Admin

Tenants - Reading Your Lease Can Save You Big

By
Real Estate Agent with NEPTUNE REALTY 0225-075558

Reading her lease more carefully, she began to realize that the pet she had adopted and brought into her rental home was going to cost her.  Her mind raced at the possible penalties.  If the property manager fAbsolutely Adorableinds out, it IS a violation of the lease.  That’s why he said at the lease signing, "You must get permission for a pet in the property, even as an overnight guest", she remembered thinking about Aunt Millie visiting and bringing Muffin.  But what would a lease violation really cost? 

 

Here’s the answer, it may surprise you.

 

For starters, you would have to get rid of the pet immediately and have the carpets professionally steam cleaned with pet deodorizer additive.  Then there’s a penalty every month or part of a month (a day is part of a month) the pet was in the property and that penalty is retroactive! Don’t forget the administrative fee for the property manager having to document the lease violation.  Two lease violations in a year and the rent automatically increases significantly to the default rate because you have demonstrated that you are either unable or unwilling to honor the agreement you signed. 

 

Of course, if you get behind on your new higher priced rent, you’ll be experiencing late fees and legal fees if it becomes necessary to obtain a judgment against you.  From there, your bank accounts or employer wages could be taken to satisfy your debt.  Not a good position for you to be in and it does not do good things for your credit score either.  We all have heard that worse credit scores result in higher insurance rates and more difficult approvals for renting a home.

 

If things get really bad, you could find yourself facing an eviction.  Not only does that look bad on a credit report, it makes finding a rental property that will approve you more difficult and more expensive when it is available.

 

The Takeaway: Tenants, talk to your property manager BEFORE you think about adopting that adorable pet and save yourself thousands of dollars and hundreds of hours of your life. 

Posted by

Search the MLSDrick Ward, Realtor and Broker Associate    757-575-5156

Neptune Realty - Virginia Beach, Virginia

 

Contacts Information 

Comments(0)