Renting an apartment is a legal activity and needs to be done according to specific norms, conditions, rules, and regulations. A lot of legal complications could come your way in the process. This article tells you how to avoid those complications and rent an apartment of your choice in a hassle free way.
The need for you to rent an apartment could arise due to many reasons. You may be shifting base to a different location, or you might be switching apartments and would want a place until your new home is ready, or you might have your current home up for renovation, or you might be a foreign student looking for a place close to your university or college. Be it any reason, you need to be aware of the correct procedure to follow and the factors you should necessarily consider before you rent an apartment. Read this article which throws light on the same and keep yourself informed. You never know when you might have to do so.
Apart from the basics like your budget, area, ease of accessibility, transportation, neighbors, etc., we list down a few more factors which are extremely vital when it comes to renting an apartment.
Money is Vital
For a majority of people, especially college students, money is the bone of contention. You should be economical and not put money on the back burner. Form a budget and work your way around it. Ideally, you should not spend more than 30% to 40% of your monthly expenses on rent. Based on your salary and the amount of rent you can afford, narrow down your choices and opt for the most feasible option. Try to get low income homes for rent by contacting your friends and relatives who stay in the vicinity of the area where you want to rent an apartment. Ask if they’re aware of any apartments that are available at relatively lesser costs. Low income apartments for rent are often available, but you need to have some kind of low housing assistance from several programs sponsored by HUD to be able to opt for them.
Credit Score Matters
Once you have zeroed in on an apartment, you need to get your free credit report. This will assure your landlord and he can be confident of the fact that you’ll be able to pay the rent, and on time, too. A good credit score indicates that all your financial transactions through any financial institution and banks must be fair, without any debt issues. This is a good thing as you will then automatically gain access to any kind of financial help you will need from banks to rent an apartment. If your credit score is not very great and full of loopholes, you could try looking in locations where credit checks are not done. You could also try seek help from good references who can guarantee your goodwill and help you in the process.
Initial Pay is Important
Also known as ‘upfront money’, it is the first and last month’s rent that you pay as the security deposit. You may negotiate about the upfront money and if your landlord is flexible enough, he may tune it down for you. Be ready with the upfront money when the time comes. This creates a positive impression about your ability to pay rent.
Check the Locality
This may not strike you at first, but finding an apartment in a social and friendly neighborhood is the first consideration you should handle. Choose an area by taking into account your choice of demographics. If you prefer a homely environment with kids, families, and older people living in the neighborhood, then you can search for an apartment rental based on those grounds. You also need to check out the proximity of schools, college, grocery stores, emergency services, restaurants, and other important facilities from your chosen area. If such places are too far away, then you may have to spend extra time and money on transport. Check up on the surroundings by talking to tenants who already stay there.
Must Remember Things
Don’t rent the apartment in a hurry. Take some time to review the place. If you’re visiting multiple places, carry a notebook, a camera, and a cell phone to note down contact numbers, rents, and other important numbers. To remember the general set up of each location, don’t forget to take snap shots. Using the services of a broker can ease tasks like negotiation and searching for rooms. However, you may end up being pressurized by the landlords and your broker who try to convince you to choose a room faster. You don’t have to and you shouldn’t give in to this pressure. Choose an apartment, only if you like it and it suits all your requirements and needs. Last but not the least, before signing the lease agreement, be absolutely clear with your landlord about all the terms and conditions.
The best time to rent apartments is when real estate prices are low. But the need to rent an apartment might arise any time and it won’t be possible then to wait for the prices to come down. Keep these simple tips in mind and make sure you don’t have to settle for anything less than what you need or expect. Once in the apartment, maintain good relations with your neighbors, pay the rent on time, and take care of the property. You will also have to manage your expenses and learn to be responsible.