7 Tips for First-Time Renters
With the end of the 2016-2017 school year slowly coming within sight, it is time to consider housing options for the next year. Finding new housing or moving from school housing to a rental is a large step towards full-fledged adulting, though for first-time renters it can be rather daunting and overwhelming.
Here are a few tips on things to consider or keep in mind during the process.
1. Address all the property’s amenities and who is going to be paying for them
Trash collection, Wi-Fi and cable, air conditioning, and so on. Every property is going to differ on what is offered. Apartment complexes are increasingly offering internet access, but it is by no means required. Considering its importance in this day and age, it would be imperative to know beforehand whether this is a cost you or your landlord will be fronting.
Other amenity costs should also be taken into consideration on top of all the other fees and costs that come with renting, and in advance so there are no surprises down the road.
2. Be aware of all upfront costs
Rent is not the only cost associated with moving into a new rental. There are also application fees, security deposits, background check charges, and so on. The costs quickly add up and it is not something any new renter wants to be surprised with. Landlords are often upfront about the costs but there is nothing wrong with double checking to make sure they haven’t hidden anything in the fine print.
3. When renting with a group, know beforehand how utility and rent payments will be divided
Will rent be divided based on the size of the room? Will utilities be divided equally? These agreements should be considered well before the date of the first payments in order to avoid confusion later and help you stay within your budget.
4. Know who is going to pay and how
Online deposits, web check, and paper check are a few examples. Some landlords will already have a payment plan in place or have a preferred method, while others will be more flexible to work with you. It is a good conversation to have in advance so you can prepare (and order checks if need be) and landlords will appreciate the initiative.
If you’re going into the rental with roommates, you’ll also have to discuss whether you’ll be paying the rent and utilities in separate portions or if one roommate will front the payments as the manager and the others will be paying their portions to the manager.
5. Be prepared for background and credit checks
In the early stages of the rental process, you may be submitting your info for your landlord, particularly if there are multiple applicants looking to rent the property. In some cases, property owners may also be interested in your income. Background and credits allow for landlords to find renters that are safest for their interests.
6. Let your landlord know if you’ll be signing your lease with a cosigner
Most landlords will have extra paperwork for anyone with a cosigner, so take that into consideration when you’re filling out applications or signing leases. It’s also important if your potential landlord is planning to run a credit check, as they will be needing to look at your cosigner’s credit score or history.
7. Know your future roommates
We’ve all heard the roommate horror stories. You may have already lived through one. So, it’s important to know you’ll have roommates you won’t mind being locked into a long-term lease with. It’s not as easy to move away from horrible roommates after you have moved out of the dorms, so take special consideration about who is going to sign that lease with you for next fall.