Moving often turns out to be a rushed process, but you should never rush through signing a new lease. This kind of contract is legally binding. When you sign, you need to make sure that you read the fine print thoroughly to avoid any surprises after you’ve agreed to everything.
To help you identify the most important points to look out for before signing a new lease, we’ve created a checklist for you:
Be aware of rent increases
You don’t want to be hit with any unexpected costs halfway through your tenancy, it’s crucial to budget in advance for potential increases listed in the contract, including but not limited to rent.
Usually, in a rental lease, a section will be included specifically for rent increases. Read through this section carefully and make sure that you understand how often rent may be increased, by what percentage or amount, and whether there are any caps or restrictions in place.
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Know your utility costs, and look for surcharges
Your budget needs to cover rent, utilities (water, lights, refuse, etc), as well as any other extra surcharges or levies. You need to familiarise yourself with any utilities that are included in your rent, as well as the ones you will be responsible for paying for separately.
If the rental is located in a complex or estate, you’ll need to check any listed fees for complex levies such as maintenance and safety. This will help you avoid any unexpected surprises when your first invoice rolls around.
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Got pets? Familiarise yourself with pet policies and restrictions
If you’re moving to a larger community, such as an estate or complex, the landlord will often have a pet policy in place. Before signing your lease, ensure that you read over all information pertaining to pets.
Look for restrictions, such as the type, size and number of pets allowed, and look out for any associated pet fees or deposits listed in the lease. It will also work in your favour to enquire about pet-related amenities in the community – you’ll need to know if there are designated pet areas, and if there are any rules or conduct pertaining to pet care and behaviour.
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Renewing your lease
Often, rentals come with a 12 month lease. Once the 12 month period is up, the lease can either be renewed or carried over from month-to-month. Know, before you move in, how far in advance you must notify your landlord or agent to have your lease renewed. Often, if this step is missed, your lease will automatically switch to a month-to-month basis. Planning for your lease renewal early can help you avoid disruptions and negotiate favourable terms.
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Clue yourself up on community amenities and services
If you’re moving into a complex or an estate, it would be wise to clue yourself up on community amenities and services before you sign the lease.
Often, larger complexes come with services or facilities such as a swimming pool, communal area, fitness center, laundry facilities, security services etc. Take into consideration the value of these services and amenities before signing your lease, as well as any rules or conduct related to them.
All in all, make sure that you read your lease agreement thoroughly before signing to avoid nasty surprises once you’ve settled in your tenancy.
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