Related to insurance, maintenance, location, space and facilities
Money saving advice for dealers when renting a home
Paying rent on time helps protect the tenant's credit standing. Archive
The Bankink Rites Foundation, which specializes in financial services, has presented a set of advice that helps dealers save money when renting an apartment, explaining that moving to a new home is based on several considerations that must be taken into account, to ensure maximum benefit and avoid any financial problems other than Calculated.
The corporation stated that customers will be required to pay a security deposit before moving, and it is also important to understand the laws surrounding the deposit of the guarantee, indicating, for example: “It is illegal for the property owner to say that the security deposit is not refundable.”
The foundation added that when moving, all details of the house should be verified, noting the necessary repairs and obtaining clarifications on how and when to report future maintenance problems.
She emphasized that this helps to avoid losing some or all of the security deposit upon departure and termination of the lease contract, and in return, landlords often charge non-refundable fees and potential tenants, including the registration amount, noting that here the legislation and applicable laws should be checked and costs calculated. New when moving.
The «Banking Rites» indicated that the area of the apartment affects the cost of rent, so moving to a smaller house can save money, but that means getting rid of some property and items that also have costs, indicating that once moving, the cost of the electricity bill should be reduced by rationalizing Depreciation, pay utility bills on time, to maintain a credit score, and to facilitate eventual qualification for a new rent or borrowing money to buy a home.
The Foundation explained that the location can affect the amount that the individual pays for the rent, and in general the closer the site is to the city center, the higher the rent value, but it must be taken into account how far the area is from the places where the tenant goes regularly, and instead of that, it may It is wise to live near a workplace. Living close to work can, in some cases, reduce the amount of money you spend on vehicle maintenance and fuel costs.
And «Banking Rites» indicated that paying the rent on time each month helps to protect the credit position of the tenant, and saves money and trouble with the owner of the property, noting that late payments often incur fees, and late payments can also affect the credit report of the dealer. .
She pointed out that the importance of including payments in the budget and updating them constantly, as the continuous payment of late payments will push the owner not to renew the lease contract.
The Foundation confirmed that purchasing an insurance product for tenants will provide protection for the cost of personal items that the tenant keeps in the apartment, and it also helps to repair or replace the property that was damaged in accidents, including living expenses, if the apartment is considered uninhabitable due to a fire or a catastrophic event. Else, in addition to this, it provides liability coverage that can protect the tenant towards others.
"Bank Rites" indicated that many large complexes offer amenities, such as a swimming pool, gymnasium, outdoor spaces and children's activities facilities for free, as money and time can be saved by exercising in the club and swimming on site, instead of spending money on the gym and subscribing. In a pool membership, which reduces other monthly expenses.
And she stressed that the owner should be informed in advance if he wants to terminate the contract to obtain the guarantee.
Buying a home
Bankink Rits, which specializes in financial services, has indicated that some tenants ultimately want to buy a home, so planning should start early. Instead of worrying about how to save for a home while renting, she said, they just have to take the first step, by creating and sticking to a budget, as this will help establish better financial habits.
She stated that paying old debts and making payments on time could help improve credit report scores, by allowing them to qualify for better mortgage terms.
Buying an insurance product that protects the cost of the tenant's personal items.