Importance points before renting your first apartment

 Importance points before renting your first apartment

When it comes to renting your first apartment, it might seem overwhelming, but if you break down the process into smaller steps that you can take one at a time, you'll be able to search confidently and not miss any important details. If you get down to business ahead of time, you'll have a super smooth moving day with a celebratory pizza delivery dinner (the classic of moving day meals) — and yes, a dining area rug. table. ,

Step 1: Find out how much rent you can afford

While it's easy to be swayed by an out-of-budget apartment, knowing and sticking to your budget will prevent long-term financial stress.. Getting your first place may require you to make some lifestyle compromises to meet your budget, so figuring out what you can give up and what your lifestyle requires is a step beyond your financial calculations. An important step.

Find a rental range by looking at your monthly income, savings, and any debt (such as student loans, credit cards, or car payments). In the modern city, you may need to spend over 50% of your income on housing, which goes against conventional wisdom. It is important to leave money in your budget for food and transportation in addition to the maximum rent you can afford.

Then list your top lifestyle priorities. Do you need to be near public transport to get to work? Is it more important for you to be alone or to be together? Chances are you'll save money by living with roommates because you'll be covering the cost of common areas like the living room and kitchen instead of all of those costs.

Other things to consider are the location of your apartment and the amenities it offers. In general, you will pay more to live in larger cities, especially the closer to the city center. If you want an urban lifestyle, you'll be spending more time outside, so it's usually possible to get less living space. If you stay home more or spend a lot of time out of town, you may want to consider living further from the city center (usually at lower prices) as long as you can still travel within a reasonable time frame. ,

Step 2: Find out your credit score

If you are a first-time renter, the term credit score may be completely new to you. A credit score is a three-digit number based on your credit history that banks, credit card companies, auto loan companies, insurance companies and landlords use when making lending or leasing decisions.

Your credit score is a key element of your credit report, giving your landlord or property management company an overview of how you've managed your bills, loans and general finances over the years. Some landlords will run a credit check to determine your credit history; While others will ask you to provide a copy of your credit report. The credit score you'll need to rent an apartment will vary by location and other factors, but in general, a higher credit score makes you a more competitive applicant.

If you have low credit or haven't built your credit yet, there are definitely ways to find a good place to live. A common solution that many college students and young professionals use to secure a lease is to have a guarantor or co-signer. Even if you have to pay the rent yourself, you may need a co-signer to secure your lease. In the event that the tenant does not pay the rent, a guarantor will sign the apartment rental agreement on behalf of the tenant and guarantee the payment of the rent. Usually, guarantors are parents, families or close friends who are willing to stand behind the rental contract.

Step 3: Do your research

Your new residential apartment is where you want to relax and recharge after a busy day out in the world, so take the time to find the space that's right for you. During the showing, see all of the home's common areas, outdoor spaces, and all of the amenities, such as parking, fitness centers, and laundry facilities. It is perfectly normal to check taps, appliances, doors and locks and take measurements of any furniture that needs to be fitted.

Make sure you are comfortable with the security level of the building, the level of noise in the building and the type of lighting the apartment will receive. Also consider what you'll need to get in, such as whether there are stairs or an elevator, how many floors you'll be climbing, and how close you can park on moving day.

If you're doing a virtual showing, double-check everything you'd check in person by asking the host or agent to come over. Don't hesitate to ask for room dimensions, ask the agent to try out appliances or fixtures, and ask to see rooms outside the apartment. Virtual shows are becoming more and more common, and both you and your host are looking for a win-win situation - ask questions and they'll be happy to answer! If not, this apartment may not be for you.

If you plan to live with roommates other than individual house, carefully check the people you will be living with. Make sure your potential roommate is a good fit, beyond first impressions and preferences. The things roommates dream about are similar work schedules, similar lifestyles, and living under the same roof. Find out what their personalities and lifestyles are before you move in with them.

Step 4: Understand the terms of the lease

Be sure to read every word of your lease, as it is legally binding! It's also a resource for you as a tenant to have when you move in. Not sure if you can put picture hangers on the wall? Your lease will tell you this and you can always refer to it if you have questions. It will also cover basic information such as what your monthly rent payment is and how rent increases will work. If you're lucky enough to find a rent-controlled apartment, your lease will break down these regulated increases so you can plan accordingly.

Before you sign a lease, make sure you understand the terms of the commitment period (month-to-month or year-round), rules about pets, parking and security deposits, and what the landlord will pay versus what you will have to pay. Responsible care. Before signing, ask questions and clarify any terms you don't understand with a family member, friend, or visiting the Internet.