It’s easy to get caught up in the excitement of moving into your first apartment, but there are some things you should know before signing the lease that could save you both time and money later on. Here are ten things every renter must know before they move into their new place.
Renter’s Insurance
Renter’s insurance provides coverage if you (or a family member) accidentally cause damage to your apartment, condo, or house. In most cases, it will also cover theft. The price of renter’s insurance depends on where you live and how much coverage you choose to purchase. But no matter what your location or policy amount, it is likely less expensive than buying homeowner’s insurance at your age.
Home Maintenance
As a tenant, you have certain responsibilities when it comes to keeping your rental in tip-top shape. And while renters' insurance will come in handy if any accidents happen at home, there are certain maintenance tasks that you should be responsible for as well. Knowing how to maintain a home is a useful skill to have anyway, and taking care of your rental can earn you some extra cash if you decide to become a landlord yourself one day.
Bills and Utilities
One of your first tasks as a new renter is to familiarize yourself with your rental contract and determine whether or not you will be responsible for paying any additional fees. Most leases require you to pay for utilities such as water, sewer, trash, electricity, and gas. In some instances, if landlords are providing these services, they may choose to add them onto your monthly rent. On top of that, most apartments require renters to purchase renter's insurance in order to cover their personal property from damage or theft.
Your Budget
Budgeting is a way to keep track of your income and spending. A budget allows you to know where your money is going. You can decide how much money to spend on things like rent, food, school supplies, and clothing. Once you have a good idea of what you’re spending now, you can make adjustments to improve your budget. Sometimes that means reducing expenses, and sometimes it means increasing income.
The Neighbors
Always be friendly and courteous to your neighbors. As you’re moving in, be sure to let them know who you are and get to know them. However, if they become a nuisance (or if they are friends of yours that have been invited over by other tenants in your building), respectfully tell them that you don’t want noise at night or on weekends. If your neighbor is respectful of you, there shouldn’t be a problem.
Rent Reviews
Before signing a lease, you should always ask to see previous tenants’ reviews of your potential landlord or property manager. The U.S. Department of Housing and Urban Development offers tips on getting information about past tenants and making sure your own review is accurate and honest before signing off on it. Remember: a great place to live can be a terrible investment if you don’t take care of it!
Pets and Landlords
Pets are often a no-go for landlords. They cause problems, cost extra money, and many simply don’t want to deal with them. However, in some areas and complexes, especially those where there are a lot of families, pets are allowed. Make sure you check beforehand because going into a rental agreement without knowing is one of the worst mistakes you can make as a renter. If pets are okay, it’s also important to know how many pets per person are acceptable in your area.
Leases, Leases, Leases!
Every state has its own laws when it comes to leases, but there are some universal best practices. For example, you’ll want to read your lease thoroughly before signing it and make sure that you understand each point within it. Also, be sure to ask questions if anything is unclear. It’s okay to be picky about your landlord as long as you have a good reason for not liking him or her.
Get the Security Deposit Back
If you want to get your security deposit back when it’s time to move out, be a good tenant. Take care of your property and any problems that come up in the house. If you take care of them quickly, you’ll have a good chance of getting all or most of your deposit back when it comes time to move out. For instance, if there's something like a broken light fixture in your apartment, put off repairing it until after you’ve moved out.
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