have is probably not the same with the other properties. That is why, it is important for you to know and understand each detail of the lease. It is also for you to avoid any problems that are possible to arise later on.

2. Thinking the landlord will fix it

This is one of the misconceptions of most renters. If they think that the landlord will fix all of the problems regarding the property that you are staying, then you better think again. Not all landlords will fix that! That is why; it is important for you to check the property before you are going to move in to avoid any complications later on. However, if you have something to repair in your place, you also have to know who to call. Of course, you have to call the service provider – not the landlord.

3. Not documenting damage

The tendency when you rush in moving in to your condo unit, you will most likely forget to list the damages that you see in the property. The worst part is, the landlord might let you pay the damages found in the property without knowing anything about it at all. That is why; before moving in, you have to document every single detail of the condo unit. Well, you can definitely take a picture of the unit before you moved in. And when the time comes that your landlord will question you about it, you will have your solid proof that the damage is already there before you moved in.

4. Going only with an oral contract

Having only an oral contract is definitely a no-no! Don’t do it if you don’t want to have a nightmare! Oral contract is dangerous, especially to the renters. Landlords will trick you when it comes to the payments of your rental. Not only that, he/she might let you leave without any prior notice.

However, if you have a contract signed before you moved in, you have the assurance that you will have a safer place to stay. Also, if there are unexpected things that might happen to you, you can always go back to the contract that you have signed whether you and/or the landlord is doing what the contract says.

5. Not pulling your credit report

Credit cards, yes! This might be one of your feelings when you have one. However, there are certain things that you have to know and understand before having one. You have to know all of your credit scores. This is going to be one of your worst nightmares when you spend too much without thinking that you have already exceed the limitation of your card. And it is going to be a pain paying the money that you have already spent.