7 Mistakes To Avoid When Renting Your Property

Renting a property is a big decision. You’re investing, but it’s worth remembering that renting can offer many benefits, not least of which is flexibility. Renting doesn’t tie you into an ongoing commitment, and if finances become tight, you won’t be in negative equity, so there are no risks like there are when buying a home. But renting isn’t all plain sailing.

Before signing any paperwork, you must know what you’re letting yourself in for. Ignoring the pitfalls and focusing only on the benefits can lead to a nightmare situation further down the line, so getting clued up about what you need to look out for is essential.

7 Mistakes To Avoid When Renting Your Property

When you find yourself in the market for a new place to live, it can very quickly become overwhelming. The number of properties available, the constant need to view, being bombarded with details about what isn’t included in the bills, and eventually sorting out all the documents required for renting can turn into a nightmare situation. So how do you avoid all of these mistakes?

1. Not thoroughly checking through documents

The property market is awash with contracts. With so many sellers and buyers, it can be easy to lose track of the critical documents that you need. It’s also vital that you have a copy of the legal notice of sale on hand so you can refer back to it at any point. You should also ask for a copy of the inventory and ensure that you see through what is included in the lease and what isn’t. There will also be a schedule with the rental price and rent reviews. Make sure that everything is correct and sign and date at the bottom of each page to make it official.

2. Not checking that all bills are included

Before you sign a lease for a property, you must check very carefully to see whether the bills are included in the price or not. It’s important to point out that you should check all charges and subscriptions before signing a lease, as any hidden costs can significantly impact your future rent. To be safe, it’s a good idea to check everything before you sign the paperwork, but if you find that something is missing, feel free to ask for a rent increase.

3. Not checking the lease

Many people let properties as a means of saving a few pounds here and there, but it’s essential to think about whether a property is suitable for you entirely based on the terms of the lease. If you break the lease, you should check that you are still responsible for paying total rent; if you turn up or leave and then have to leave again because of damage, this will be covered in this area. It’s also important to check that you aren’t being charged extra for any broadband or satellite television services.

4. Not researching a landlord before signing

Make sure you contact the landlord before signing on the dotted line with your agreement of rent. It’s always a good idea to speak to them and chat about exactly what your rental will be so you know exactly how much space you need and whether there is any deposit involved. It will also give you the chance to ask as many questions as possible about whether the landlord is a trustworthy individual and any other reason you should feel uneasy about living with them.

5. Not reading through the lease before signing

Don’t sign anything without reading it first. As with many of the other vital documents that you need, when it comes to renting a property, it’s essential to know what terms and conditions are included in the lease document before moving in. There are some essential details included in the lease, such as whether any bills are included with your rent, so make sure that you’ve got a good look through it before you put pen to paper.

6. Not setting out clear ground rules in advance

While many people choose to rent because they don’t want the responsibility of buying a home or they don’t want to commit themselves, it’s still essential to set out clear ground rules while you’re doing it. It means discussing things like keeping the property clean and tidy and preventing any damage that you might cause.

7. Not discussing things in advance

While you’re thinking about renting a property, it’s important to discuss any issues with your landlord before moving in. Don’t be afraid to talk about whether you can have pets on the property. It’s a good idea to ask these things when you’re viewing the property before making a decision too.


It’s essential that while you’re signing your lease, everything is clear, and there aren’t any hidden surprises further down the line. For further information visit – ShieldManagement.Com.Au

About the Guest Author: Raymond James

Ray is a sought-after thought leader and an expert in financial and money management. He has been published and featured in over 50 leading sites and aims to contribute articles to help novice financial planners. One of his goals is to impart his knowledge in finance to educate and help ordinary people create and achieve their financial goals.

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