It is very exciting to find your first apartment as a new home buyer. You can do whatever you want to do with your new apartment, with the furnitures, the decorations, anything you like. It will be totally your own choice. You can decorate your living room totally with zebra print or host an after party with all of your loved ones. But before that, you may encounter many overwhelming and stressful house hunts being a first time buyer/renter. Following the step-by-step to-do list will provide you a proper navigation to search and select the perfect apartment without spending extra dollars.
1. Make a rental budget - It is very important to make a rental budget. Without a proper budget, you can’t determine how much you can afford towards the rent. Financial experts suggests, you should never engage more than 35 percent of your total earnings towards housing costs. That 35 percent should include the cost of internet, cable and other utility expenses. In today’s competitive market and hard economy, you may find it hard to gather all the funds. So, to solve the problem of limited funds, you may ask your friend or any other individual to join you as a roommate. By this way, you can share the rent and reduce your cost.
2. Choose your preferable neighborhood - You must choose a neighborhood where you can get the feeling of happiness and safety. You must also keep in mind about essential requirements - like hospitals, medical clinics, gym, grocery store, sports center, transportation etc. If your office is far away from your rental apartment, then choose a nearby neighbourhood.
3. Search for apartment amenities - You must select those amenities which are very important. You need to choose the amenities before you initiate the home search. Always remember that you have the requirement of concessions which may help you to stay within budget. Few important apartment amenities are laundry service, parking lot, dishwasher, air conditioning, community pool, gym etc.
4. Begin your rental home search - Draw a clear picture of your dream rental apartment. Once you satisfy yourself about what you are looking for, and calculate your budget, you can start hunting for your apartments.
5. Locate the apartments according to your search criteria and budget - You must inspect the apartment before renting it. Turn on all the lights and draw all the curtains to check whether there are any water damage or not. Properly check the functionality of all locks, doors and windows. Don’t forget to check all the electrical connections and outlets, make sure all of them are working perfectly. Visit the apartment on time, and behave gently to make a good impression on the landlord.
6. Complete rental application and pay a small fee - You must prepare yourself for signing the rental application form, while you will be visiting the property. The housing market is very competitive, so you need to buckle up your shoes. Don’t forget to bring your photo Id, current address proof and cheque-book.
7. Carefully verify the lease documents - You must carefully read your apartments lease papers. Check every single point and make sure no other hidden charges are added except the rent amount. Verify each statement and understand every point clearly.
Make sure you get the following points within the lease documents:
- Pets are allowed or not? If yes, is there any security deposit?
- How many roommates are allowed in a single room? Can boys and girls share the same room?
- What are the clauses regarding apartment maintenance process?
- Can roommates customize their rooms a little?
- Which utilities are chargeable? Is there any security deposit regarding the utilities?
- If you want to leave before lease time, what are the consequences?
Make sure your landlord mention these points clearly on the lease papers, only after that you should sign the papers.
Any kind of pre-existing damage or pending renovation work must be added to the lease papers in details. It will be helpful for you as when you move out, you will not be responsible for any old damage. But you need to pay for any new damage, unless the landlord will deduct it from your deposit.