Anastasia Smith
Moving out for the first time? It can be exciting but also quite nerve-wracking. It’s normal to get the jitters, but with these tips, moving into your first apartment is sure to be a piece of cake.
The apartment renting process leaves a paper trail. A copy of your ID and maybe even your birth certificate might be required. Some property managers and landlords ask you for residential history spanning two years. Employer information is a requisite as the property manager needs to be certain that you won’t default on your monthly rent. They might even require your salary information, which can feel a bit intrusive, but it’s important for them to assess your financial stability. Plus, they might want to conduct a credit check to gauge your creditworthiness. It sounds like a lot of work, but if you keep all the required documentation at the ready, the process will become much easier.
It’s your first time renting an apartment, so you need to be absolutely certain that you can pay your monthly rent. How much money can you put aside for rent each month? You also need to ask yourself what kind of apartment you can afford. Is it going to be a humble dwelling in the suburbs? Or are you interested in luxury apartments for sale in Colombo? The likes of Cinnamon Life Apartments perhaps? Before you can even begin to think about renting an apartment, you need to work out your budget.
Now that you know how much you can afford as rent, it’s time to prepare for associated costs. For instance, you need to pay a security deposit. It’s often an amount equivalent to three months’ rent. If your rent is 1000 dollars, you may need to pay 3,000 dollars as a security deposit. The security deposit is the amount the property managers hold onto while you occupy the apartment. If the property has been damaged in any way when you move out, the repair cost comes out of the security deposit, and the rest will be refunded to you.
When renting an apartment, location plays a major role in reducing the cost. Even if you manage to rent an apartment in a less popular area with a lower rent, travel costs might negate that saving. An apartment in a popular area with all the amenities you need will definitely cost you more, but the convenience and quality of life it offers can justify the higher price.
You’re a first-time renter, so getting renters insurance is worth considering. You might think of it as an additional cost, but it can save you a lot of trouble down the line. For instance, if your belongings get stolen from your apartment, rental insurance might help you cover the cost of replacing those items. If an accident were to occur, like a fire, rendering the apartment uninhabitable, you can get your renters insurance to cover the cost of alternative accommodations.
There’s a slew of other expenses you need to bear when renting a place of your own. These include electricity, gas, cable, sewer, and internet. Some apartment complexes require you to pay for garbage disposal and parking as well. Before you move in, speak with your property manager to find out what bills and expenses you’re responsible for.
According to financial advisors, your rent should not exceed more than 30 per cent of your income. For instance, if your rent is 3000 dollars a month, your income should be at least thrice that amount, if not more. It’s a general guideline and depends on the other financial responsibilities you have. If you have a student loan to pay, for example, it may have to be less than 30 per cent. As it is your first time, the lower rent, the better off you will be in the long run.
