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Key points to consider before renting

April 30, 2020

Key points to consider before renting

Apartment renting is often a daunting task as there are many points to consider before you can move. The change is exciting but also intimidating for first-timers. It is a good idea to plan in advance to ensure a smooth transition to your very first apartment.

Here are some of the important points to consider before you go apartment hunting.

Costs
The price has to be right, and you have to spend a lot of money before you can even move in and settle in your new apartment. The rent is only one aspect of the total cost, as you must pay a security deposit for the apartment and even a month’s rent in advance. Apart from one-time application fees and agreement costs, you will also have to consider the long-term costs of living in and maintaining apartment rentals. You must decide a budget for utilities, pay for renters insurance, and be prepared to spend at least a third of your income to rent out a decent place. Look for apartment rentals only after you have calculated the total cost of your investment.

Available space
You might be tempted to bring along everything you own to your new place. However, it is important to take into account the space available to you and ensure the bare essentials before you go all out with the furnishing and decorations. Make a list of what is absolutely necessary and get rid of the other junk. Consider the total space of apartment rentals before investing your time and money in furnishing. You must also consider the fact that apartment rentals are temporary accommodations and soon after the lease expires, you will have to move out again. The less furniture you own, the easier it will be for you to move out.

Paperwork
Legal ownership requires documentation, and the lease agreement must specify all the terms and conditions with respect to both parties in the contract. Paperwork is also important while finding the apartment, as the owner will require proof of identification, references from work, pay stubs from your current place of employment, and other documents that prove your competence to rent the apartment.

Lease agreement
The lease agreement will specify everything from the date of transfer of temporary ownership to the lessee to the expiry of the agreed upon tenure. It will also specify whether you can or cannot sublet the apartment.

Other points
If you plan on taking your furry fuzzy little friend to the new apartment, confirm with the landlord to ensure that pets are allowed.

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