Being a first-time renter in the DFW suburb of Plano can be a daunting and very expensive prospect. Plano happens to be one of the most expensive cities in North Texas and apartment rental fees and deposits can be pricy.
Being a first-time renter in the DFW suburb of Plano, Texas can be a daunting and very expensive prospect. Plano happens to be one of the most expensive cities in North Texas and apartment rental fees and deposits can be pricy. With that said, finding and moving into an apartment doesn’t have to require a payday loan in order to pay these extraordinary fees. In fact, payday loans can come in a variety of types and have varied interest rates, payday loan fees and closing charges. While payday loans may be necessary for some people, there are things that you can do in order to minimize the expenses and fees that you incur during the renting process and hopefully avoid payday loans. The first thing that you should do is become familiar with common fees and deposits associated with most payday loans. As with anything, fees and deposits can vary depending on the community you’re moving to, the city you’re living in, and sometimes even the state. We’ve listed the most common fees here to assist you in understanding the process. Hopefully, this will also assist you in getting moved into your new apartment rental without the need for a payday loans or any other short term financing.
Application Processing Fee(s)
When renting at most apartments, the management is required to conduct a credit and background check on anyone listed on the lease. Because these services take time and money to complete, the rental community will ask for an application fee in order to process the application. In most cases, this fee is non-refundable regardless of whether your application is ultimately approved or not. However, these fees are often less than the deposit and other expenses and should not require a payday advance or any type of bad credit loan to secure. These fees can, however, be rolled into other specials and deals at the management’s discretion. Also, remember that a credit check must be completed for everyone that will be listed on the apartment rental lease. Therefore, in most cases, you will have to pay an application fee for everyone that will have to have the checks completed.
The security deposit will vary for every community and is used to cover any damage left to the apartment or unpaid rent after you move-out. The security deposit is typically never higher than one month’s rent but can be if you don’t meet minimum requirements of the bad credit check. Bear in mind that an apartment’s security deposit is often one of the most expensive leasing expenses and some renters may need a savings account payday loan in order to secure these funds. This is not recommended since the interest and expenses associated with most payday loan lenders is exorbitant and can be unreasonably expensive in the long run. Finding another way to secure these funds is often the best route since upon move-out the security deposit is often fully refundable.
Most apartment communities will charge an additional deposit for pet owners. If you are moving into an apartment and you are a pet owner, it is a good idea to learn about that apartment’s pet policy before signing your lease. Pet deposits also vary from community to community and can also vary depending on the type, breed, and size of your pet. In most cases, the pet deposit must be paid up front, along with any other security deposit. Occasionally, some apartments for rent will allow you to pay out any pet deposit by adding an additional amount to each month’s rent. Most times, pet deposits are also refundable. However, it is a good idea to discuss this over with management because there may be a portion of the deposit that is not refundable.
The most important thing to remember when moving into your new apartment is due date for rent payments and whether or not the apartment community has a grace period for late rental payments. Late fees, depending on your lease, can be as much as $50 with an additional amount payable for each date overdue. These are absolutely unnecessary expenses to incur and are not refundable or cannot be applied to any future rent payments. Consequently, many low income renters use no fax payday loans to pay their apartment rent when they are short on cash and want to avoid these late fees. Renters in this situation are encouraged to do the math and compare options. Often times a payday loan can be more expensive than the late fees that would have been charged by their apartment complex. Consider asking friends or family for a short term loan or even asking your employer for a paycheck advance. Regardless of your decision, knowing your communities rent payment guidelines and associated late fees is a must for all apartment renters.
Depending on the community you decide to live in, there may be an additional expense for parking. These fees can be payable to the property directly or could even be associated with the available parking spaces available. For example, if the only available parking is a parking garage not managed by the property, this can mean additional monthly expenses. Additionally, if you are one of those renters that prefer to have covered or garaged parking, there are usually additional fees associated with securing these types of options.
These are some of the common expenses when you’re considering the next apartment that you will live in. This list is not meant to be an inclusive listing of all possible fees, rather just a few examples of the types of apartment rental fees you might encounter while searching for your next apartment for rent. You should always check with the community where you choose to rent in order to become educated on any of the specifics of that property. It is ultimately your responsibility to ensure that you completely understand your lease before signing it. In addition, you can use the services of a free apartment finding service to help save time and money. The largest service in Texas is UMoveFree.com. The complaints are few and far between because UMoveFree has the more positive customer reviews and ratings than any other apartment finding alternative.
Nick Barber is a licensed real estate broker and the President/CEO of UMoveFree; one of the largest apartment finding firms in the multi-family industry. Visit UMoveFree.com for more information on apartments in Plano.