If we are in the Starter Financial Life Stage then we are probably moving out of our parent’s house. When we are moving out we have to consider the many pros and cons of leasing an Apartment. Leasing our first apartment can be very over whelming and we should be prepared and know the rights that tenants have. We should have a basic knowledge of Lease Agreement Forms as well as the Lease Laws available for tenants.
For a first time renter there are several pros of leasing an apartment. As a Starter in the Financial Life Stage Cycle we may not have a lot of accumulated possessions. Therefore, a pro of leasing an apartment is that we have the option to lease a furnished apartment.
Having a fridge and stove included in our lease agreement can be a big help when we are leasing our first apartment. Apartments can be leased semi furnished or fully furnished. Fully furnished apartments are usually available for long stay Travellers and International Students. As per our lease agreement a fully furnished apartment can include a fully furnished bedroom along with other furniture such as couches, chairs, tables, and small kitchen appliances such as a toaster and microwave.
A con of leasing a furnished apartment is that the furniture is not ours. Other tenants and residents have slept in the bed and used the appliances. However, this is also true with a semi furnished apartment. Whenever we lease an apartment whether it is fully furnished, semi furnished, or not furnished at all, we must always keep in mind that someone else lived there before us.
Another pro of leasing an apartment is that we only have one monthly bill to pay. In some circumstances tenants are responsible for paying their own utility bills such as heat, hot water, and electricity. However, in most circumstances tenants pay one monthly rent to their landlord which includes all utilities.
Leasing an apartment is also beneficial to tenants because as per our lease agreement we have no responsibility or liability for the well being and upkeep of the apartment building. We are responsible to keep our apartment clean and in good order, but we have no responsibility to repair any damages such as the plumping or appliance malfunctions. As tenants we also do not have to shovel snow in the winter and cut grass in the summer.
The con to leasing an apartment is that our landlord owns our apartment and we are just renting the space. Landlords have access to our apartments any time they want. The details will be stated in our lease agreement which stipulates the conditions under which our landlord can enter our apartment. Most lease agreements state that the landlord must provide 24 hours notice to a tenant when they wish to enter an apartment. However, emergency circumstances such as water damage may allow the landlord to enter a leased apartment whenever they feel it is necessary.
There are several pros and cons to leasing an apartment. Leasing an apartment is definitely better for budget reasons because we only have one monthly bill to pay, and we don’t have to worry about any additional costs such as property taxes. A con to leasing an apartment is the invasion of privacy that comes with living in close proximity to several neighbours.
Before we sign a lease agreement it is important to fully read and understand what we are signing. It is also beneficial for tenants to understand the lease laws in their city before they sign a lease agreement.
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