A Lease Deposit PurchasePlan
For
______
Name
To be submitted to:
______
Individual Development Account Program
Name
Street
CityState____Zip
Phone ( )
E-Mail______
Date
Statement of Purpose
Write a short statement describing why you want touse your IDA savings and match to rent an apartment. (The word “apartment” is used throughout this Plan, but also refers to any dwelling that is rented by the IDA participant as their primary residence.)
______
Part One: Lease DepositPurchase Plan
How Much Can You Afford?
What is Your Ideal Apartment?
Identify Potential Apartments
Filling Out the Rental Application
Establish a Good Relationship with Your Prospective Landlord
Do a Thorough Inspection
Document Any Existing Damage
Don’t be Afraid to Negotiate
Know Your Lease Terms
Protect Your Belongings with Renters’ Insurance
Signing the Lease
Renters’and Landlords’ Responsibilities
Renters’ Rights
Part Two: Supporting Documentation
Signed Apartment Lease
Asset Purchase Request Form
Withdrawal Slip from the Participant’s IDA
Copy of Check from the Participant’s IDA
Withdrawal Slip from the Local Reserve Fund
Copy of Check from the Local Reserve Fund
Asset Purchase Sign-Off Sheet
Part One: Lease Deposit Purchase Plan
- How Much Can You Afford?
Experts recommend that a family spend no more than 35% of its take-home pay on rent. Spending more than that can leave you short and unable to pay other bills. Sometimes renters are also required to pay utility bills (heat, electric, etc.). Figure out how much you can realistically spend a month on housing.
Monthly Household income (Take-Home Pay): $______
X 35% = $______
(This is the ideal maximum amount that you should spend on rent and utilities. However, given the high cost of rental housing in Connecticut, many families have to spend more than 35% of their income on rent. Your IDA Case Manager will work with you to make sure that your rent cost fits within your budget.)
2. What is Your Ideal Apartment?
What are you looking for in an apartment? It’s important that your new home meets your criteria for function, safety and comfort. After all, this will be your home for the foreseeable future. You might not find an apartment with everything you want, so prioritize what you must have and what you would like to have.
___Number of bedrooms Must Have ____ Would Like____
___Washer and Dryer in the UnitMust Have ____ Would Like____
___Within walking distance of school/workMust Have ____ Would Like____
___With walking distance of grocery store Must Have ____ Would Like____
___Safe neighborhoodMust Have ____ Would Like____
___Lots of windows for sunMust Have ____ Would Like____
___No stairs to climbMust Have ____ Would Like____
___In ______school districtMust Have ____ Would Like____
___Other______Must Have ____ Would Like____
___Other______Must Have ____ Would Like____
___Other______Must Have ____ Would Like____
- Identify Potential Apartments
The easiest way to start your search for an apartment is to go online. Most big apartment complexes have a web page where you can look at floor plans, the amenities they offer, and the rent. Smaller units might only have a phone number that you will have to call and ask about available units and rent. You can also sometimes pick up a rental magazine for free at the supermarket. Here are some sites where you can search by town or zip code.
1.)Google“Apartments for rent in Hartford, CT,” or whatever city/town you are interested in. Google will bring up a map that pinpoints apartments for rent in your city.
2.)Go to Craigslist and search
3.)Go to
4.)Go to
Once you narrow down apartments by location, check to see if they are affordable and if they offer what you need.
Make a list of potential apartments and then make an appointment to see each one.
Apartment Address: ______
Contact Name and Phone Number:______
Date and Time of Appointment: ______
NOTES: ______
Apartment Address: ______
Contact Name and Phone Number:______
Date and Time of Appointment: ______
NOTES: ______
Apartment Address: ______
Contact Name and Phone Number:______
Date and Time of Appointment: ______
NOTES: ______
- Filling Out the Rental Application
When you find an apartment you like, you probably will have to fill out a rental application. The application will have questions about your income, your employment and your rental history. Be completely truthful when filling out the application! If you are not, you almost certainly will be found out and will lose any chance of getting the apartment. Filling out an application does not obligate you to take the apartment nor does it obligate the landlord to rent it to you.
Sometimes landlords charge you an application fee. The fee is usually in the $20-$30 range. Landlords check the credit reports of potential renters to screen for people who are or aren’t likely to pay their rent on time. Be sure you check your credit report first, so you know what is on it and can correct any mistakes that you see there. By Federal law you are entitled to one free credit report every 12 months. Go to to access yours.
You will be asked to provide a list of personal and professional references – three is a good number to have. Have the names and contact information ready to give the landlord. Be sure to tell your references to expect a call from the landlord.
