A big step in every young adult’s life, taking the plunge and venturing out on your own, renting your first apartment can be confusing, intimidating, and downright difficult. Your first apartment will be a learning experience and, with the right perspective, fun!
Most experts will tell you when looking for an apartment to rent; rent should not be more than 25-30% of your annual income. While you may be dying to move into that two-bedroom luxury apartment, you may not be able to afford it, and there are many factors to consider.
smart budget
Budgeting realistically for your new apartment and finding one that suits your needs is key. Take the time to look at your exact after-tax income and subtract your expenses. Include groceries, household items, phone, car payment and insurance, credit card bills, clothing, gas, Internet, health care, school loans, entertainment, and an additional category for “miscellaneous” for those unexpected expenses. What you are left with is the rental budget for your new place. Some management companies, such as 1st Lake Properties, Inc., include a flat fee for certain utilities per month, others may need to be paid separately. Keep this in mind when considering monthly expenses.
Don’t be shy, flush the toilet
Searching for that first apartment can be a long and exhausting process. Your new home should be comfortable and fit your needs, but it should fit within a realistic budget. Compromise is necessary, but don’t settle for a substandard apartment because you feel burned out. Make sure you get an actual tour of the design you choose. You should never move into a rental apartment before at least touring the community. It is most helpful to see the layout of the apartment as it gives you a good idea of where and how much furniture you may have. Sometimes the actual apartment is not available to view, in these cases it is best to view an interior to see the fixtures and finishes.
Turn knobs, open and close doors and open windows. Do you have a cell phone signal inside your apartment? Don’t be afraid to try all of these things when searching for potential apartments. While it may seem awkward, it’s a much-needed step in making sure your new home is right for you. Ask all the questions you need when you tour the apartments. You must feel happy and comfortable and the tour must be a good experience.
Lease items to consider
Once the hard part is over and you’ve decided on your new first apartment, take the time to read the lease from cover to cover. Since this is your first time renting, you are probably not familiar with the legal jargon, so try to familiarize yourself with it before you show up for the lease signing. Don’t be afraid to take your time to review the details and ask the agent any questions or concerns you may have. Sometimes a simple clarification can end in great peace of mind.
If you’re not sure what your future long-term plans may be, ask about the possibility of a short-term lease. Everything from repainting the walls to what kind of roommates you might have is usually covered in the language of the lease. Reading the fine print can make a big difference.
rent comes first
Without a place to call home, your other expenses could go out the window too. Be sure to prioritize rent above all else when payday rolls around. If money is tight, try cutting back by seeing what expenses you can reduce or completely eliminate from your expenses. If you have a cell phone and don’t use your home phone much anymore, switch to just a cell phone. If you’re going out to eat too much, try cooking at home to save money. There are always solutions to reduce your expenses and help make ends meet.
Enjoy it!
Renting your own place for the first time can be exciting and perhaps stressful. If you take the time to make sure your apartment and lease are right for you, budget your expenses, make sure your utilities are turned on, and plan for the unexpected, the transition to this new step in your life should be smooth. a smooth and fun process. .