Things to Consider Before Renting Your First Apartment
Renting an apartment for the first time can be exciting, but it is slightly scary and challenging. After all, you will navigate in new areas, paying monthly bills and there are a lot of questions you need to ask yourself. Below are several things to consider before renting your first apartment
It’s essential for you to get renter’s insurance
Sure, you don’t want to add another monthly bill. But renter’s insurance will save many of your essential possessions if a fire happens, a disaster or if your apartment is burglarized. Think about the stuff you own, if something happens, sure you cannot afford to replace it all out of pocket. Fortunately, the renter’s insurance is very affordable – it’s usually $20 or less a month. Many landlords now require renters to have renter’s insurance.
You don’t have to rent for a full year
While many renters sign a one-year lease, meaning they will pay one-year total rent, some landlords are more flexible and offer semi-annual lease agreements. Why opt for a full year rent when you find it burdensome. If you can’t afford to sign a twelve month lease, you may want to try to look in another neighborhood and consider a six-month lease option.
Signing a more extended contract can save you money
Some landlords offer a discount on their monthly rent for renters who sign an 18-month or twenty four month lease term. Landlords sometimes offer discounts for long term lease because it’s easier and there are less expenses when recruiting a long term renter. A long-term lease can be beneficial for you and the landlord.
Utilities might be covered under your rent payment
Utilities like electricity or water are sometimes included by in the base rent. Others may require you to pay for that separately. It’s essential to determine your situation will be regarding utilities before you sign a lease (and before you start the air conditioning unit), only to get a surprisingly big amount for utility bill.
Knowing your community rules is more important than you might think
Most apartments have policies to provide guidelines to renters regarding visiting hours, quiet hours, pet restrictions, and discarding your trash. So you need to make sure of the rules before you move in and stay updated with the community policies.
You should know how much it’ll cost you if you have to break your lease
It is always for the benefit of the renter to avoid breaking a lease. Because it’s always the tenant who’ll take the risk such as penalty and the forfeiture of a their security deposit. To prevent this, it’s important to check out the lease and understand the policy in advance so you’ll know what to expect if you find it necessary to move.
Your lease might automatically renew
Some of the lease agreements in many properties automatically renew, but others require renters to let the landlord or property manager know whether they are interested in renewing the lease or leave at the end of the lease term, this is often done within a 30 day period before the contract is up. If you fail to do so, you could be required to pay a penalty.
What you’ve told might be different than what’s on your lease
Make sure all terms of your new lease is in writing. It’s important to confirm that the terms of the lease match to what you’ve been told.
You may not be allowed to add a new roommate
Some landlords or property managers won’t allow you to get a roommate before your original lease is up. If you’re planning to add a roommate in your apartment or know your current roommate isn’t planning on staying for the full lease, it’s important to ask the landlord.
All things to consider!