Reference #1:
Reference #2:
Reference #3:
- Establish a Good Relationship with your Prospective Landlord
Like with everything in life, it is important to make a good first impression with your prospective landlord. Remember, s/he is a business person and will have several main concerns: that you are responsible and will pay the rent on time; that you will be respectful of her/his property and your other neighbors.
Start showing that you are responsible and courteous beginning with the first contact. Your landlord will be evaluating you just as you are evaluating her/him!
- When you call for an appointment be polite and speak clearly.
- When you visit the apartment, dress appropriately and neatly.
- Be on time!!
- When you meet the landlord or manager, offer a firm handshake, a warm smile, and thank them for meeting with you.
Be sure you ask the landlord any questions you might have. Here are some. You will probably have others too:
What is the monthly rent? ______
Are utilities (electric, heat, etc.) included in the rent? ______
How much is the security deposit? ______
Do you require last month’s rent too? ______
When is the rent due? ______
What is the mix of tenants in the building: Students? Married couples? Older people? Are there a lot of children?______
Have you had any break-ins in the past year? ______
What is the parking situation? Do I have to pay for a parking spot? ______
Do you take care of small maintenance issues or am I responsible? ______
What happens if something major goes wrong (e.g., a leak, etc.) ______
Am I able to re-paint the walls? ______
Is there a gym, pool or other amenities on premises? Is the use of these free or is there a charge? ______
Can I have a dog/cat/other pet? ______
Other: ______
Other: ______
Other: ______
Other: ______
6. Do a Thorough Inspection
As you walk through the apartment, check for the following things:
Look for signs of mold or mildew______
Look for signs of insect infestation ______
Open and close all windows and doors ______
Check that the locks work properly ______
Flush the toilet ______
Run the water in the sinks and showers. Make sure the water is hot enough______
Look for obvious damage like broken fixtures, holes in walls, broken tile, wear and tear in the carpet, etc.______
Open the closets, doors and cabinets in all rooms to make sure you will have ample storage space ______
Check the appliances to make sure they are working ______
Make sure there is enough lighting in the hallways and in the parking areas so you feel safe at night ______
Make sure that the apartment has adequate space, meets your needs in terms of noise level and gets the amount of light you prefer ______
Other ______
Other ______
Other ______
Bring any issues to the landlord before you sign the lease. Hopefully, s/he will be able to address them. If the landlord cannot/will not address your primary concerns you will know that the apartment is not a good fit for you.
7. Document Any Existing Damage
If there is any existing damage to the apartment that the landlord does not agree to fix, be sure this is documented in your lease as “pre-existing damage.” This will protect you from potential charges to your security deposit. List any “pre-existing damage” here.
- Don’t Be Afraid to Negotiate
You will want to try and get the best deal you can on your apartment rent. Other items that might be negotiable are: parking fees, storage fees, new carpets or appliances for your apartment, term of the lease or flexible move in/move out dates. Sometimes these things will probably not be negotiable, but it doesn’t hurt to try!
Before you ask your landlord to consider a cost reduction or other deal, arm yourself with information. Also, be sure to know what is on your credit report because your landlord will certainly be checking this. You do not want any surprises to come up when you are negotiating. By Federal law, you are entitled to one free credit report every 12 months. Go to access yours. Here is some information you should know before you talk to your landlord.
1.)What are comparable apartments going for in the neighborhood? ______
2.)Is the apartment building completely occupied or are there many units available? (The more empty apartments your landlord has, the more s/he might be willing to negotiate.) ______
3.)Tell your landlord why you would make a good tenant, and give her/him reasons to want to rent to you. ______
- Know Your Lease Terms
The lease that you sign is a rental contract between you and your landlord. It is critical that you read the lease (every word!), know what is in it, and understand the terms. If the landlord made any verbal promises to you, be sure those promises are written into the lease. If you see any terms you don’t like, ask to have them modified. Here are some of the things you should look for:
1.)What is the term of the lease….six months, one year, two years? Make sure the term fits your situation.
______
2.)If you have to break your lease and move out before your lease term is up, how much notice will you have to give the landlord? Are there any termination fees or other monetary penalties?
______
3.)How much is the security deposit and how can you get it back? Be sure you know what condition you need to leave the apartment in, in order to get your security deposit back.
______
4.)What is the provision for lease renewal? Your lease may include an automatic renewal clause, which gives you the right to renew your lease at the end of its term, so you are protected from having to give up your apartment if you don’t want to. Often, there is a clause in the lease that requires the landlord to notify you that your lease term is ending (usually 15-30 days prior) and to request notification from you if you intend not to renew. Even though you may think that renewing your lease is a long way off, it is important to have these things in writing.
