What to Know When You’re Renting

If you’re getting ready to hunt for a new apartment or rental, you need to make sure you’re up to speed on a few crucial facts. Evaluate the list below to find out what to know when you’re renting. Doing so will ensure your rental experience goes as smoothly as possible.

Above all, know what you can afford

Before you even begin looking at apartments or other rental options, you need to know exactly how much you can afford to spend per month. The best way to do this is to be aware of your monthly budget – know how much money is coming in, how much money is going out, and how much you can spare.

Remember that rental costs don’t just mean the price of monthly rent. You also need to factor in the cost of utilities, renter’s insurance, transportation from your rental location, and parking fees. If you’re moving a considerable distance, you should also factor in the price of the move itself.

Shop by location

The location of your rental can go a long ways in determining the quality of your experience. Again, before you begin looking at actual rentals, become familiar with the areas where you might want to rent.

Consider neighborhoods that are close to your place of work or neighborhoods with quality schools if you have children. Think about whether you’d like to live close to public transportation. Compare the benefits of living downtown versus living in a quiet suburb. Choose the area that most appeals to you.

Compare several rentals

Once you know how much you can afford to spend and you have an idea of the location where you’d like to live, it’s time to start shopping around.

Be careful while shopping rentals and don’t be tempted to settle on the first place you see. It’s important to shop around and compare your options. Contrast the merits of each rental’s space options, amenities, and overall price.

Along with each rental’s internal benefits, compare the external benefits. Get familiar with the neighborhood and check up on local crime activity.

It’s also a good idea to compare the rental companies you might be dealing with. Talk to your potential neighbors and find out whether the landlord or rental management company does a good job of responding to tenant needs.

Take the time to inspect the rental

Once you’ve found a rental you’re seriously considering, inspect the entire space for potential problems.

Check the water pressure in all sinks, baths, and showers. Make sure all the toilets flush and look for potential leaks. Evaluate the condition of the carpet and the ceilings and look for signs of wear or stains. Try opening all the windows, and then make sure they close and lock easily.

Along with checking out the interior of your potential rental, inspect the exterior. If you have a porch light, see if it works. Check the hallway or walkway leading up to the rental for signs of cleanliness.

Essentially, you want to check everything that could give you potential problems before you move in. If you do find anything that needs attention, bring it up with the management company before you sign a lease. Make sure they’re committed to making any necessary improvements to the rental.

Be aware of contract guidelines

Before signing your name to the lease, carefully read over the full contract. Make sure you understand any and all fees you’re required to pay and find out which of those fees are nonrefundable.

Be clear about the terms of your lease and make sure the contract states in writing exactly what your monthly payments will be and for exactly how long the lease will be valid. In addition, understand the term the lease will hold you to if you ever need to break your contract and move out earlier than expected.

If anything in the lease is unclear to you or consists of too much legal-speak, talk to the landlord or management company and ask for clarification.

Treat the rental like your home

Renters in general often get a bad reputation for not taking care of a space because they don’t own it. Don’t perpetuate this belief. Instead, treat your rental as you would treat your own home. Don’t put off reporting necessary repairs and be neat about the way you take care of the space.

Your rental experience will actually be enhanced if you take the time to do all you can to personalize the space. Instead of treating your rental as a transitional location, find out what your landlord will allow you to do to the inside of the rental. Paint the walls, hang pictures that please you, and invest in furniture your really love.

If you work toward making your rental feel like home, you’ll enjoy it all the more.