The Costa Mesa Blog by Torelli Realty

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Major Money Mistakes Renters Make

Was your New Year’s Resolution to finally get it together and really, actually, seriously start saving?  How’s that workin’ out so far?

No judgement here!  But we are determined to help you stay the course if you might have strayed away over the last couple of months.  You’re going to save that money this year!  You have five more months and you’re going to make them count!  But that also means we will all have to be honest about the money mistakes we may have been making lately, and maybe just stop doing some of the following things so we can get back on track.  Keep reading to find out what major money mistakes renters make, and click this link to read the full article.

1. Not reading your lease

OK, you know you’re supposed to read your lease, and you mostly did, but it’s lo-o-o-ng and full of jargon. So you probably just skimmed it instead.

But that can come back and bite you. Hard, and in a place you don’t want to get bitten.

“The biggest mistake renters make is not understanding their lease,” says Bennie Waller, professor of finance and real estate for Longwood University in Farmville, VA. “Many tenants sign the lease without reading or understanding the consequences.”

The financial consequences: Only paid attention to the beginning of the lease? The end of the lease could include an automatic renewal clause, leaving you stuck paying early termination fees if you want to move out. Didn’t read the security deposit section? You might have just agreed to a $150 nonrefundable cleaning fee (like we did).

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