Renting your own space is an exciting activity that should never be troublesome and not distress you. On the other hand, renting an apartment has its advantages and disadvantages. Some benefits of leasing an apartment are lower monthly payments, you do not incur property taxes, no homeowners or fire insurance, and you do not incur maintenance costs in most cases. Apart from these financial benefits of leasing an apartment, renting one can allow you to save for your future. Leasing an apartment for the first time is time-consuming, and you might not know where to begin the task. This article discusses the steps to follow when renting an apartment.
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Look at Apartments That Fit Your Budget
You should follow one simple rule: if you can’t afford the rent, don’t look at it. There is nothing worse than renting an apartment and moving in, then a few months later, you discover you are in over your head. The look of the apartments might have attracted you, but you did not account for your budget. So before you lease an apartment, ensure you have your budget in place.
There are easy ways to find out whether you can afford an apartment. First, write down the amount you get in your paycheck per month. Second, deduct your current bills from the monthly amount. Include unexpected expenses; add about ten to fifteen percent to your costs. Estimate the amount you might spend on groceries and utilities. After including every liability, the remaining amount is what you should direct to rent expenses.
Know Your Credit Score
It is wise to determine your credit score before leasing out a high-end apartment. The register apartments are high-end apartments with guaranteed security and comfort around the clock. Some landlords of high-end apartments ask for a credit score before a tenant is allowed to accommodate any apartment. If you have no credit or bad credit, the landlord may decide not to allow you to rent out an apartment.
The property manager could also decide to increase your security deposit if they find out you don’t have an appealing credit score. In such a scenario, it is advisable to get a cosigner. A cosigner is a person who signs your lease and agrees to take responsibility for your rent if you fail to meet it. A cosigner assumes your debt; therefore, getting a cosigner might not be an easy task. So before you approach someone to ask them to be your cosigner, ensure you have all your facts and figures.
Differentiate Between What You Want and What You Need
One question you should ask yourself before renting out an apartment is what amenities you need and how costly they could be. For instance, don’t be blinded by the love of a great rooftop, deck, or amazing clubhouse. Such amenities come with extra fees. Before you rent out such an apartment, make sure you enquire about the cost of renting out a clubhouse. Moreover, don’t be dazzled by the floor-to-ceiling windows. Those windows are undoubtedly appealing, but they can cost you indirectly during various seasons like winter.
During winter, you might incur higher utility bills due to the extra energy you need to use to heat your apartment. The location of your prospective apartment is also critical since you might choose an apartment in the suburbs because they are cheap and cozy. However, you might incur extra costs like commutation expenses. You might also need a laundry cleaning facility and Wi-Fi. How you get these amenities is the issue. Consult the caretakers in the apartments to know how easily you can access the amenities.
Head to the Leasing Office
Now that you have found your preferred apartment with the necessary amenities and within your budget, it’s time to sit down with the leasing agent. You might consider bringing a payment stub, reference letters, and your checkbook. However, before you sit down with the leasing agent, ensure you save up about three times the rent and moving expenses.
Take advantage of various opportunistic times like during winter or the end month. At these times, landlords or caretakers can strike a deal. If you plan to stay in the apartment for a longer time, enquire if you could sign a longer lease for lesser rent.
Finally, before renting an apartment, make sure it meets your needs, and you will not stretch your pocket to meet the expenses. Also, ensure the property owner provides you with the best services. For example, if the property owner does not agree to lower your rent, you could ask for a freshly painted apartment, new flooring, or a better parking spot.