How to Rent an Apartment: Important Considerations to Make When You're Ready
Whether you’re new to town, single, recently divorced, or just ready to leave your parents’ place again, renting an apartment can open up a whole new world of independence. Asking the right questions and knowing what you’re getting into beforehand will help you pick the perfect place to live so you don’t end up with a headache later on. If renting an apartment feels like another grown-up stage in life, it’s because it is. You need to be especially careful about researching potential apartments and landlords before signing any contracts. When looking for an apartment, here are some things to think about first.
Research the Area and Landlords
Before you start house-hunting, do some research about the general area in which you want to live — both for safety reasons and to get an idea of the neighbourhood’s character. If you’re renting from a private landlord, check their Better Business Bureau rating and look for negative reviews or comments online to avoid sketchy situations. If you’re renting from a real estate company, check out the company’s history and track record. If you’re looking to rent in a student neighbourhood, know that landlords might prefer to rent to students because they are more likely to pay their rent on time, on the first day of the month. If you’re considering renting in a more family-friendly neighbourhood, you may have a harder time finding an apartment that accepts pets. Be sure to ask potential landlords about rules and regulations regarding pets.
Check the Condition of Apartments Before Signing
A solid inspection of the apartment before signing a lease may end up saving you a headache later on. Look for any signs of rot, water damage, or pest infestations, and pay special attention to the roof, floors, and walls. If you notice something that could be a major repair or remodel project in the future, don’t be afraid to ask the landlord about it. If they’re honest, they’ll tell you how much it will cost to repair the problem and how much it will be for you to cover the cost out of your own pocket. Once you’ve signed the lease, you’re legally bound to it. You could risk eviction if you break the terms of the lease and have to pay for repairs out of pocket.
Paying a Security Deposit
While a security deposit helps protect the landlord against damage to the apartment, it’s your money to begin with. You should get it back when you move out – but only if you’ve kept the place clean and undamaged. The landlord has the right to deduct from your security deposit for any cleaning or repair costs. Before you sign the lease, make sure you know what you’re responsible for cleaning and repairing, and what costs can be deducted from your security deposit. Your state may have specific laws regarding security deposits. If you’re worried about getting your money back when you move out, you can always put down more than the required amount to show the landlord that you’re serious about keeping the place clean.
Is it an Apartment Co-op or a Condo?
If you live in a co-op, you’re part owner of the building. This means you have a stake in the building’s overall well-being, including repairs and upkeep. If you live in a condo, you’re simply a tenant in a building you don’t own. Co-ops may have a board of directors whose approval you’ll need for renovations, paint colours, or any significant changes to the building. Condos are often more relaxed about such things, but you should still check with your building manager to make sure you’re following any rules and regulations.
How Big Should Your Apartment Be?
This depends on who you’re living with and how many people are living there. Ideally, your apartment should be large enough to accommodate a living room or living area, a bedroom, a kitchen and dining area, and a bathroom. If you have roommates, you may have to compromise on space, or rent a larger apartment to afford enough room for all of you. If you’re single, you might be able to get away with a smaller place, especially if you’re only interested in a place to sleep and store your belongings.
Don’t Forget About Maintenance Fees
Apartments are often covered in condos or co-ops, but not always. You may have to pay a monthly or yearly fee to cover building maintenance and repairs. This fee can sometimes be rolled into your rent, or it may be listed as a separate line item on your bill. If you don’t pay the fee, you may end up with a broken washing machine, furnace, or other major appliance. If you rent from a landlord, they may be responsible for maintenance fees and repairs. However, some landlords pass these costs on to their tenants. In any case, you’ll want to make sure the cost of regular repairs and upkeep are accounted for in your overall budget.
Fair Warning: You May Have to Pay for Repairs
If your apartment is part of a condo or co-op, the building’s homeowners’ association should be responsible for things like plumbing and electrical repairs. If you rent from a landlord, you may have to foot the bill for certain repairs. Depending on the age or condition of your apartment, you could be paying for several major repairs over the course of many years. You may also have to pay a fee every time the landlord or maintenance workers come out to fix something. It’s important to research your potential apartment’s repair history before signing the lease to make sure you know what you’re getting into.
Don’t Forget About Utilities
In addition to paying for rent and the occasional repair, you may also have to pay for utilities, like electricity, water, and gas. Depending on the climate where you live, you may also have to pay for air conditioning and heating too. While utility companies usually offer discounts for paying all of your bills on one bill, consider getting a roommate to split costs with. You may also be able to get assistance from the government, such as the Low Income Home Energy Assistance Program (LIHEAP).
Don’t Forget About Internet and TV
Depending on where you live, you may be able to get free or discounted internet from the cable company. If you have to pay, figure this into your monthly budget. Most cable companies also offer bundles with internet and TV, which may save you money on overall monthly bills.
Don’t Forget About a Renter’s Insurance Policy
Renter’s insurance is a policy that protects your belongings in case of an accident or natural disaster. If you have renter’s insurance, your landlord will be less likely to charge you for repairs or cleaning if something goes wrong, since you’ll be covered. Renter’s insurance is relatively cheap, especially when compared to the cost of replacing everything in your apartment if it’s destroyed in a fire or natural disaster.
Don’t Forget About Food
You can’t live on Ramen noodles and rice alone. Add in the occasional beer and the occasional meal out, and you’ve got a budget-blowing situation on your hands. You may be able to barter with your landlord for food in exchange for handyman work, or you may be able to get a part-time job to boost your income. If you follow these tips, you should be well on your way to finding the perfect apartment for you. Whether you’re renting from a landlord or in a co-op, apartment-hunting can be a stressful process. As long as you’re prepared, you should be able to land a great place to live in no time at all.
