Tips For First-Time Apartment Renters
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Unless you happen to be really well off, you will have to rent an apartment before being able to buy your own place. There are some really great deals around though, and you can stay in places and live with people that you would not otherwise be able to. If you will be renting an apartment in the future, then keeping the following points in mind is advisable…
Budget – You need to decided on a budget before you start looking for an apartment, and stick to it. A good rule of thumb is to not spend more than a third of your monthly income on rent. If you overstretch yourself, and rent somewhere that is beyond your means, then you will soon regret your decision as you will not have enough disposable income to do all the things that you like to do.
Privately owned or property company? – You can choose to rent an apartment from either a private landlord or a property management company. There are pros and cons to both options, but you will probably be better off renting from a property management company. Why? Because they will be concerned about maintaining their brand and reputation, whereas a private landlord will not. That is not to say that you will always get better service from a property management company, just that there is a better chance of getting it.
Legalities – When renting an apartment, you will need to sign a lease agreement, which is a legal document that states the terms and conditions that you and the landlord must adhere to. Your lease will probably be at least a few pages long, but you must read all of it. If any problems arise later on, you will be bound by whatever is stated in the lease, and saying that you did not read / understand parts of it is no defense.
Bills – The easiest option is to have the cost of electricity, water, etc. included in your monthly rent payments, but not all landlords offer to do this. It will not be the cheapest option though, as landlords will typically apply a mark-up to the bills that they receive from utility providers. If you want to keep costs to a minimum, then dealing directly with the utility companies is recommended.
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