Renting your first apartment can be an exciting time! Whether you’re a student, moving from home for the first time, or just getting a fresh start in a new city, finding an apartment can be equally exciting and nerve-wracking. Today, we’ll review some tips to help save you stress and some common mistakes to avoid as a first-time renter. Read along to learn more!
Contents of This Article:
- Steps to Take Before Renting Your First Apartment
- Questions to Ask Your Landlord Before Renting
- Mistakes to Avoid As a First-Time Renter
- Questions? Ask Your Local Property Managers
Steps to Take Before Renting Your First Apartment
If you’re thinking about renting your first apartment, there are several steps to consider taking. After all, you want to ensure you have a budget established, a location picked out, and know what you want in a rental home. That said, here are some steps to consider before renting your first apartment.
- Determine Your Budget
- Check Your Credit
- Identify Your Needs and Wants
- Choose a Neighborhood
- Tour Multiple Properties
- Look for Red Flags
- Read the Lease Carefully
- Understand All Costs and Fees
- Consider Renter’s Insurance
- Complete a Move-In Inspection
Determine Your Budget
Before renting your first apartment, you may not fully know what expenses you’ll need to save for and cover throughout the process. As such, you’ll want to do some research and figure out what you’ll need to budget for. For instance, there are generally application fees, a security deposit, the first month’s rent, and potentially other fees or deposits, depending on your situation.
Check Your Credit
You may think your credit score and history don’t matter while applying for rental housing, but it does. So, you’ll want to obtain a copy of your credit report and check your credit score. A higher credit score can make it easier to secure a lease and could even result in more favorable rental terms.
Identify Your Wants and Needs
Before looking at any apartments, identify what you want in a rental home. List your must-have features and preferences for your next living environment. For instance, how many bedrooms do you want? Which amenities are you looking for? Identifying these wants and needs can help you narrow down your options.
Choose a Neighborhood
Some renters are tied down to a specific area or neighborhood due to school, work, or other reasons.
However, if you’re not, you’ll want to do some research to find one that aligns with your lifestyle, preferences, and budget. For instance, you may want to look for areas that are safe, affordable, and close to nearby amenities.
Tour Multiple Properties
Unless you’re in a huge rush to find a place to live, you typically don’t want to settle for the first property you tour. Consider attending multiple apartment viewings–and take notes on each one. Pay attention to details like the condition of the unit, amenities, and any issues that you may need to address before moving in.
Look for Red Flags
During property tours, pay close attention to any potential red flags you may come across. For instance, if the apartment lacks proper maintenance or has unpleasant odors, you don’t want to look past those issues. Additionally, if you’re concerned about safety or security, you may want to ask what security measures are in place to protect you and the property.
Read the Lease Carefully
Before signing the lease agreement, it’s crucial to carefully look it over. Pay close attention to terms like the lease duration, rent amount, security deposit, and any rules or restrictions you’ll need to know about. If you don’t understand any part of the agreement or have questions, ask your landlord about them before signing.
Understand All Costs and Fees
If you’re renting your first apartment, you may not understand all the applicable costs and fees. The lease contract should outline all the costs and fees you’ll need to know about. However, it’s still not a bad idea to ask and double-check what you’ll be responsible for. So, ask about utilities, parking fees, security deposit, pet fees, and any other costs specified in the lease.
Consider Renter’s Insurance
Renter’s insurance can come in handy while living in an apartment. Like homeowners insurance, renter’s insurance helps cover the cost of tenants’ personal belongings in case they’re damaged, stolen, or destroyed. So, it may be beneficial to explore insurance plans to protect your personal property from theft, fire, or other unforeseen events.
Complete a Move-In Inspection
Before moving any of your belongings in, thoroughly inspect the apartment for any existing damage. You’ll want to take photos and document any issues to avoid being held responsible for them later when you move out.
Questions to Ask Your Landlord Before Renting
Before signing a lease agreement, it’s crucial to ask your landlord several questions to ensure you understand the terms and conditions of the rental. So, consider asking your future landlord some of the following questions.
- How much is the monthly rent?
- When is the rent due, and how can I pay it?
- What are the fees for late rent payments?
- Is the lease term one year, or is it a shorter/longer lease duration?
- Are there penalties for breaking the lease early?
- How much is the security deposit?
- What is the process for returning the deposit after the lease ends?
- Do you accept pets? If so, are there additional fees or deposits?
- Which utilities are included in the rent, and which ones am I responsible for?
- How are maintenance requests handled?
- Do you require renter’s insurance?
- Is there a policy on rent increases, and if so, how much notice will you give?
- What is the procedure for moving out at the end of the lease?
Mistakes to Avoid As a First-Time Renter
You may think that you’re as prepared as can be. However, excitement can easily take over while renting your first apartment, which may lead to some minor mistakes. Let’s review some of the most common mistakes that first-time renters make so you can try and avoid them.
- Not Researching the Neighborhood- Your neighborhood greatly influences your daily life. Failing to research where you’ll live can put you far away from work, school, or important amenities.
- Skipping a Property Tour- While virtual tours can be quite interactive and detailed, they still don’t match up to an in-person tour. After all, you don’t want to sign a lease to a property that doesn’t look like the photos online.
- Not Reading the Lease Agreement- Reading the lease agreement is crucial. Skipping through it or not reading it at all can result in unforeseen fees or misunderstood rules, leading to legal issues later.
- Ignoring Signs of Neglect- Neglected properties can lead to several issues. If you notice signs of neglect during a property tour, you’ll want to address them immediately to avoid further damage down the road.
- Failing to Budget Correctly- Overspending on rent and neglecting other costs can quickly lead to financial strain. Creating a comprehensive budget that includes rent, utilities, groceries, transportation, and additional necessary expenses is crucial.
Questions? Ask Your Local Property Managers
Renting your first apartment can be an exciting yet stressful process. However, if you follow these essential tips and avoid some of the most common mistakes, you should find the process more exciting than stressful. Additionally, if you have any questions during your search for an apartment or rental home, don’t hesitate to ask your prospective landlord or property manager.
Our team of property managers here at Professional Property Management of Northern Virginia can help you with any questions you may have about the rental process. Additionally, our property managers are your go-to people for any issues, maintenance concerns, or worries about a rental property.
Whether you’re a landlord looking for professional management services or a tenant looking for rental housing, contact PPM today to learn more!
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