You can secure your apartment in 8 easy steps: From saving to signing.
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Renting your first apartment marks a major milestone. It can be daunting if you don’t know what to do. If you are under 25 years old and searching for your first apartment, here are eight steps to follow. Decide Your BudgetFirst of all, you need to determine your budget. You can avoid overspending by determining your budget before you start apartment hunting. Rent shouldn’t exceed 30% of gross monthly income. This number will vary depending on where you live and your desired lifestyle. If your area is very expensive, you may want to consider renting with a roommate to make it more affordable.
2. Save Up for First, Last, and Security Deposit
Especially if this is your first time renting, most landlords will require first and last month’s rent, as well as a security deposit. You can expect to pay a month’s rent as a security deposit for your first apartment. The amount you pay will depend on the state laws in your area and the type of property that you select.
3. Improve Your Credit Score
If your credit score is low, you need to work on it before you sign a lease for your first apartment. You can save money on the security deposit if you have a higher credit score. You may be able provide other information, such as pay stubs, if you do not have a credit score. Securing a Co-Signer –
Again if you are a first time renter and don’t possess a good credit score, you might need to have someone co-sign your lease. It should be someone with a good credit score, such as a close family friend or relative. It should be someone that you can trust.
5. Prepare the Right Documents
Be ready to provide your landlord with a variety documents in order to be approved for your first rental apartment. Common documents include an ID, proof of renter’s insurance, bank statement, pay stubs or an offer letter from a new employer. The majority of landlords will run a credit check and a background investigation. Understanding Your Lease Image Source: Pexels
Do you know your responsibilities as outlined in your lease agreement? It’s important to carefully read your lease and take note of things such as the lease duration, notice period for moving out, and who is responsible to repair. Document any damage you find in your apartment prior to moving in. This will help you get your deposit back. Set Up Utilities
Once you’ve signed your lease to your first apartment, make sure to set up your utilities in your name. Water, electricity, and gas are all included. You should also consider installing cable and internet.
8. Be a Good Tenant
If your first apartment is being vacated, your landlord will be able to provide you with references for your next apartment. Try to build a positive history of renting an apartment by being a good renter. Pay on time, follow community rules and take good care of your apartment. This will save you money in the future on rent. Let us know in the comments. Let us know in the comments.
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