Renting

Types of housing available Studio Apartment Condominium Single family home Town house Duplex Mobile home Rented room in house Cooperative apartment complex

Four Step Program to Apartment Hunting Decide on basic housing requirements –cost –location –space –furnishing

Four Step Program to Apartment Hunting Cont.. Locate apartments meeting your needs Inspect the apartment carefully Look over and study the terms of the lease

The Lease A legal contract, in writing, that gives the tenant the right to live in an apartment for a certain amount of time in return for a specified amount of rent

Terms of the Lease Drawn to protect the landlord Read all the term of the lease!!!! Leasee: Renter or tenant Lessor: Owner or landlord

Terms of the Lease cont.. A lease spells out the rights and responsibilities of both the tenant and the landlord: –Use of the apartment –Rental period –Security Deposit –If utilities are included in the rent

The Lease Also: –How much notice one has to give before they can relocate or move –If you can sublet or let someone else rent from that space –If someone else can stay

Tenant’s Rights Use the property for the purpose stated in the lease – Business Vs. Residency Right to privacy –Still can come into the space

Tenant’s Responsibilities Must pay rent on time and take reasonable care of the apartment Must notify the landlord/owner if something is wrong Must give notice before relocating

Landlord’s Responsibilities Property must meet standards set by local government and building regulations Must ensure that the building is fit to live in –For example heating system –Fixing any utilities stated in lease

Landlord Privileges Landlord and employees CAN enter your apartment –Knock first Threat to apartment –Plan visits Inspection Maintenance

Insurance Landlord insures the building and public space Tenant must insure –Their property –Liability if someone gets hurt in the apartment Costs very little, be insured! –Note the max coverage on jewelry and electronics

Items that affect cost Increase Pool with diving board Dangerous dog Working from home More expensive home More expensive items Items that are stolen / lost more often Claims against home or you Decrease Close to fire station Alarm system –Fire extinguisher –Deadbolts Newer build / newer appliances / roof Higher deductible Multiple policy discount Employer discounts