If you’re about to move into your first rental, you’re probably thrilled at the thought of being independent. There’s even a high chance you’ve already researched some apartments, surveyed the neighborhood, and read whatever reviews you could find online.
However, you’re probably overlooking some important factors that you should know as a renter. Here’s a list of things you should consider throughout your apartment hunting.
1. Upfront Costs
As a first-time renter, you know you’ll be responsible for your monthly rent; however, it’s easy to overlook the upfront costs of a rental.
Besides the monthly costs of living in an apartment, you’ll almost always need to pay up before moving in-frequently before you sign the lease. Therefore, it’s imperative you plan ahead to avoid any surprises.
Bear in mind that virtually every apartment company will expect you to pay a security deposit before moving in.
The deposit serves to protect the landlord in the event that you cause any damages. You may also need to pay a month’s rent or application fees before you can settle into the new place.
2. Budget
The last thing you want is to find yourself homeless before the contract ends due to financial hardships. Therefore, you must make sure you have stable revenue to support the costs associated with rent.
Take out the loan and personal bill repayments and establish what’s available for rent. You should then hunt for apartments that meet your budget. Once you locate an apartment, inquire about utilities and establish whether it’s inclusive in the rent or whether you’ll need to pay separately.
3. Legally Binding Policies
Most communities will expect you to sign a legally binding lease for a year. This typically implies that you can’t move out or leave if you land another job or have a disagreement with a roommate without paying charges.
Bear in mind that altering roommates or including somebody to the lease typically means the one moving in must fill out a separate application and obtain approval.
4. Location
Location is a major factor when selecting an apartment. It’s usually cost efficient when you choose an apartment that’s near the workplace because you’ll save on commuting.
You need to know whether the apartment is next to shopping areas or the hospital. You also want an apartment that’s safe for your family, so establish whether the area is vulnerable to crime.
5. Pet Policies
If you plan to move in with a pet, bear in mind that numerous apartment communities have restrictions. The rules can include the kind of breeds or number of pets permitted.
Others may even have weight limits, so you’ll want to inquire before moving in. It’s also important to note that most pet-friendly buildings expect a pet deposit or include extra pet fees to your rent. You should also ensure the apartment has sufficient room for your pet.
6. Credit History
It’s important to note that some landlords need a good credit history. For this reason, you’ll find that those with low scores frequently apply for rentals because they can’t obtain approval for a mortgage loan.
However, don’t assume that all landlords and apartment managers will approve your application. While some apartments place minimal emphasis on credit scores, some communities have stringent credit requirement.
7. Available Facilities
This factor is extremely important for some people. You’ve probably discovered that you can’t live without certain facilities such as the washing machine. Therefore, you’ll want to clarify whether your desired apartment has the necessary facilities.
Final Thoughts
Finding the ideal apartment can be daunting, especially because you must consider various factors. Before you sign the lease, ensure you familiarize yourself with these factors to avoid unnecessary inconveniences in the future.
For more information on what you should know before renting, contact us at Apartment Agents or leave a comment.