Renting an apartment is something that most people have to do at some point, especially now that the price of a home is out of the reach of most young people who are just starting their career. You can get some really great rental deals, but you have you to know what you are doing else you could end up being out of pocket. To make sure that you get a good deal, and do not overspend or get ripped off, bear in mind the following…
Budget – It may sound like an obvious point, but you should never go over your budget. The question is though, how do you know how much you can afford? Well, a good rule of thumb is that you should not be paying more than a third of your gross income. So, if you make $3,000 per month before taxes, you should not rent somewhere that costs more than $1,000.
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.
The lease agreement – You will have to sign a contract (referred to as a lease) when you rent an apartment. Your lease is legally binding on both you and your landlord, and you both must adhere to the terms, conditions, roles and responsibilities set out in it. It is therefore very important that you carefully read the document in full before signing it. You should get a friend or family member to read through it too if you do not completely understand it yourself.
Electricity, water, etc. – Check which, if any, utilities are included as part of your monthly rent. Sometimes landlords will pay the water and heating bills for you, and sometimes they will not. This is something that you should find out before signing a contract, so that you can accurately estimate your monthly budget. It is better to pay for utilities yourself if you have the option, as then the landlord cannot mark-up the price to boost their own profits.
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