Entering into the condo market as a renter for the first time can be an exciting opportunity to explore the real estate market without committing a large percentage of your finances. It is for this reason that condo renting is becoming an ever more popular living arrangement across North America, as millions attempt to consolidate their savings. There are a few difficulties however that can be encountered by those who do not adequately research the field of condo rental. Within this article, we’ll focus on four key mistakes that are made by first-time condo renters.

1) Forgetting Renter’s Insurance

Renter’s insurance is one of those small investments that you can make that can pay large returns should you ever have to use it due to property damage or theft. This is your tool for financial protection in the future, and without it you could be left to pay exorbitant amounts of money for any damage that you or someone within your home may cause to the property. The average renter’s insurance policy only costs about $25-40 per month and therefore it will be more than worth the expense in the event that the coverage is ever utilized. Consider contacting local insurance brokers immediately upon signing the rental agreement.

2) Not Reading the Fine Print on the Lease

The lease that you sign is a legally binding contract that connects you to the property for a certain period of time. Within this legal document there will be a number of stipulations as assigned by the landlord that you must abide by while you are living within their property. Oftentimes these are simple rules to uphold such as not bringing any pets into your home and limiting the amount of guests you have at any one time. However, some rules placed within the lease may involve important information about increases in rental fees at set times. It is for this reason that each part of the lease must be examined closely in order to ensure that you’re not signing a document that could place you in legal difficulty in future.

3) Not Asking About Utilities

While many condo rental units will include the price of utilities in your monthly rent, not all of them do. It’s important to speak with the owner of the building directly when you move in about how much you’ll be paying in terms of utilities. In addition, you will also want to organize your move-in date directly with the landlord ahead of time so that they can ensure that all utilities are in working order for when you move in.

4) Failing to Inspect the Property Thoroughly

Before you begin the process of moving all of your belongings from your old property to the new rental condo, you must first complete a thorough inspection of the new condo. During this inspection make sure to take note of any damage that you see within the property and speak directly with the landlord about that damage the next time you see them. Additionally, inspecting the property before the move will allow you to see if there any serious issues, such as damaged or broken air conditioning, that would make the condo unsuitable for you. » Read more: Top Four Mistakes Made By First-Time Condo Renters