As a young adult, sometimes recognizing the difference between what you need and what you want when renting a new apartment can be difficult. What neighborhood do you want to live in? How many roommates (if any) do you want to have? What kinds of decorations do you want to hang up in the apartment? Before signing the lease, though, make sure that you consult the five important tips on this checklist to ensure that everything runs smoothly throughout the entire apartment hunting process.
- Create a Renter’s Resume with your Credit Score.
Before even setting foot in a potential apartment, you need to make sure that you have an impressive renter’s resume to show the landlord. If this is your first apartment, you’ll still want to do this, because it’s the perfect way to show off your credit score. If it’s not your first apartment, it’s still helpful to list the places you’ve lived previously so your new landlord understands that you’re a responsible, and respectable, tenant and renter. A renter’s resume should include your contact information, previous residences (and reasons for leaving), credit score, income and employment information/references. - Establish a Budget.
Once you have your resume together, make sure that you outline a budget for yourself to follow to ensure that you can afford monthly rent payments down the line. Always plan according to the budget, and don’t overstep your personal finance boundaries. When it comes to buying groceries and decorations for the apartment, as well as paying off utilities each month, make sure that you stick to the budget and try not to go over it under any circumstance. - Highlight your Employment Status.
When you’re ready to sign the lease to the apartment of your dreams, you’ll need to demonstrate proof of income and submit a copy of your photo ID. Landlords want to know that you have a stable job without any chance of your income getting cut off in the middle of the lease. You’ll also want to bring your checkbook with you when signing any documents since you’ll most likely have to pay a security deposit that is generally equal to the first and last month’s rent. - Obtain Renters Insurance.
Once you have all of the documents signed, you’ll need to decide whether or not to invest in renters insurance. Renters insurance gives you almost the same coverage as homeowners insurance, as it protects your personal property against physical dangers and natural disasters including fire, theft and vandalism. Even though you may think that nothing bad will happen to you, it’s important to be prepared for unforeseeable issues that could, at the very least, drain your bank account and cause unnecessary stress. - Put Safety First.
After settling in your new apartment, jot down a list of safety tips for you and your roommates to follow. These tips should include reminders to lock windows and doors (especially when going away on business or vacation trips), unplug electronic devices from power outlets when they’re not being used, having a natural disaster plan in the event that an emergency occurs and other similar activities. Hang this list in a place where everyone who lives in the apartment can see it (perhaps on the fridge or above the TV).
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