Tips on Renting Your First Apartment
The moment you bag your first job offer, you will want to live somewhere nice and convenient. This is when most people rent their first home. The sound of renting your first “home” will be exciting and interesting. In fact, you might be wondering if you can buy your own property. Nevertheless, renting a place comes with many advantages. You will be able to enjoy greater flexibility and freedom. Before you rent your first home, there are few things you must take into consideration.
First of all, decide how much you can afford for the home. Even before you start looking for properties, you should determine a fixed budget. Don’t go beyond this budget. To play safe, your rent should be less than 30% your monthly income. You can go less, but never above 30%. When you fix a budget, take care of your debt payments and other expenditures. You must not forget entertainment, groceries, food, and utilities. Take plenty of time before looking for rental properties.
Next, you should be keen on where you want to stay. Try to choose a place that is close to work. In the long run, you will be able to work more and travel less. If you go further away, you will spend lots of money on transportation. In case you live in a metropolitan city, staying away may reduce your rent. The trick depends on how to balance these two factors. You should travel less and yet pay a lower rent. To get a quick overview of pricing, search online or go through magazines.
To reduce your overall rent, consider finding a roommate. When you share the room with another person, you can save half of your rent! Without a roommate, you will be paying for everything in your home. All utilities, maintenance charges, and rent must be managed yourself. These chores are costly (especially, more than what you would estimate). If you are planning to live alone, go for smaller apartments. Try a small apartment with all necessary amenities and then move to a bigger one.
#4 Deals & Discounts
After you finalize on few areas, you should go through newspapers and online listings. You will be fascinated at the deals and discounts found. Landlords with budget properties often advertise on newspapers. Of course, craigslist is everyone’s favorite destination for advertising. Property management companies can also help you. Real estate agents will help you save lots of time and money. Don’t think twice to hire a real estate agent!
Search and compare as many properties as possible. Start with three or five properties. If you have more than five properties, you are bound to feel confused and exhausted. Take a good look at the property’s interior and exterior. If you are going to live alone, you must focus on safety. If a smaller apartment is safer than a bigger one, go for the smaller apartment. At all times, look for residential areas with gated communities and friendly neighborhoods.
Never rent apartments in a haste! Take plenty of time to make a wise choice. In the beginning, you will feel pressured. You may want an apartment in less than 24 hours. But remember, good things need time and effort. Don’t go only with your emotional feelings. Unsafe, rundown properties will come at cheap prices. If you choose such properties, you are making a bad move. When you rent an apartment look for properties that look good, priced affordably and are safe. (Once again, never compromise on safety).
#7 Application & Agreement
Last but certainly not least, you should complete an application and sign an agreement. Some landlords will ask for a co-signer. With a co-signer, you can cut down few hundreds from your deposit. In most cases, the deposit will be your first month’s rent. The deposit must be paid on the day you move into the property.
Few More Tips to Help You!
Here are few more tips on how to rent your first home:
- You should be clear on all terms and conditions. For example, you ask about terminating the rental document. Some landlords will let you buy out the period with one/two-month rent. Few others will forfeit your entire deposit. These are terms you must discuss and document.
- You should be clear on all amenities in the property. This includes amenities like gym, swimming pool, cable, and phone connection.
- You should understand and follow strategies that can reduce your monthly rent.
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