Tips for First-Time Renters
So you've decided to rent but you're a little leery. It's understandable. There are so many choices out there that it can be a little overwhelming. There are also many questions in your mind. Who do you send the check to? Do you pay every month? Can you pay a year's worth of rent? Do you really have to sign a lease? Following are a few basic steps that can hopefully lead you in the right direction.
Save that Cash
When you rent an apartment or home, you will have a priority bill every month and that's your rent. Whether you have a great job or just lost it, you will always have to pay your rent. That's where budgeting and keeping track of you money comes in. Your rent should never be more than 25 percent of your take-home pay. That way, you should have enough money for entertainment, food and other bills. Also make sure to ask what other bills you have to pay with your rent. You may have to pay for water, trash/sewer and gas, so make sure you budget that in as part of your rent so you always have that covered. You may have seen that beautiful two bedroom luxury apartment with all new appliances but if don't make enough money for all the bills, an eviction will look bad on that credit report.
Seeing is Believing
When you find an apartment that seems to meet all your need, make sure you get an actual tour of the layout that you choose. Moving into an apartment before actually seeing it is a big mistake. If you see the apartment, it gives you a good idea of where and how much furniture you can have. When you go on the tour, it's fine if you want to "kick the tires," so to speak. Turn those faucets on, test the shower and flush the toilet. Listen closely to see if the walls are thin. Do you hear a lot of traffic noise? Do you get a cell phone signal inside your apartment? All these things should come into play when you pick your apartment. You should be happy and comfortable and this should be a good experience.
Read the Small Print
Before you sign that lease, read it from cover to cover. Since this is your first time renting, you probably aren't familiar with the renting lingo, so familiarize yourself with it before showing up for the lease signing. Once you've signed that lease, you are legally bound to it until it is up. If you think that you may have to leave because of your job, make sure there is a job transfer clause in the lease. Everything from re-painting the walls to what kind of roommates you can have is typically covered in the lease. Making sure you read the small print can make a big difference.
Renting your own place for the first time can be exciting and a little stressful. If you remember to read everything on your lease, budget your money, make sure your utilities get turned on, look into renters insurance and plan for the unexpected, transitioning into this new phase of your life should be a smooth process.