While getting ready to move into your first rental can be exciting, it can be intimidating as well. After all, renting is a huge deal and you must consider various factors.
Although renting gives room for freedom, bear in mind that freedom comes with responsibility. You’ll need to pay rent monthly not to mention the cost of utilities, food, and other bills. Before signing a lease, consider these factors if you’re a first-time renter.
Upfront Costs
Although first-time tenants recognize that they’ll be accountable for meeting the rental obligations, they can easily overlook the upfront expenses of renting. Besides the monthly expenses of renting, you’ll need to pay up in most cases before moving in-frequently before signing the lease.
Bear in mind that almost every apartment community will expect you to pay a security deposit before moving in. This serves as a protection to the property owner in case you damage the rental and skip town. Along with the deposit, you may need to pay application fees or a month’s rent before you can settle into your new rental.
Identify Your Budget
Moving into your ideal apartment will become a nightmare fast if you surpass your housing-expense budget monthly and don’t have anything for emergencies. The first thing you need to do is narrow your search to places that suit your budget.
The rent along with any utilities combined shouldn’t surpass 28%-35% of your take-home pay (this proportion may be higher you live in a major metropolitan area). Keep in mind that you’ll require money to purchase items to fill your living space, for instance, furniture and kitchen items.
Identify Your Must-have Amenities
Before you begin your apartment search, establish the must-have amenities and the conveniences you can do without. Bear in mind that it may be necessary to make a number of compromises to stay within your budget. Some must-have amenities include in-unit or on-site laundry, a parking spot, and dishwasher.
Beware of Binding Rules
Most communities will expect you to sign a legally binding one-year lease. This typically implies that you can’t move out or leave if you get a different job or disagree with a roommate without paying charges.
It’s important to note that changing roommates or including somebody else to the lease generally means the individual moving in must fill out a separate application and obtain approval.
Prepare to Apply
You’ll need to fill out an application and pass a credit and background check before signing the lease. The property owner will probably check your income as well to verify whether you can meet the rent.
To prepare for the process, you’ll require a photo ID, Social Security number, and your supervisor’s contact information. If you lack any credit or extensive work history, you may require a co-signer.
Tour rentals that meet your budget and search criteria
This is your prospective home, so your initial visit should be like an inspection. Turn on the faucets to ensure the pressure is to your standard and estimate the duration it takes to heat the water. You should also check the locks on the windows and doors to ensure they function properly.
Consider taking a phone charger with you to verify whether the outlets are functioning. If there’s on-site laundry, request to see the facility to ensure it’s conveniently situated.
Final Thoughts
Locating your first rental is a thrilling milestone although the hunting process can be stressful and overwhelming. Fortunately, this guide will help you find the ideal rental.
For more information on renting your first apartment, contact us at Apartment Agents or leave a comment
