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Virtual Housing 101 Continued
Walkthroughs and Information Gathering
Before you sign a lease, it is important to do your research. You don't want to
sign a lease for the wrong reasons . . .be informed consumers so you won't get in
a sticky situation later. Gather lots of info about each complex you're interested
in. Keep a journal of what each place has (pool, business center, workout center,
own bathrooms, etc) so you can compare your options later. Do a walk through of the
apartment that you want. Don't settle for just walking through the model. Go talk to
the residents to find out the details about the place and how the landlords are. You
want to look at the neighborhood that the place is located, the parking availability
go at night to see how much parking availability there is when most people are home),
and the grounds surround the residence (gravel, lawn, small yard). When you've
completed your journal, weigh the pros and cons (don't forget price) and decide
what you want. After you've decided, you can go get a copy of the lease to look
over. Don't sign it yet. We'll talk about that in a second. |
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Leases, Leases, Leases
Leases are the next step in our virtual program. The concurrent picture maybe a little
fuzzy, but here's the jist . . .Leases are legally binding documents that you cannot get
released from (unless you join the military). In the lease game, there are two major
players, Individual and
Group. Individual leases are signed by one tenant of the apartment
and include financial responsibility for 1 bedroom and 1/x of the common areas (x being
the number of tenants in the residence). If a roommate has to move out or causes
inordinate amounts of damage to their area, the other tenants are not held responsible
for their roommates actions. Unfortunately, individual leases are exactly that
. . .individual. Landlords have the right to allow anyone to sign an individual lease
and move into a vacant bedroom in an already established "home".
Group leases are signed
by all potential tenants. Group lease signers do not have to worry about a "random"
person being placed into their residence; however, group leases make each tenant liable
for the actions of the other tenants including moving out or excessive damages.
Leases
can be altered by an agreement and consequent initialing of any changes made to the lease
by both the tenant and the landlord.
When you go to sign a lease you may encounter the following:
Guarantor's Signature: This is basically a "co-signer"
on your lease to ensure that
someone will pay for your responsibility if you fail to do so.
Application Fee: Some places require a housing
application to be filled out and sometimes they even charge a processing/application fee.
Waiting List: You'll probably be hearing a lot about waiting lists and places filling
up, but don't worry. Most likely, the waiting list is established to help the complex
determine which current tenants will be returning the following year and therefore how
many units they have available to offer potential renters (YOU!).
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Security Deposits
Security Deposits are an essential aspect of renting an apartment, house or
townhouse. They are made at the same time as you sign your lease (which you've
read and understand). Security deposits usually consist of one month's rent; however,
they can be as high as two months rent. More than that is against Virginia law. You
may be able to pay a higher security deposit to forgo the need for a guarantor's
signature (above). The purpose of a security deposit is to assure the landlord that
he will receive their property in the condition it was given. Basically it's like an
insurance policy for the landlords. You do have the potential to get this money back
at the end of your lease, providing you don't trash your apartment. The best way to
ensure that you get back the majority of your deposit is to fill out a damage
checklist within the first 5 days of tenancy. On this checklist you should spend at
least an hour detailing every imperfection, scratch, burn or flaw you can find. You
can get a copy of a damage checklist.
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