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Almost 40% of households are renting a home.
It shows how common renting is compared to homeowners. It also shows why some people choose to rent over buying.
Some people choose to rent an apartment or a home because of the tremendous benefits it offers. For example, renting an apartment means there are no maintenance costs.
There’s also no real estate taxes and there are often lower utility costs because apartments are often smaller in size than homes.
If you are considering renting your first apartment instead of buying a home, you should know a few things. You should know the best tips for renting.
Here’s a guide on the best tips for renting your first apartment.
1. Document Damage
One of the first things you need to do when you rent anywhere is to take pictures. You need to document any damage that you see.
If you don’t, it could come back to haunt you. The landlord could blame you for damages that were caused before you moved into the apartment.
When you document damages, you are essentially covering yourself from any potential liability. You are ensuring that you don’t receive unmerited blame from the landlord.
2. See If Pets Are Allowed
Never assume pets are allowed in the apartment. You want to read the lease agreement and see if the pets are allowed in your apartment complex.
If pets are allowed, you want to check and see how much more it will cost for you to live there. Pets are often additional costs to the rent and there is sometimes an additional deposit included with pets.
3. Know the Lease Agreement
If you only want to rent for a few months because you want to buy, you want to make sure that you don’t get stuck with a lease agreement.
You don’t want to get stuck in a one-year lease agreement that forces you to pay for a full year after you’ve decided to move out after a couple of months.
4. Pick Your Roommates Carefully
When it comes to renting your first apartment, you may try to find a roommate that can help you share the rent. That’s all you want from them.
But you should actually be specific with who you choose to rent with. You want to choose someone that you can get along with and who is committed to paying rent on time.
5. Have Your Income History Read
Lastly, you should be prepared to show your income history. Landlords will want to see your track record of where you’ve worked and how much you make, so they know you can pay for rent.
That’s why it’s important that your employer gives you reliable and real pay stubs.
Now You Know Everything About Renting Your First Apartment
Renting your first apartment can be stressful. You may not know what to look for. But this guide can give you the insight you need and help you make better choices when you do rent your first apartment.
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