Renting comes with less paperwork than owning, but the documents you do have matter. Keeping them organized can help you resolve disputes, handle emergencies and get your security deposit back. It can even make life easier when you are ready to buy a home.
Your lease is the most important document you have as a renter. It spells out your move-in and move-out dates, rent amount and due date, late fees, pet rules, who handles which repairs and how much notice you must give before leaving. Keep a signed copy, along with any renewals or addendums, and reread it before you renew or move.
Many apartment communities and some landlords have separate house rules covering trash pickup, parking, quiet hours, pool hours and how to pay rent. Sometimes these are part of the lease and sometimes they are a separate handout. Either way, keep a copy so you know what is expected.
When you move in, take dated photos or video of every room and note any existing damage. This can help protect your deposit when you move out.
During your lease, learn how your landlord wants maintenance requests submitted, whether through an online portal, email or a phone call. Then keep records of:
A paper trail is helpful if a repair is not completed or if a small issue turns out to be part of a larger problem.
Your landlord’s insurance typically covers the building, not your belongings. Renters insurance can help protect your possessions and may include liability coverage. Keep a digital copy of your policy and a printed copy in a safe place, and know how to file a claim. It is also smart to keep a simple home inventory with photos of valuable items.
Pool passes, parking permits, gym cards, mailbox keys and gate fobs are easy to misplace, and some communities charge to replace them. Keep them in one spot and note which ones must be returned when you move out.
Keep proof of every rent payment, whether that is bank statements, online receipts or canceled checks. A consistent rent payment history can be useful later, since some loan programs may consider it, and it protects you if there is ever a dispute.
If you are getting tired of rent increases, now is a great time to learn your options. Organized records will make the mortgage application process smoother. Check out our first-time home buyer page or explore low down payment options.
When you are ready to see what owning could look like, reach out to FLO Mortgage. A loan officer will be happy to help you plan the move from renter to owner.
A FLO Mortgage loan officer can walk through your options, run real numbers and help you choose a loan that fits.
This article is for general education and is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines and program availability. FLO Mortgage, Company NMLS #1835856. Equal Housing Opportunity.
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