Renting your first apartment can both excite and terrify you. However, you have nothing to worry about if you go about it the right way. Here are some practical tips to help you rent your first apartment successfully.
Create a Checklist
Create a checklist of what you want in your dream apartment. Include things like:
Remember to separate your needs (must-haves) from your wants. That way, even if you find a suitable apartment that doesn't tick everything on your list, you can still confirm whether it meets your needs.
Understand the Inclusions
Once you find a few prospective rentals, understand what each of their rents includes. For example, apartment rent may include:
Different apartments offer different inclusions. Look for an apartment that offers all or most of the things you need if you want a move-in ready place.
Understand the Lease Agreement
The lease agreement is a legal contract between you and the landlord. The agreement contains things like:
Scrutinize the lease agreement and understand it before you sign. You don't want to sign an agreement with the hope of getting a subtenant only to find that the lease agreement doesn't allow subleasing.
Create a budget that you will be comfortable with for the duration of the lease. Your budget should include recurring expenses, such as:
Don't forget one-off expenses, such as:
Be realistic with your budget. Ideally, your rent shouldn't surpass 25% of your net income.
Consider the Parking Situation
Parking is a real problem in many places, especially in urban centers. However, there are also apartments with reasonable parking spaces. As you evaluate the parking situation, consider:
Understand the parking rules and ensure you can live with them before you sign the lease.
Good apartments are out there. You just need to know where and how to look. Ensure you do due diligence before you sign the lease. Also, you can engage a real estate agent to help you find a suitable place.
For more information about finding a studio apartment, reach out to a real estate agent today.