3 Things You Need To Know Before You Rent Your First Apartment
Moving out on your own is exciting, but leasing an apartment isn't always a straightforward process. Although it might not initially seem like it, signing that lease paper represents a significant financial decision. You need to enter into the process with a solid understanding of your budget and your needs so you can choose an apartment that works for your lifestyle.
If you want to make your first renting experience one that you can look back on fondly, you'll need to know these three things before signing your lease agreement.
1. Lease Length Matters
Many rental properties follow a relatively predictable pattern – your monthly costs are lower when you sign on for a longer lease. The difference this makes can vary from property to property, however. You may get a significant discount by signing on with a year-long lease, but even six-month leases are often less expensive than paying on a month-to-month basis.
When deciding on your lease term, it's critical to balance how long you intend to stay in your apartment with the potential cost savings. If you know that you're planning on staying for at least a year and that the space fits your needs, it's usually a good idea to sign on to a longer-term lease. Just be sure to do a thorough walkthrough before signing on to a long-term obligation.
2. Affordability Is More Than Just Rent
You've sat down and worked out your monthly budget, but does that mean you have a clear picture of how much you can afford? Your monthly budget will consist of more than just your rent payments. While rent is likely to take the most considerable portion of your housing expenses, don't forget about utilities and other fees, such as parking costs.
Before you sign your lease, be sure to discuss any additional fees with the property owner or rental company. You'll also want to spend some time estimating your overall utility costs so you can make an informed decision about how much of your budget they'll occupy. Once you have this information, it'll be much easier to determine your maximum monthly rent cost.
3. Seeing is Believing
Before signing a lease or making a deposit, always visit any unit you want to rent in person. This step is crucial to make sure that you're getting an apartment that suits your needs. Square footage numbers and pictures don't always tell the whole story, and you're the only person who knows for sure whether a space is suitable for your needs.
Visiting an apartment in person allows you to picture your life there and better understand how you can live and work in the unit. This step is critical to making a good apartment rental decision, especially if you plan to sign a longer-term lease for the unit.
Contact an apartment landlord, like those at Flats at Springhurst, to find more information about renting your first apartment.