What First Time Apartment Renters Need to Know
February 24, 2017
February 24, 2017
Being a first-time renter can be daunting because you are not quite sure what to expect. If you are nervous about the prospect of renting then there are some things that you need to know. These facts will help you overcome any nervous feelings and ensure that your first time renting is smooth.
Have A Budget
Before you rent you always need to have a budget and this is very important for first-time renters. You need to see how much you can realistically spend each month on your rent. Experts state that you should not spend more than 40% of your monthly income on your rent. The budget that you set should not only include the cost of the apartment, but the utilities as well.
Make A Good Impression
Rental markets are competitive and you need to make a good impression on the landlords or agents. The biggest problem for first-time renters is that they have no rental history for the agencies and landlords to check. As this is the case there is some documentation that you can take with you to show that you will be able to cover the rent.
You should have documents that should your income and the dates of your employment. Being able to provide contact information for your work reference is also important. You should have at least one bank account and be able to show that the first three months of your rent can be covered. You should also bring information for any character references such as friends or mentors.
Having A Guarantor
In many cases, a first-time renter will be asked to have a guarantor or a co-signer. This will have to be someone who is financially secure and happy to co-sign on your behalf. This gives the agency and landlord some security as they will be liable for the rental costs if you are not able to pay. It is recommended that you have an agreement in writing with the co-signer before you get them to sign any legal documents.
Always Read The Lease
Many first time renters do not take the time to carefully read the lease before they sign. This is a big mistake because this is a legal document that you will be bound to. You should carefully read each section and ask for clarification on the sections that you are unsure about. If you do not agree with anything in the lease then you will need to tell the agency or landlord.