The day when you tread the path of independence and move out finally arrives. Apartments have always been the preferred choice of accommodation for young adults and college graduates. They’re usually cheaper than houses, can be shared with a friend, and often come with additional benefits, such as a fitness center, a pool, or even trash removal covered in the rental agreement.
Renting your first apartment can be exciting, but it’s essential to grasp what it involves. So, here’s what you should consider before you ink the lease.
SET UP YOUR BUDGET
Before spotting your ideal apartment, have clarity about what you can afford. Are you eyeing NYC Sublets, or merely someone in need of a roommate? If you plan to share the apartment, seal a deal with your roommate before you sign the lease, especially if you can’t shoulder the whole rent alone. A reasonable decision would be to limit your rent to 30% of your income.
Remember, your primary cost will be more than the rent. You’ll also have to account for utilities, including electricity, internet, cable, trash, gas, and water, if not already folded into the rent. If you use an app like Personal Capital, these can be conveniently added to your monthly budget.
SECURING A LEASE WITHOUT CREDIT OR RENTAL HISTORY
To rent an apartment, you generally need a reliable credit or rental history. However, if it’s your first time stepping out, you might not have a strong credit background yet. Be prepared to present proof of income and a professional reference.
Conveniently, you can verify your credit for free on platforms like Credit Sesame! It is wise to keep bank statements handy that reflect your account’s rent cover for at least three months. You might also need a co-signer. If your parents are ready to co-sign, don’t let pride get in the way.
BEFORE COMMITTING TO THE LEASE
If you’ve qualified for the lease, give yourself a pat on the back! The lease is a binding agreement between you and the landlord, serving to protect both of you. Don’t shy away from asking the landlord every small or big question before going ahead. Seek clarity on lease stipulations from others, like your parents or a lawyer, if you’re unsure. Being thoroughly informed about the agreement is key.
Be aware of the upfront fees required. The landlord usually charges a fee for running your credit background and demands a security deposit, a pet deposit/fee, and a utilities deposit.
YOUR ROOMMATE
Having a roommate makes financial sense, but precautions are crucial even while sharing with your best friend. Get your roommates to sign a co-tenancy agreement that delineates everybody’s responsibilities and liabilities. Legal hassles can be best avoided with preventative measures.
BEFORE YOU MOVE IN
Once the keys are in your hand, hold off on moving your furniture just yet. First, take detailed pictures of the empty apartment. Click snaps of any pre-existing damage. If the carpets seem dirty, consider hiring carpet cleaning services in Bloomfield, CT.
Should you spot any difficulties, inform your landlord prior to moving in. When it comes to requests for repairs or complaints, insist on written exchanges and maintain a file of these correspondences. Having well-documented paperwork can ease possible legal conflicts in future.
Welcome to the world of apartment living. The memory of your first apartment, complete with the quirks of living in a limited space, will stay with you.
What was your first apartment rental experience like?
