Renting an apartment for the first time is an exciting milestone. Living on your own, putting your personal stamp on a space and making a home that feels like yours is a pivotal moment.
However, there are some important steps to keep in mind before you begin looking for your first apartment. To make the best decision for yourself and your finances, you’ll want to calculate your budget, consider what you want to prioritize in your apartment search, such as size, amenities or location, and prepare for the application process before you move in.
Finding an apartment can seem intimidating, but staying organized and planning ahead will help you navigate the rental process.
Calculate Your Budget
The first step is to consider what you can realistically afford to pay in rent. Landlords expect you to pay your rent bill in full every month, so experts often recommend that you have at least a few months of rent saved up in advance to give you some extra padding.
Upon signing the lease, you’ll most likely need to pay the first month’s rent, as along with a security deposit, which is often the equivalent of at least one month’s rent. Some landlords require you to pay your final month’s rent in advance as well. If you plan on having a pet in the apartment, the building may require a pet deposit or charge an additional pet fee.
And don’t forget to budget for expenses that often aren’t included in your rent, such as:
- Utilities and internet
- Parking
- Renter’s insurance
- Laundry facilities
- Furniture
If you run into any unexpected costs as you move into your new place or need additional funds to cover the move, a personal loan may help you bridge the gap. Do your research and find a lender that fits your financial needs. Make sure you understand the loan terms, requirements and any potential fees before you sign.
Separate Your Needs and Wants
Figuring out where you want to live and which apartment is the best fit for you may take some time. It could be helpful to see a few different places to get a better sense of your must-haves and nice-to-haves. In addition to asking questions of the rental agent or landlord, use a walkthrough to take photos and inspect the space to ensure it’s as advertised.
Here are some questions to consider during your apartment search:
- What kind of amenities are the most important to me? (e.g., laundry in the building, a common space, a gym)
- What exactly is included in the rent?
- Do I feel safe in the building?
- Are there fire alarms, fire extinguishers and carbon monoxide detectors?
- Is the location a realistic distance from the places I need to go?
- Would I consider a roommate in order to split the cost of rent and utilities?
Asking these questions ahead of time will help you make an informed decision before you apply for an apartment.
Put Together Your Application
In order to be approved by a prospective landlord, you’ll need to fill out an application. The rental agent or landlord will typically review your application and run a credit check to ensure you can pay your rent on time and in full. You might need to submit recent pay stubs, tax returns and bank statements to prove you have enough income and savings to cover your rent. You may need to provide references from an employer or previous landlord as well.
If you’re approved, carefully review the entire lease, including the fine print. It may be a long document. If there are any points you disagree with or hope to negotiate, now is the time to discuss them. If you do negotiate the terms of the lease, read the whole document again to verify that it’s correct. Make sure you understand the apartment rules and know your financial obligations before you sign.
Move In
If you’re approved for an apartment, there will be a move-in date listed in your lease agreement. Sometimes you can negotiate an earlier or later date depending on your plans, but this should be done before you sign the lease.
Once you’re ready to move in, set up the utilities in your name, including gas, electric and internet. In some cases, you’ll also need to add your name to the water, trash, recycling and sewage accounts for the apartment.
Some landlords and buildings require you to get renter’s insurance to protect your belongings in case of an unexpected event such as a fire, flood or break-in. Even if it isn’t required, it’s a good idea anyway.
Prepare Before You Make The Move
Moving into your first apartment is an accomplishment you should be proud of , it’s a huge step. While it’s an exciting moment, making sure you’ve budgeted for everything you need before you move in will give you greater peace of mind once you get there.
Plan ahead, prepare your finances as best you can and enjoy this new adventure.
Notice: Information provided in this article is for information purposes only and does not necessarily reflect the views of salonprivemag.com or its employees. Please be sure to consult your financial advisor about your financial circumstances and options. This site may receive compensation from advertisers for links to third-party websites.
