5 Overlooked Aspects of Renting by First-Time Renters
So you have decided to take the plunge! Renting your first place can be an exhilarating time. Living on your own for the first time is only something that you will be able to experience once. Its fun and exciting, but it can also be a trying time if you are not properly prepared for the world of renting.
Being responsible for paying your rent each month, living expenses, and general upkeep of your rental unit is nothing like living at home with your parents. For this reason, first time renters tend to take their time at home for granted, which often leads them to overlooking the following considerations when renting for the first time:
Roommates or no roommates?
Many first time renters live with roommates. It’s a great way to minimize costs and share a living space. While it makes things more affordable, it can also be challenging. This is why it is very important to choose the right roommate. Who you choose to live with should not be a decision you take lightly. There are lots of best friends that have turned into enemies after living together. If you are going to have a roommate, make sure it is someone that you are confident you can live with, and will hold up their end of the finances and responsibilities.
Learn more: 8 Tips For Renting Your First Place
Budget
Budget and finances is often the most common barrier that people need to overcome before they move out on their own for the first time. Having your budget in order is very important. This is why it’s advisable for first time renters to save their pennies and have some cash in the bank before being moving out.
Don’t live above your means. This is one of the most common mistakes that first time renters make. The last thing you want to do is put yourself in a situation where you are paying higher rent than you can afford and are barely scraping by each month. You are better off staying at home and saving the cash so you will be able to rent a place and live comfortably.
Understanding your lease and know your rights
Many first time renters are so excited to move in that they often overlook the fine print – i.e. they sign their lease without reading it and understanding their rights. Knowing your rights as a renter is very important. Make sure that you read your lease, understand the terms, and if you are unclear about something in the lease, get clarification.
Have a general plan
Once you move into your first place, what’s next? Do you plan on staying for the long term? Are you planning on renting for a year? Staying while you are in school? Planning on buying a home in 5 years? Having a general plan of how long you plan to stay and the logical next steps is good to have and it gives you something to work toward.
Seriously consider renters insurance
We’re not including this point just because we are an insurance broker – renters insurance is very important. As a renter, you need to have coverage in place to protect yourself and your belongings in case of theft, fire, water damage, and other unforeseen issues. You never know when something can go wrong, and renters insurance will ensure you are covered if something does happen. Plus, it’s more affordable than you think.
Remember when you were a first time renter? What mistakes did you make? What advice can you offer to this generation of first time renters?