Out to rent your very first apartment? Congratulations! You have taken another step in the world of personal independence. We’re pretty sure that you’re aware it’s not a piece of cake, but we’re here to help you out anyway.
Looking for the perfect apartment is quite difficult, especially if you’re doing it for the first time. Without the right guidance, you might get yourself into a bad deal just because you want to get done with it fast. So here’s what you do it makes it a bit easier:
Set up a Budget
Creating and maintaining a budget, especially where regular monthly payments are involved is really important. It keeps your entire money inflow and outflow in check. And nowadays there are a lot of apps and different software to make it easier for you.
You can create a budget right now and see how much money you have left in the month after deducting your debt payments and other expenses. Be practical about how much of the remaining money you can use in the rent payment and make that the final cap of how much the rent should be.
Find a Roommate (If you want to)
A roommate can be a blessing in terms of company and finances. If the landlord allows, you can easily live in the apartment with someone and have your monthly rent cut in half. All that money could then go in your savings or any other expenses you might have coming up.
Determine Other Costs that come with the Apartment You’re Renting
The rent alone does not determine how cost-effective the apartment is to you. For example, if your workplace is far away from the apartment you’re renting, you’ll be spending a sizeable amount of money every month on transportation costs which can really take a toll on you.
Other than transportation costs, determine how far from the city your apartment is, the monthly utility bills, and anything else that catches your eye. Make sure you do enough research on the apartment you’re considering to not regret your decision later.
Have a Large Number of Options in Mind
When you start hunting for apartments, make sure you look up a lot of different apartments within your range. Shortlist them to a few that really catch your eye before you finalize your selection.
When you have shortlisted a few apartments, you can start the negotiations. Talk to the tenants about everything about the apartments that you need to know. Also, try to negotiate on the rent. Unless you are looking in a really popular area, you can expect tenants to usually drop the rent a little in your favor.
Keep Your Credit Score Up
Always make sure you have a good credit score before you go apartment hunting. If you find that your score is below par, you can learn how to repair your credit score on your own, or take professional help. A good credit score can really help make tenants trust you and settle you down for a lower rent.