______
5.)Be sure the correct amount of the rent, the day of the month that your rent is due, what the penalty is for late payment of rent and the name and contact information of the landlord are included in the lease.
______
6.)Are utilities included in your rent or do you pay them yourself? Be sure this is clearly specified in the lease.
______
7.)Are you allowed to make minor alterations to the apartment? If, for example, you paint the walls, do you have to repaint them to the original color before you move out?
______
8.)Are you responsible for minor repairs or is your landlord? ______
9.)Are pets allowed? If yes, is there an extra monthly fee charged pet owners? ______
- Protect Your Belongings With Renters’ Insurance
Even though you don’t own the apartment you are living in, you have possessions that have value and could cost a substantial amount of money to replace. Renters’ insurance is quite reasonable – the national average is about $16 a month. You might be able to get a discount if you buy the insurance from the same company that you have your other insurance with (e.g., your car insurance).
The insurance will protect your belongings against fire, theft, vandalism and accidents. It can also cover any damage you might do to another tenant’s apartment (e.g., if your washing machine leaks and the water seeps through the floor and ruins your downstairs neighbor’s furniture). You may be required to get renters’ insurance, but even if you are not, it is a good idea to do so.
Get quotes from three insurance companies. Be sure you find out what their renters’ insurance policy includes as well as the cost.
Quote #1: ______
Quote #2: ______
Quote #3: ______
11. Signing the Lease
Before signing the lease be sure it includes everything you discussed with your landlord and all details are correct. Be sure you fully understand your obligations to the landlord and his/her obligations to you. If there is any language you do not completely understand or feel uncomfortable with, ask questions and talk it through with your landlord until you have a complete understanding of what you are signing.
Usually at the same time you sign the lease, you and your landlord will do a walk through of the apartment. Take pictures in order to document the condition of the apartment. This is for your own protection, because you will be expected to leave the apartment in the same condition you found it.
You will need to bring a check, usually a bank check, to cover the amount you and your landlord have agreed upon. This could include a security deposit, plus the first month’s and last month’s rent. Get a receipt!
Depending on whether the apartment is empty and the start date of your lease, you will either get your keys on the day you sign your lease or later. If you are moving in at a later date, be sure to call your landlord a few days before your move-in date, just to be sure that the previous tenants are out and everything is ready for you.
IMPORTANT! Be sure to keep a copy of all the paperwork that you and your landlord sign! It can be difficult to get these documents later, especially if there is a problem.
- Renters’ and Landlords’ Responsibilities
According to the State of Connecticut Judicial Department, the responsibilities of a renter are:
- To pay the rent on time
- To keep the apartment and the surrounding areas clean and in good condition
- To keep noise to a level that will not disturb your neighbors
- To repair any damage to the apartment that was the fault of the tenant, or the tenant’s family members or guests (If there is major damage, the tenant should let the landlord know at once).
- To let the landlord know immediately if the apartment needs repairs that were not the tenant’s fault
- To give the landlord permission to enter the apartment at reasonable agreed upon times to inspect or make necessary repairs
- To let the landlord know if the tenant will not be in the apartment for long periods of time
- To give the landlord notice when moving out, make sure the apartment is in the same condition as when the tenant moved in, and return the key to the landlord.
The responsibilities of the landlord are:
- To provide a clean apartment when the tenant moves in
- To clean the common areas
- To keep hallways and entryways well lit
- To keep plumbing and heating systems working
- To maintain correctly repaired and safe stairways, porches, floors, ceilings and walls
- To ensure good locks on apartment doors
- To provide safe fire exits from the building
- To provide extermination services if the apartment is infested with pests or rodents
- To provide working smoke detectors
NOTE: You should check with the building department in the town you will be renting in to verify the responsibilities of the landlord. There can be some differences from town to town.
- Renters’ Rights
You, as a renter, have various rights to protect you. There are government agencies, on the state and local levels, that you can appeal to if you are having problems with your landlord.
For a thorough explanation of rights and responsibilities of landlords and tenants in Connecticut, go to:
We wish you much happiness in your new apartment!!
Part Two: Supporting Documents
Attach copies of the following documents:
Signed Apartment Lease
Asset Purchase Request Form
Withdrawal Slip from the Participant’s IDA
Copy of Check from the Participant’s IDA
Withdrawal Slip from the Local Reserve Fund
Copy of Check from the Local Reserve Fund
Asset Purchase Sign-Off Sheet
Connecticut Department of LaborPage 13/12/14