Getting ready to move away from home into an apartment is super exciting. However, it can also be incredibly intimidating because renting an apartment is a pretty big deal. There is a lot of things to consider. When it’s your first time, there can be enough new information to make your head spin.
Here are the important things to think about before you start your apartment-hunting process. This list can save you from making some costly mistakes.
The Price
First and foremost, can you reasonably afford to live here? Before seriously considering an apartment, you need to consider your budget. Conduct a bit of online research to get a sense for the typical rental rates in the neighborhood. If you’re willing to pay a high price for a certain location, then you’ll need to find other ways to cut back on expenses. Or you may need to find roommates to help cover the costs. Also, keep in mind that if an apartment’s rent is unusually low (read: too good to be true) compared to other rentals in the area, then this may be a big red flag. Bottom line: make sure you know the market before looking at apartments and negotiating a price.
The Quality
Don’t trust those pretty pictures you see online. Before you rent an apartment, you should arrange to see the place in-person. Keep in mind that cosmetic issues, such as broken blinds or scratches on the wall, can be fixed – possibly by your landlord. But deeper problems may be an indication that the apartment hasn’t been properly taken care of. As you peruse the apartment, look for health and safety issues, such as bug problems, rodents, leaky faucets, water damage, lead paint, asbestos, dirty air filters, mold, broken heat and air conditioning systems, rust, broken windows, and electrical problems.
The Neighborhood
Before signing a lease, walk around the neighborhood to get a sense of the community.
You’ll be able to better assess the general age and demographics of the neighborhood by spending time in that location. You should also investigate the area’s safety record. In addition to demographics and safety, look into whether the community has any specific rules, you’ll need to have a clear understanding of their expectations and rules before signing a lease. You should also look into any specific traffic or parking regulations in the area.
The Lease
Before signing a lease, please have a local Realtor or lawyer look over the lease to make sure it’s a) a standard lease with no surprises and b) legitimate. Read over the lease to make sure it fits your needs as well. For instance, if you plan on subletting your apartment in the future, does this lease allow you to do this? Be sure to also check: whether the lease is a 6-month, one year or month-to-month type of lease; what date the rent is due each month; whether roommates are allowed; who is responsible for the maintenance; any parking rules; and whether your deposit is refundable.
Included in the lease should be your landlord’s pet policy. If you have a pet or plan on getting a pet, this small detail is very important. Make sure to check: whether the landlord charges a pet deposit; if the deposit is refundable; type of pets allowed; and weight limitations on the pet. For instance, if you live in an apartment or condo building, you may only be allowed to have a dog or cat up to 20 pounds.
The Utility Costs
Don’t forget about utility costs! In addition to the monthly rent, you’ll most likely have to pay for various utilities throughout the time you live there. These utilities include water, gas, air conditioning, sewer, garbage and electricity – among others. Your lease should clearly lay out what utilities you are responsible for covering. Some utilities may be included in the rent. If you have any questions about who pays for what, make sure to double-check with your landlord before signing the lease.
The Amenities
When choosing a rental apartment, make sure to consider the area’s amenities. If you’re renting in an apartment building, you’ll need to make sure the amenities fit with your lifestyle. Examples include: do you need a doorman or extra security? Do you need an elevator? Does your building have a gym or is there an affordable gym located nearby? Does the apartment have a dishwasher? Is there a washing machine and dryer in your apartment building? How is the commute? Is there a Laundromat nearby? Are there restaurants or shops in the neighborhood? Chances are, if you’re on a tight budget you’ll have to make a few compromises, such as walking to a Laundromats, or enduring a longer work commute. Whatever the compromise, make sure you can live with the situation before signing a lease.
Decided to sign the lease? Congrats!
