If you are a first-time renter, figuring out budgeting might be challenging. However, it is not impossible. There are many ways in which you can evaluate your financial position, examine your opportunities, and decide what is best for you rent wise. If you spend more than you earn, you will become stressed out and imbued with pressure. Thus, before taking the plunge into renting the most expensive apartment, take a deep breath and think.
The first step you should take is understanding where you are standing. What’s your monthly income? When do you usually get paid? How much do you spend on food, transportation, living expenses, etc.? After creating an expenses predicament, think about how much you’d afford to pay on rent, and come up with a plan. Easier said than done, huh? Here are some tips that might help.
- Plan it Out
As I was mentioning previously, your first question should be, “what is my budget?” This is a severe issue that should be carefully considered.
- Identify the monthly amount of money you spend on living comfortably – think about your food expenses, transportation, fun, and other unforeseen expenses. Do the math. Write down your final number; for example, out of $5,000 earned per month, $2,000 goes on the above.
- Now calculate 30% of your monthly income. No more than that should be spent on rent. However, if you are aware of all of your expenses (and they don’t exceed the limit), you could raise your maximum spend to 40%, but never higher.
- How much will the security deposit be? Can you negotiate? How much will the bills add up to? Which utilities do you need/don’t need to pay for?
- Are there any other additional expenses for moving in? Is there rental insurance you’ll have to pay for? You must always be prepared and think things through in advance.
- Do you need a cosigner? How are you going to move out of your current place? Will you need to pay someone to help you out?
If you are a non-working student, planning things out might take longer than expected. You’ll need to discuss it with your parents and line up a scheme together. Make sure you leave enough time for it! You should propose a financial formula at least three months before moving into your new place to avoid stress.
- Think About Yourself
After you’ve done your research and came to a sensible conclusion, it’s time to search for a lovely apartment. What are your number one needs? What are you looking for? How can you maximize utility while minimizing costs? Are you getting what you deserve for the sum that you’re paying? These are all critical questions that you might want to address as well.
So, how do you rent your first apartment and what are the things you should pay attention to?
- Make sure you are getting a tour of the studio and find everything that you are looking for
- If you liked the place, fill in the application
- Be inherently interested in your landlord – in the end, he’s the one you’ll have to deal with in any situation you will be going through
- Wait for the answer they are going to come up with
- If you get accepted, prepare your security deposit and first rent money.
When you visit a place, study the environment, and think about yourself first. Do you see yourself living there? Is the apartment situated in a safe area? Are you comfortable with anyone else who might be sharing the apartment with you? Ask these questions before deciding to move in (if you want to get the best out of your rental experience!).
- Consider the Details
Here are some questions you should address to your landlord before your typical in-person apartment visit:
- Are utilities included in your monthly fee? If not, how much do they usually add up to?
- What is your deadline? When should you decide on whether you want the place or not?
- Is the apartment pet-friendly? Is there a pet deposit?
- How central is the location?
- Is there central heating? Is it included in the price?
- What are the house rules and what can you do to obey them? Is there a cleaning schedule you must be aware of?
- How close is the nearest hospital/pharmacy/vet/grocery store?
- Is the condo large enough to fit all of your goods?
- Is the apartment new/old/renovated? How well does it look?
- What are you responsible for while living there? What happens if you break something?
There are many other questions to consider as a tenant. Make up a list beforehand, so you don’t forget asking questions of high significance.
- Be Sensible and Pragmatic
Last but not least, be realistic and organized. After each visit, write down the pros and cons of each apartment. Underline the crucial characteristics a place must-have for you, then, compare and contrast. If you don’t slowly eliminate the flats that you’re not too excited about, you’ll have too many options, and might get lost in the process.
So, how much should you spend on your first rent? The answer is – it depends on your income and monthly expenses. Calculate your budget, write down a plan, think about yourself and your needs, consider the essential details, and be realistic. That’s the key to successful renting!
Author Bio: Mary Whitman is a writer and freelancer. She is a Master of Arts. Mary has written numerous articles/online journals, covered different topics such as environmental issues, cryptocurrency, online marketing, and personal growth. In her spare time, she enjoys talking about Sustainable Development and Art.
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