For young folks who don’t want to find themselves tied down to one place for too long, or for any number of other reasons, you may find yourself looking at real estate leasing. Maybe you’re looking at homes or apartments for rent, or maybe you’re lucky enough to be looking at renting luxury apartments. Whatever your preference, there are some things you should be aware of when looking to rent. Here are some tips that might be useful whether you’re a first time renter or a tenth-time renter.
1. Remember the Costs Upfront
When renting, you’ll often have to pay some small fees for signing the lease, as well as a security deposit and the first and sometimes last month’s rent. The security deposit can range anywhere from a low fixed cost to one or one and a half month’s rent. As long as you take care of the place, you’ll be able to get that deposit back when you move out. Make sure to budget ahead and keep track of your finances so you don’t run into any last minute situations.
2. Find the Right Home for Your Budget
It is commonly recommended to spend no more than a third of your monthly income on rent. Obviously, the lower rent the better, but it’s important to keep in mind location and amenities as well. If you rent a place with a washer and dryer, you’ll save on laundry. A home closer to your place of work will save you money on gas over time. If you can afford the place with the nicer kitchen that will make you want to cook instead of eating out, go for that place. Try to gather the most all-encompassing budget calculations when making your decision, whether you’re looking at renting luxury apartments or a college-town studio.
3. Do You Have Everything You Need?
This one mostly applies just if you’re moving out for the first time, but it can be useful to anyone who isn’t taking everything with them. Do you have all the items you need to get by? It can be easy to forget things like pots and pans, enough towels, cleaning supplies and landscaping tools if you’re renting a home. If you’re short on any of these things, ask friends or family, or check some local thrift stores or yard sales and you might find some gems.
4. Ask About Utilities
If you are lucky, some of the utilities will be included in your rent, especially if you’re renting luxury apartments. If you’re like most people, you’ll be paying for at least some of your utilities. Talk to your landlord or leasing company and find out what you’re responsible for each month and some range of what the cost might be for each. If you’re lucky, your electric will be included in your rent!
Do you have any tips for prospective renters? What about any experiences you’d like to share? Let us know down in the comments below!