Renting an Apartment for the First Time? Some Things You Should Know

lease agreement contract

There are two important reasons many people consider renting an apartment instead of buying a house:  freedom and flexibility. For young individuals finally leaving the nest and going to live independently, the top priority is finding an apartment. While the hunt can excite anyone, looking for your first apartment may not be that easy.

Right here are some useful tips to help you find the right apartment.

First, decide on your budget

Living alone means that you will shoulder all the monthly expenses, from the utilities to your food. To help you determine the right rent, many experts say that it must range between 25% to 30% of your monthly income. Other expenses that will come are utilities, groceries, and entertainment, which you have to factor into your budget.

The amount of space will also affect your set budget. A one-bedroom apartment will be more expensive than a studio flat, no matter the location.

Find your preferred area

Now that you have your budget in mind, it’s time to decide where you want to live. Some factors that can affect your location is your work, the average rental cost of the place, and its accessibility to various facilities like transportation, shops, and restaurants.

List down your top five choices

When searching online or from local listings, trim down your choices to not more than five and weigh the pros and cons for each. Visit the apartments personally and ask your questions to the landlord. Take some photos and videos of the interiors and exteriors so you can remember them easily.

well lit room

Know the cost of utilities

During your visits to your potential apartments, ask about the cost of utilities that come with it. Some apartments may offer a low rent, but the average cost for electricity, water, and heating may be too much for your monthly budget. Ask the landlord if there is an included utility with the rental fee, so you will know what your other expenses will be.

Give yourself some time to decide

It may be tempting to say yes to the first apartment you like, but avoid making decisions right away. Give yourself some time to weigh in all your factors involved. Spend 24 hours or more before choosing a property so you won’t end up regretting your decision later on.

Read the fine print on the lease agreement

The most important thing to check when renting a place is the lease agreement, so you need to read it carefully. If something is not clear to you, don’t be shy to ask and verify it from the person in charge. It’s also good to have someone help you review the lease agreement so you won’t miss anything. Someone who’s been renting for a while now or knows the legalities involved in these kinds of contracts. It’s important to know your rights and protect yourself from any future troubles.

Finding your first apartment is always exciting. Having said that, don’t let that excitement cloud your judgment. Be wise and practical, and say yes to the apartment that’s right for you.

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