Are you planning to renew your lease? Consider these points

Would you like to renew the Lease of your apartment or home? Alright! Then here is something for you.

A real estate portal states that you must take certain factors into account before signing the document. Let us know! Keeping these factors in mind while you renew your lease is a good idea.

Ensure that you follow the down renewal conditions 

During the term of a lease, you and your landlord have certain rights and obligations. 

In that case, as a tenant, ensure that:

  • You have complied with the clauses
  • Paying your rent and services on time is a good trait
  • Maintain the property in good condition
  • Keeping good relations with your landlord is important.

Your landlord or landlady must:

  • Ensure that your property payments are up to date
  • Be aware of hidden defects in the property
  • While the contract is in effect, you should not interfere with the use of the property
  • You must pay for any damages you have caused or any repairs you have made, as stipulated in the contract
Be sure to check the payment method and cost.

Every year, rent prices continue to rise. Right! Some believe that Realistic and prudent is the key to this hike. An analyst at Propiedades.com notes that the increase must correspond to inflation. Thus, you should check the amount they charge you before renewing your contract. In addition, you should consider the maintenance costs.

Another factor you need to take into account is your deposit. It would be best if you kept in mind that the security deposit will serve to pay for any damages or debts when you leave the property. Also, you need to ensure that the contract states the amount, term, and location of rent payments.

Review the other requirements before renewing your lease 

You may be renewing your contract for the fifth time. However, you and your landlord should put the same importance on it as they did at the opening. In other words:

  • Make sure your ID is valid
  • Provide a copy of your bank statement or proof of income
  • Check for endorsements

To conclude, however, you should remember that a lease generally lasts for one year. So be sure it is for the same period.

Thus, you and your landlord must give advance notice of your intentions and dates for terminating the lease. If not, the lease agreement may not comply with the two parties.

Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.

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