Crunch the Numbers
Before you begin your apartment search, you must determine how much you can afford. To achieve this, you’ll need to make a monthly budget listing all of your income and expenses. After that, you can calculate how much rent you can afford. A general guideline is to keep your apartment rent at around 30% of your income after taxes. Compute the exact dollar amount. Now take a look at your budget. Do you have sufficient money left over after your other expenses to cover this balance? If not, you might have to go further before you are ready to begin apartment hunting.
Look Beyond the Rent
Sorting out how much monthly rent you can afford is an excellent initial move, but there are some costs involved that you need to consider. Mostly, you will need to pay a security deposit upfront along with the first month’s rent. The amount of this security deposit will differ, but it is usually the same amount as the rental payment.
There may also be other deposits and fees, such as credit check fees, utility deposits, and extra expenses. Furthermore, you’ll need to find out if utilities are involved in the rent or if you will be responsible for paying for yourself. Internet, cable, electricity, gas, water, and trash disposal are all basic utilities that you’ll require to have sufficient money to get set up if they excluded that in the rent. To simplify, you can think about it like this: you’ll need to have at least 2 – 3 months of rental payments saved up to guarantee that you have everything you need to get into your first apartment.
Application Basics
After you have sorted out your finances, it’s time to start searching and applying for your first apartment. It’s advisable to get your application materials organized before you start so that when you locate a spot you want, you’re prepared to get that application done easily. To rent an apartment, you’ll need a list of documents and information.
While this list can differ from one place to another, it’s beneficial to have the following available:
- Your last two pay stubs or a bank statement
- Social security number
- Driver’s license or state ID
- Credit report
- Contact information for at least two references
Read the Lease
As you’re going through the rental process, carefully read through all of your lease documents – including the fine print. A lease is a binding legal contract, which implies that once you sign it, you will be on the hook for all that’s in it. Have a clear understanding of your responsibilities, what your landlord will provide, how things like maintenance and repairs will work, and many more. In addition, inspect that the rental payment amount, security deposit amount, and other numbers are correct.
Lastly, search for any unusual or unexpected rules or clauses to guarantee that you are comfortable following the rules stated in the lease. If you have inquiries regarding anything you discover in your lease, make sure to consult somebody you trust. Actually, the more you understand about the apartment, the neighborhood, and your landlord before you rent from them, the more sufficient you will be.
Are you looking for your first rental home in Hudson? Contact us online today or call us at 352-428-2316.