The time has come for you to step into your independence. Maybe you’re getting ready to graduate from college, leaving your parents’ house, or are bouncing back from hard times (in which you were staying with friends), but you’ve got your mind set on getting your first place. As you shop for the perfect pad to move into, here are a few things you’ll need to know about renting your first apartment.
It’s a Legally Binding Contract
When renting your first place it is important to take the entire process seriously. You may not be bound to the property by a 30 or 15-year mortgage, but you still have obligations and responsibilities as a tenant. If you don’t keep up your end of the bargain, you could face consequences that include eviction, loss of your deposit, and even lawsuits.
No matter how amazing a potential apartment looks it is imperative that you read the lease agreement in detail before signing on the dotted line. Your lease spells out everything that is expected of you as well as things that are forbidden. Failing to read it thoroughly could put you at serious risk of the consequences.
Your Credit Matters
Landlords often run a credit check on their potential tenants. They ideally want to find out how risky it would be to lease a place to you. From your credit history, they can see what types of accounts you have and how responsible you are with managing them. A poor credit history would signal a red flag which could get you rejected.
If you haven’t done so already, now is the time to clean up your credit. The quicker you can clear up large balances, past due accounts, or collection accounts, the faster your credit will improve. If you can work out settlements with creditors, you can always use the funds from bad credit personal loans to get the balance down.
There Are Other Expenses
You don’t want to start renting your first place and end up in financial trouble. Unfortunately, this happens a lot. Though there are some rental properties that include the cost of utilities or property services, there are other expenses you’ll need to account for on your own.
Outside of the rent, you’ll also need to budget for renter’s insurance, gas, electric, water, television, and internet services. This does not include typical living expenses like groceries, clothes, gas, and more. To minimize the chances of you falling behind, make sure that you find an apartment you can afford in addition to these other long-term costs.
Renting your first apartment is an involved process that should be taken seriously. Though shopping for the most aesthetically appealing and space with rent you can afford might seem like the only thing you have to worry about, there’s more to it. This is a place you intend to reside in for a while and that comes with its own set of responsibilities and legal obligations. By using the tips referenced above, you can make your first rental experience a great one.