Renting an Apartment for the Very First Time
Are you moving out of your parent's house or have you been sharing with a roommate and thinking of taking on a lease? We help you prepare as a first-time renter.
Renting for the first time is exciting but frightening. It means a new financial responsibility and taking care of yourself which also means a lot of planning and preparation.
Fortunately, if you have the right information and you stick to a plan, which you can find with this Affordable Apartment to Rent Guide, you can make the most of your new place and you can save to buy a house at the same time!
Start with Financial Savings
You may have heard this before but a savings or financial plan is the best way to start renting. If you can save for a year’s rent upfront, you can save yourself the headache and stress of late payment or breaking a lease with your very first rental.
Remember, if you are late on rent you don’t only have this on your rental history but your credit will suffer too. This makes it harder to rent a future apartment or get approved for a home loan!
Plan for Your Expenses
Not only will you be paying rent but the security deposit, levies, and renters insurance. It is a good idea to find out exactly what you’ll be paying for when you move into an apartment. Some rentals will include the water and electric bills while others may charge separately. So if you’ve planned for a rent of $900 per month and unexpected costs are added, it takes you over $1000 and right out of your budget.
Look Around and Compare Apartments to Rent
Searching for apartments to rent online can help you compare rates. You should look at the total costs between apartments so you can find fair rates and secure properties. If you aren’t familiar with an area or neighborhood that you’re interested in, look into it first or speak to estate agents before you apply for a lease. You want to know that the area is safe and that it won’t be difficult for you to reach the city or main roads when you live there.
Successfully Renting an Apartment
To rent with rewarding results is all about steps to save money at the same time. If you can save and you don’t find yourself scraping by, you can dedicate some money to save for a house to own one day.
At the end of the day, renting is a great way to achieve independence and to learn about the importance of being financially savvy. Consider your expenses and your income so you don’t find yourself in a difficult position. Most of all enjoy the journey!