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Watch Out For Lease Hidden Fees

Lease Hidden Fees

The truth is, nearly all financial agreements contain fees that may or may not apply to the situation, but lease hidden fees in rental agreements can be an unwelcome surprise when the renter plans for one rental amount and gets charged with more.

The extra costs are put there to enhance the profits of companies. Some examples include baggage fees at airlines, smaller amounts of food in large packages, and charges for "extras" in accommodations. Those who rent out housing make their own extra money as well.

Many renters hear about the original rental fee and are happy to find that it is a good price for the housing they rent, but too often, there are extra charges for pets, maintenance, parking, and use of special amenities for which they may not be aware.

The rising number of renters has made the market competitive. Renters are looking for the best deal and landlords are looking for the best profits.

While utility fees are common, a large number of prospective tenants do not take the time to examine their leases before signing the papers. Figuring out the extra fees for utility costs is an important step when one is trying to save money. Although some landlords include the utility charges in the basic rent, some do not. In the case of multifamily housing, the utility costs may be divided between all the renters in the complex. This third-party billing is very common.

Third-party billing can be tricky and may classify as lease hidden fees. When the billing is done by a third-party, the charges may be manipulated to make a profit on the cost for the utilities. Renters should understand that some states have laws concerning this and there may be unions that are set up to inform and advocate for tenants.

Protecting Yourself from Surprise Fees

To protect yourself from lease hidden fees that are exorbitant, be sure to read the agreement, ask questions, and keep a record of bills you have paid. When you question extra fees, be sure to respond and act quickly on your misgivings.

Never sign a lease until you know the amount you will be paying, including extra fees, deposits, and the charges for the first and last month of the lease agreement and understand changes when you renew.

KEVIN O'LEARY Hidden Home Ownership Costs may make Renting a better Option

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