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In the market for a new apartment? Before you sign the lease read this!
Shopping for a new rental? That’s all fine and dandy, well, and super exciting, but don’t forget some of the most important things to consider! Some of us have made that mistake by getting a new place and then realizing the things that were important. Live and learn baby. Live and learn. Maybe it’s that you actually DO need that extra bedroom, or that you really want two FULL bathrooms. Whatever the considerations are, they are important and should be acknowledged. Here are a few other rental considerations you need to think about:
Familiarize yourself with the neighborhoods in your desired area before you sign the lease.
Neighborhoods are very important and will dictate a lot about your life. If you’re someone who loves nightlife then you’re going to want to ensure your neighborhood has that. The neighborhood will also dictate how close to public transportation you are and give you an idea of the general vibe of the area. Before you sign the lease make sure you have visited the area and maybe a shop or coffee shop. Give yourself enough information to base an opinion about the area. Educate yourself surrounding the median rent so that you know if you’re being taken advantage of or not. For example, the average rent in NYC is $2650. Being aware of the current average rental price can help you find the best deal and a place you love.
Read the building rules and make sure you can abide by them.
You know that booklet of rules you’re given before signing the lease? Make sure you read it! This is going to tell you rules surrounding things like the pet policy, guest policy, parking policy, and more. Ensure you understand the rules before you sign the lease.
Beware of internet scams specifically surrounding rentals.
Don’t send money to anyone that you’re not 100% sure of. There are many scams that circulate regarding rentals and it’s important to be aware and educate yourself.
Search for your next place at the right time.
If you need the place tomorrow, you shouldn’t be searching today, right? You should have been searching at least one month ago. Allow 1-2 months to find a rental you’ll love. Rentals go very fast and you should be aware of that.
Be financially ready.
Take some time to get your finances in order. When you find your next rental you’re going to have to put down a deposit and maybe the first month’s rent. Spend some time contributing to a savings account prior to this to ensure you have the funds readily available when you need them.
Research and read reviews about the management company.
Make sure it’s a company that will actually take care of whatever issues you may have. Read reviews and prior clients’ thoughts.
Make sure you have a guarantor lined up if you have a questionable credit history.
Some agencies require very good credit in order to rent with them. Make sure you’re aware of your credit history and current credit situation. Sometimes a guarantor is needed if you have a weak credit score. A guarantor is someone who would go on the lease with you and be legally responsible for ensuring the rent is paid.
p.s. If you enjoyed this then you’d probably enjoy- 7 First Time Home Buyer Words You Need To Know