Moving out is thrilling, more so if it’s your first apartment. However, you could be tempted to jump for the first unit you see. It’s imperative you take your time, conduct research, and ensure the rental is the appropriate option, particularly if you intend to reside there for a while.
Moreover, you should make sure you don’t overlook the expenses associated with renting an apartment. Here’s a look at some of the things first-time renters frequently overlook.
1. Rental Charges for Additional Storage Space
If your selected unit isn’t spacious enough for all your belongings, you might have to consider storage facilities. However, you must know that you’ll incur rental charges that you typically don’t know upfront. Therefore, it would be prudent to have the extra money in case you require it.
In the event that you find the facilities too costly for your budget, you might want to consider self-storage. This kind of service permits you to rent a storage space such as lockers, rooms, and containers for a monthly fee. Remember, the cost varies depending on your location and storage size. Therefore, the smaller the space, the less money you’ll pay.
2. Security Deposit and Application Fee
New renters don’t find the initial fee surprising. But not getting a refund does. Beware that some units charge non-refundable move-in charges that could add up fast. In the event that the deposit is refundable, make sure you inspect the unit carefully with the property manager or landlord and document the condition in writing before moving in. This way, your deposit won’t be at stake when the time comes to leave.
The application fee deals with the administrative expenses related to the qualification process, including a credit and background check. These charges are normally non-refundable even if you don’t obtain an approval.
3. Renters Insurance
Renters insurance comprises some advantages available in homeowners insurance. It might cover personal liability, personal properties, and loss of use. It’s beneficial in circumstances when accidental damage occurs on your personal items or any part of the rental. It compensates the losses incurred in circumstances beyond your control.
A number of landlords expect renters to purchase coverage because it guarantees the property’s coverage. Additionally, property owners don’t have to worry about reimbursement because insurance covers the costs automatically.
If possible, you should have insurance on hand before you move to your unit. Fortunately, renters insurance is more affordable than homeowners insurance. Actually, it costs less than $200 annually, but the cost increases depending on the cost of the belongings.
4. The Unit’s Quality
When walking through prospective units, examine the interior’s quality, the appliances, and items such as windows and doors. Make sure the windows close, open, and check whether the plumbing functions properly.
Test the plumbing by flushing every toilet and turning on sinks to see whether clogs exist. If the rental includes appliances, inspect them to ensure they’re in good working condition.
It’s advisable to examine the complex’s security for instance by seeing whether there’s a guard or adequate lighting around the rental grounds. Consider stairwell and elevator access as well. You could even contact the local police to find out about the recent crime or the area’s safety.
While securing your first rental could be exciting, it’s easy to overlook certain costs or factors that could cost you eventually. If you’re a first-time renter and are uncertain about what to consider, this list is a good place to start.
For more information on the items you shouldn’t overlook as a first-time renter, contact us at Apartment Agents or leave a message.