IN A PREVIOUS POST, WE DISCUSSED THREE THINGS YOU MUST KNOW BEFORE RENTING. NOW WE WILL TAKE IT A STEP FURTHER AND EXPLORE LEASE AGREEMENTS, THE AUTOMATIC RENEWAL CLAUSE AND WHAT EVERYONE WANTS TO KNOW ABOUT – SECURITY DEPOSITS.
This is a legally binding agreement, so please make sure you read it, read it and read it again! I would suggest you ensure that anything you discuss with your realtor or your landlord, is written in the agreement before you sign it. A lease agreement can be one of the most expensive things to get out of. So, again, weh mi sey you fi do? Read it, read it and read it again!
Also, for people who want to live in apartments or townhouses, check if the This is a monthly fee paid by the proprietor of a strata lot... More is included in your rent or if this is a separate charge because obviously, you will need to budget for that expense every month.
YOUR AUTOMATIC RENEWAL CLAUSE
Be sure to check when your lease ends and how much notice you need to give your landlord if you decide to move out. Remember that some leases are renewed automatically and may require that you give a 30-days notice or even a 60-days notice. Read your lease agreement and make a note of when your lease expires.
AND THE BIG ONE – SECURITY DEPOSITS!
Most landlords require a security deposit. This is generally money held in reserve just in case you decide not to uphold the agreement that you signed. My suggestion to tenants who have a problem with security deposits – you have a choice, rent somewhere else.
Now, if it really bothers you that you have paid a security deposit and you believe the landlord is withholding it even though you left the apartment in good condition, then this is something that you can take to the rent board. For truly, you can’t be charged on regular wear and tear of the apartment (important: upon moving in, take pictures). On the other hand, I know how some people can get. You can’t go into someone’s place, destroy it and then complain that they are withholding your security deposit. Put yourself in the shoe of the landlord. If they have given you something that they have invested in, then they expect that you should treat it with the same level of respect as you would your own – if not, you’re going to end up paying for it.