Things You Need to Know Before Renting an Apartment for the First Time
- Author: Aaron McCullough
- Posted: 2023-01-31
When the time comes for you to move out of your parent’s house, you will need to rent an apartment. While you will finally be excited to enjoy some freedom, it will come with extra responsibilities. You will enjoy living independently and choosing what to do whichever time you want to do it.
Additionally, you will start paying for utilities, rent, and other services you may not have bothered about before. You need to know how to find a suitable apartment to enable you to enjoy your renting experience. Here are five tips you should consider:
1. Create a Budget
Before renting your first apartment, set a budget and save a few months before moving out. Then, follow the budget even after moving into the new apartment to have enough for utilities, rent, décor, and other things. It would be wise to avoid spending more than what you can afford when renting an apartment for the first time.
Experts advise that your rent shouldn’t exceed 30% of your gross income. Also, include all periodic expenses in your budget and leave some room for unexpected spending on your budget. It can be a great idea to find a roommate to reduce the costs by sharing the bills. That will enable you to spend the amount you’ve budgeted and save some extra.
2. Choose an Apartment Based on Your Needs
When looking for a rental apartment, find one that suits your needs. You cannot live without certain features to enjoy comfort in your new home. If you don’t have a car, you should rent an apartment that allows you to access public transportation easily. Also, you will need to find a community that helps you to live with pets if you own one.
Wants are the things you prefer to get in your rental apartment but those you can live without. For example, you may find an apartment with amenities like swimming pools, but it is not a must you live in. Hence, start by considering your needs and then enjoy if you find an apartment with some wants.
3. Tour the Apartment for a Viewing
These days, you can easily view a house that interests you online. However, it would be better to physically tour the apartment because you’ll see the kind of neighborhood it sits in first-hand. You will also see the condition of the house and its features.
Additionally, you will learn the type of people living in the neighborhood, security details, and any other information you’d like to know about the area. Request the property manager to take you on tour and ask them all questions you may have concerning the apartment and its neighborhood. List the questions before going for the tour to avoid leaving out important details you may want to find out concerning the house.
4. Ask About the Application Process
Most first-time renters may be unsure of the procedure when applying for an apartment. However, the process involves filling out application forms, checking your credit status, and paying a small fee. You will then get approval notification from the property owner within 48 hours, with some doing it minutes after submission.
Your new landlord may request you to provide a guarantor if you don’t have any credit. The guarantor will go through a credit check because they’ll promise you’ll pay rent on time. Make sure the guarantor is someone you can trust.
5. Avoid Signing the Rental Agreement Before You’ve Read and Understood It
You’ll be excited to sign the lease agreement since it will be your first time doing it. However, avoid rushing to sign the papers before reading and understanding their contents. If the contract contains some clauses you don’t understand, find a professional to explain them.
Also, ensure the property manager includes everything you agreed to while touring the apartment on the agreement. Then, get copies of the documents to always refer to when you are unsure when to pay rent, what happens if you pay your rent late, pet policy, among other issues.
You shouldn’t worry about renting an apartment, especially if you’re doing it for the first time, because the process may not be as challenging as you think. Even though you’ll have extra responsibilities like paying rent and utilities, you will enjoy the experience. The above tips will guide you to avoid making regrettable mistakes as you have a successful first-time encounter.