What is your only option when you can’t buy an apartment? You would probably have to lease one! So, you’ve saved enough money and also grabbed a good job. Now you must be all set to become a first-time renter and move out from your relative’s house. Though the feeling of moving into a new apartment after years of seeking help from your relative can be a very exciting feeling but finding a good apartment to rent can be an intimidating task. If you’re eager to leave the nest on strong financial footing, there are few vital essentials that you need to consider.
Don’t forget that moving out of your house and getting a new rented apartment would mean learning to pay off your bills on time. This would be a time when rental costs would be your biggest priority with regards to spending money. Here are important things you should know about renting an apartment that you should know before taking the plunge.
#1: Set a budget so that you can stay within your affordability
Determine the exact amount that you can afford to pay and make sure you don’t exceed 30% of your monthly income. Keep in mind your budget and then streamline your search as per your affordability even though you may have to compromise while locating a bigger apartment in a little more posh area. Always make sure you are spending your extra dollars in the best way. In case you don’t have enough budget and you’re looking for a cheaper place, try searching for a roommate.
#2: Know where you should search the right apartment
If you’re moving to a new area, than it’s very likely you won’t know much about life there until you experience it for yourself. That’s why it’s good when looking online to always try to find a local agency based in the area you plan to rent in rather than using international company. For instance, if you were to look for an apartment in Barcelona then you could use a website like OK Apartment Barcelona which allows you to enter data to find out the costs of renting an apartment up front, or if you were to search in the New York then a service such as Urban Living would provide the same experience. The staffs in local agencies know their area better and can pass that knowledge onto you. This way you can know the rental market in a better way and you can even strike a better deal
#3: Don’t pay anything unless you’ve seen it
Beware that there are several ways to be scammed and hunting for an apartment is one of the easiest way of being duped. If there’s an agent who charges you an amount for visiting the apartment, make sure it’s a red flag and if they want to you finalize renting the apartment before allowing you to visit the same, that is an even bigger red flag. So you should be alert about not exchanging any money until you’re sure about the fact that it’s going to be a legal transaction.
#4: Prep yourself to become a desirable tenant
With the present competitive market, rentals usually move too fast and hence you need you have your checkbook and references ready whenever you begin searching for your rental apartment. There are few markets where you may have to pay a security deposit, probably the first and last month’s rent, a broker’s fee, a non-refundable application fee which makes the entire amount much heftier. If you can get your mom and dad to cosign on the apartment, this could bring back the peace of mind of the landlord as he would know that he is signing the deal with someone who has a long and good credit history.
#5: Move around and check the neighborhood
Real estate agents usually talk a lot about location and this is also true with apartments along with houses. If you select an apartment entirely based on the interior, you may end up in a neighborhood which was not desired by you. You might become extremely far from work and friends. In case you’re planning to relocate for a job, it makes sense in walking through the area to get a clear idea of the place, how much is it close to restaurants, public transport, grocery stores and schools and other recreational areas. Also take a close look at how the area has been maintained.
Therefore, check everything before renting an apartment as that is the best way of making use of your dollars. Try to do it on your own as hiring a middleman increases the risk of being charged more by deceiving you as they usually tend to get commissioned.
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