A lease you can live with
Follow these tips before entering into an apartment lease:
- If there’s anything you don’t understand, don’t sign; take it home and think it over.
- Ask the landlord if your roommates can co-sign the lease, making them equally responsible.
- Ask someone familiar with leases to help you understand the “lawyer language.”
- See how much notice is needed before moving out and the penalty if you break your lease.
And, avoid these mistakes:
- If utilities won’t be covered by your rent, don’t include them in your monthly spending plan.
- Avoid a written lease if you can. Make a “handshake” deal with the landlord instead.
- If you have roommates, never let them read the lease.
- If the rent’s affordable now, don’t worry how often the landlord’s allowed to increase it.
Interested in becoming a homeowner? See the topic Buying a Home in the Hands on Banking Adults course.
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