Property Management Blog

Checklist for First-Time Renters

System - Wednesday, August 5, 2020
Property Management Blog

You are excited to experience the life of staying in an apartment. You are looking forward to moving to a new place for your job after college. Your stay with friends or your parents’ place is about to wrap up. 

Searching for a rental property includes:

  • Searching for a perfect yet budget-friendly neighborhood

  • Locating a nice house

  • Dealing with paperwork

As a first time renter, you might be in a fix about what all you need to do to make the apartment hunting process easier. You still might not have a complete idea regarding the process and requirements to rent an apartment. This article will guide you in your quest to find an apartment. The upcoming segment will provide you with a checklist of what you should do as a first-time renter.

1. Determine Your Budget

The primary factor in your apartment searching quest will be your budget. Your budget range will help in narrowing down the apartment choices. Once your choices are fixed, you can consider other factors to select your ideal apartment. It is advisable to allot around 20%-30% of your income for apartment rent. 

Some of the other factors that you can consider for determining your budget or rent amount are:

  • Electricity bill 

  • Maintenance charges 

  • Wifi Charge 

Also, you should figure out an approximate budget for your grocery and food. You can start by allocating approximately $100 to $200 a month in this segment.

You need to meticulously plan for your first-month budget as you have to pay extra for security deposit and maintenance.

2. Zero in On A Good and Decent Locality

A decent and warm neighborhood is very essential for leading a wholesome everyday routine. Your neighborhood should be equipped to provide you with all the necessities like groceries, transportation, restaurants, to name a few. You would definitely prefer renting a place near your work location so that you can walk or take easily available transportation to your office. You should also check if your daily essentials are available nearby. This way you do not have to walk for miles for your grocery or other needs. A few places to hang-out or some decent restaurants near your apartment would be an added bonus.

3. Make Sure Your Paperwork is in Place

It is better to have a well-documented agreement between you and your landlord to ensure you do not face any legal trouble later. For this, you should have your bank statements, income proof statements, credit score, and identification documents in place. The income proof statements and credit scores are sometimes requested by the landlords to check if you are capable of paying rent on time. Identification documents might be required to establish your authenticity while you sign an agreement with your landlord.

4. Pre-Plan Your Search

If you have time before shifting to a new place, then try searching for an apartment beforehand. This way, you will get to know your neighborhood better and zero in on the best deal among the multiple choices. You will also have time to adjust the budget according to your searches and negotiations and decide whether you need a roommate to divide the rent.

For a first time renter, searching for the right apartment might be a tiresome process. You can take the guidance and help of Rent Holy City which excels in property management in Charleston location. Rent Holy City will help you zero in on your ideal apartment without any hassle or unnecessary paperwork.