Do you want to experience the comfort and extravagance of a luxury home in Los Angeles, but you can’t afford to buy one? A quick and convenient solution is to rent a luxury apartment instead! That way, you will get to enjoy numerous amenities and live a lifestyle that you’ve always dreamt of.
However, renting a new apartment can be more overwhelming than you imagine it to be. This article highlights a few things you must not overlook before signing on your rental agreement.
Determine a Budget
Keep in mind that renting luxury apartments may cost you more than renting an average townhouse. You should be well aware of your finances before you step into the real estate market. Renting an apartment requires you to regularly pay rent, which means that you should have enough income to pay the rent every month. When allocating your budget, try not to go beyond thirty-percent of your monthly income for the rent. Setting this benchmark will make it easy for you to search for an apartment that is not too heavy on your pocket.
Shortlist a Location or Neighborhood
Researching on the neighborhood, before heading out to rent an apartment, will prevent you from making impulsive decisions. Luxury apartments in disconnected areas have cheaper rent than those in metropolitan areas, so you may be tempted to settle for them and compromise on important factors. To avoid this, take a piece of paper and list down all your basic requirements by answering important questions such as:
- How close is the apartment building from the school, nursery, or childcare institutes?
- How long will it take for you to commute to work?
- Is the neighborhood suitable for your kids? How far is the nearest hospital?
- Are there any entertainment opportunities nearby?
Understand the Rental Process
It is always a good idea to educate yourself about the legal procedures to avoid any misunderstandings. You should prepare a document known as the renter’s resume. It includes your background information such as the last address with the landlord’s contact number, personal references, proof of monthly income, etc. A good resume helps you stand out from other prospective renters, and it convinces the landlord to decide in your favor.
Carefully Read the Contract
One common mistake that most tenants make is that they skim through the contract and skip details. A luxury apartment can offer you with several facilities, but they may have an additional cost involved. Always ask the agent or landlord about what is included in the rent and then compare it with what is written on the contract. At times, renters are told that the rent includes certain amenities, but the contract states otherwise. Verifying what is included in the rent can help you plan your budget accordingly.
You should ideally obtain a copy of the contract or any rules and regulations handout prior to signing the agreement and read it thoroughly. Some important things that you should check for in the contract are:
- Details of the beginning and expiration of the contract
- Conditions that will lead to termination of the contract
- If you are responsible to carry out any maintenance measures
- The rental price along with the amount of security deposit
- If you are required to buy renter’s insurance
- The extent to which the landlord will have access to the apartment
- Rules regarding keeping pets or allowing guest visitors
Inspect the Apartment
Be vigilant when inspecting a luxury apartment that you wish to rent. The last thing you want is to let the looks deceive you – a good looking home is not necessarily a well-functioning home. As you tour the apartment, attentively scan it for any broken appliances or damages and document them. This way, you can see if you are on the same page with the landlord and save yourself from paying for problems that you didn’t cause.
Take a closer look at:
- Leaking water, gas or sewage pipes
- Quality of electrical appliances, devices, HAVC units
- Water and electricity supply
- Functioning of faucets, windows, doors, toilets, etc.
- The condition of flooring and walls
Interact with Your Landlord
This may seem trivial, but interacting and effectively communicating with your landlord is very important. Before renting a luxury apartment in Los Angeles, make sure that you have conveyed your expectations, reservations, or concerns clearly. A good relationship with the landlord will result in a comfortable and smooth living experience.
Contact Pezzini Luxury Homes
The Pezzini Luxury Homes is a reliable real estate company in Los Angeles that is dedicated to making the rental process quick and easy for you. Call at 1-310-275-2076 and avail our expert services immediately!