There are a number of reasons why you could be looking for a new apartment. You might be setting out for the first time on your own, or you may have moved to a new city and need a place to call home. Whatever the reason, finding the perfect apartment can be quite a big deal. It’s not the easiest of tasks to undertake, but with a little bit of thought and careful planning, your apartment hunt can become much more manageable. Of course, the first thing to consider is how much you can afford. After that has been decided, the following few steps will make the process much easier.
Create a Personal Budget
To help you decide on a price range, it will be a good idea to create your own personal budget. It’s recommended that no more than 30% of your monthly income is spent on your rent. A personal budget will also be an opportunity to scrutinize your spending and see whether there are any cuts to be made. It may indicate your monthly TV subscription is something you can do without because it will give you a little more flexibility in your budget. Don’t forget to add renters insurance to your budget as it is usually a requirement. It’s also a recommended expense. It not only covers any losses should you suffer a break-in. Any damage done to the property will also be covered.
How to Lower Your Rent
If you’re going to struggle to find an apartment that suits your lifestyle and budget, there are a few ways you can benefit from a lower monthly rent.
- Look in the suburbs – as long as an apartment is within a commutable distance looking outside of the city center will mean a lower rent.
- Share the cost – consider taking a roommate. As long as you get the landlords approval, it will half your monthly rent.
- Are subsidies available? – if you’re in a low-income job, you may be entitled to claim a subsidy to help with your payments.
- How much space do you really need? – cut down on the space requirements and you’ll make sizeable savings.
- Be prepared to negotiate – compare the price with other apartments in the area and consider signing a longer lease to get a better deal.
Be Prepared for the Landlord to Run Various Checks
It is usual for landlords to check out the suitability of potential tenants by running various checks. One of these will be a background check, and another is likely to be a credit check. It is an excellent way for them to see whether they can expect any issues because it provides details of unpaid bills or bankruptcy. There are three credit reporting agencies: Equifax, TransUnion and Experian. Previous loans such as a mortgage and any open lines of credit will be itemized. Unfortunately, previous rental payments are not usually included in such a report, unless you make use of a special kind of service. RentTrack faq will answer any questions you might have about such a service.
One last word of advice is not to leave apartment hunting until the last minute as this is a certain recipe for disaster. Give yourself at least 3 months to find the right apartment. A number of the features you’ll be looking for will be very personal. However, price, transport, convenience, and safety are factors that apply to everyone.
