subject: Taking the Plunge! Tips for First Time Renters [print this page] Taking the Plunge! Tips for First Time Renters
A big step in every young adult's life, taking the plunge and striking out on your own, renting you're first apartment can be confusing, intimidating, and downright hard. Your first apartment will be a learning experience, and with the right outlook, a fun one!
Most experts will tell you when looking for an apartment for rent; the rent should be no more than 25-30% of your annual income. While you might be dying to move into that two bedroom luxury apartment, you may not be able to afford it and should take many factors into consideration.
Budgeting Smart
Budgeting realistically for your new apartment, and finding one that suits your needs, is key. Take the time to examine what your exact income is after taxes and subtract your expenses. Include food, household supplies, phone, car payment and insurance, credit card bills, clothing, gas, internet, healthcare, school loans, entertainment, and an extra category for "miscellaneous" for those unexpected expenses. What you have left is the rental budget for your new place. Some management companies, like 1st Lake Properties, Inc. include a flat rate for certain utilities per month, others you may have to pay separate. Keep this in mind when considering monthly expenses.
Don't Be Shy, Flush the Toilet
Searching for that first apartment can be a long and tiring process. Your brand new home should be comfortable and suit your needs, but fit within a realistic budget. Compromise is necessary, but don't settle for a sub-standard apartment because you're feeling worn down. Make sure you get an actual tour of the layout that you choose. You should never move into an apartment for rent before at least touring the community. It's most helpful to view the layout of the apartment as it gives you a good idea of where and how much furniture you can have. Sometimes the actual apartment is not available to view, in these cases its best to see an interior to view the fixtures and finishing's.
Turn knobs, open and shut doors, and open windows. Do you get a cell phone signal inside your apartment? Don't be afraid to test all of these things out when you're looking at potential apartments. While it may feel awkward, it is a very necessary step in making sure your new home is right for you. Ask as many questions when touring apartments as you need. You should be happy and comfortable and the tour should be a good experience.
Lease Items to Consider
Once the hard part is over and you've decided on your brand new first apartment, take the time to read the lease from cover to cover. Since this is your first time renting, you probably aren't familiar with the legal lingo, try to familiarize yourself with it before showing up for the lease signing. Don't be afraid to take your time combing through the details, and ask the agent about any questions or concerns you may have. Sometimes, simple clarification can lend to a huge peace of mind.
If you're unclear about what your future plans may be long-term, ask about the possibility of a short lease term. Everything from re-painting the walls to what kind of roommates you can have is typically covered in the language of the lease. Reading the small print can make a big difference.
Rent comes first
Without a place to call home, your other expenses might as well go out the window. Make sure to prioritize rent above all else when payday comes. If money is tight, try to trim down by seeing what expenses you may be able to cut down on or remove completely from your expenditures. If you have a cell phone and no longer use your home phone very much, switch to cell phone only. If you're going out to eat too much, try cooking at home instead to save money. There are always solutions to trimming your expenses down to help make ends meet.
Enjoy it!
Renting your own place for the first time can be exciting and perhaps stressful. If you take the time to make sure your apartment and lease are right for you, budget your expenses, make sure your utilities get turned on, and plan for the unexpected, transitioning into this new step in your life should be a smooth and fun process.
