5 Things to Remember When Renting For The First Time
Renting for the first time can be fraught with numerous mistakes that could make your life a nightmare. There are some things anyone renting an apartment for the first time should take into consideration to ensure they get what they were looking for to begin with.
Below are 5 things to remember when renting for the first time.
Visit the Apartment in Person
Currently, most real estate listings are available online. However, do not make the mistake of failing to visit the property you are renting in person before signing a contract or making any payments. Most legitimate landlords will have no problem letting you visit the apartment in person and determine for yourself whether it meets your requirements.
Any attempts to have you make payments before seeing the apartment should be a red flag.
Consider Your Budget
Most people do not know just how much they should spend each month on rent. This usually leads to serious mistakes when renting, because these people could end up struggling financially, or worse, owing copious amounts of unpaid rent or getting kicked out of the apartment. Experts recommend that your rent should not exceed 30% of your income.
You should also consider other expenses, for instance, loan repayments, and determine how tightly the required rent will squeeze you financially.
Look at the Lease Carefully
There may be a defined period in which you wish to stay in an apartment. Do not always think that you have the option to leave whenever you feel like, your lease agreement may say otherwise, and the financial implications could be devastating. Therefore, once you decide to rent a particular apartment, go through the contract carefully and ensure that it accommodates all your desires regarding the rent agreement.
You could get into a 2 year contract when you only intended to stay in an apartment for 6 months, and end up in legal or financial problems as a result.
Consider the Pet Policy
Many apartments have restrictive pet policies, particularly in places such as Bangkok. Therefore, if you happen to own any pets or harbor any intentions of getting some once you move in, make sure that the apartment you are moving to allows it.
Otherwise, your life could end up being less fulfilling than you thought once you realize you can get in but your pet friends can’t.
Consider the Deposit
Make sure you can afford the deposit on the apartment before moving in. Some apartment owners may demand a one month’s deposit, while others may ask for more. Whatever the case, make sure you can raise the required deposit, and that it does not adversely affect your financial status at the moment.
While at it, also consider the price of utilities such as electricity, Internet and water. You should also take into consideration the cost of additional expenses of moving in for the first time, for instance, furnishings or other requirements necessary to make the apartment into what you finally want.
Renting for the first time is not hard if you know what to look for. For one, you should make sure you visit the apartment in person. Other things to consider include, the deposit, your monthly rent budget, the lease contract, and things such as the pet policy.
With these things in mind, renting an apartment for the first time should be quite easy.