Checklist of Things to Know as a First-Time Renter
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Loading... - Sylvia Shaaban
- 01 Aug 2022
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Being a first-time apartment renter is an exciting milestone in your life, whether you are leaving your parents’ home, making the move to a new location, or have recently graduated from college. Of course, learning how to rent an apartment entails additional duties and responsibilities and the freedom to select the ideal location. So here’s a checklist of things to know as a first-time renter.
Even the most ambitious and organized first-time apartment renter can get overwhelmed with the process. Although there are certain hassles associated with relocating, such as apartment hunting, agent fees, budgeting, packing, and other issues, it is worthwhile. We created a first-time apartment tenant checklist with all the information you require for a successful move to make the transfer as easy as possible.
Determine Your Budget
It’s common for first-time apartment renters to either overestimate or underestimate how much they can spend on rent and other necessities. According to this article, 25% of your monthly salary should be enough to save up for rent. This means you need to look for ways to cut costs like teaming up with a roommate or creating an income-generating side hustle that can help offset your rent and living expenses.
Choose Your Neighborhood
Narrowing down your dream neighbourhood as a first-time apartment renter can feel daunting. To narrow down your choices, consider the following:
· How close am I to work?
· Do I prefer driving, public transportation, or walking?
· Do I need quiet or want to live in the middle of it all?
· Is my dream location more expensive than the surrounding neighbourhoods?
· How far do I want to be from restaurants and attractions?
The more you can narrow down your preferences, the easier it is to settle on the perfect location for you.
Decide if You Need a Roommate
Figuring out how to rent your first apartment can feel impossible if finances are tight. Depending on where you live, renting can prove incredibly expensive. If rent soars above the 25% recommended rule, consider looking for a roommate to split the rental costs. But before you start tapping your network, make sure to weigh the pros and cons of having a roommate and whether or not you’re willing to make compromises along the way.
Once you’ve decided that a roommate is right for you, it’s time to start finding a roommate. Consider what makes a compatible roommate and what kind of lifestyle you want, and what you can’t tolerate. Here are some ideas:
· Are parties allowed, and if so, how big and how late?
· Do you need to live with someone excessively clean?
· Do you care if a roommate comes with a pet? And therefore, will you need a pet-friendly apartment?
· How long can guests stay, and how often?
· Whose name will the utilities be in and how will you collect payment from the other?
· Who will buy the furniture, and who takes it with them if someone moves out?
It’s also important to keep in mind what will make your roommate happy and what kind of conditions they prefer. You can include all of those conditions in your future roommate agreement.
As a first-time apartment renter, a roommate can be a big win. You could end up as lifelong friends, keep your costs down, and enjoy the support and comfort of having someone around. Read More…
