First Time Renting: 5 Tips For When You’re Leaving The Nest

If you’re renting for the first time, it can be a daunting experience. You’re setting out on your own, making that big step into adulthood, and that is overwhelming in itself. Renting for the first time can be a challenging and arduous task, but with these five tips, making that big decision should be a breeze.

1: Know What You Want

When you’re renting for the first time, and before you start looking at rental places, it is important to know what kind of place you want to live in, whether that’s an apartment or a townhouse. Once you have decided what kind of place you want, you can make a list of the amenities you want in your place (number of bedrooms, garage space, how many toilets, etc). This will help you focus your search on your specifications once you start looking at real estate websites or at real estate magazines.

2: Rent With Someone You Know

Renting for the first time is daunting, especially if you’re doing it by yourself, so it’s good to find someone you know to rent a place with. Renting a place with someone you know is easier than renting with a stranger, as you will already know the person’s personality and faults. I’m currently renting with my sister, and I can’t tell you how more simpler and hassle-free it is to live with her, all because I know her and she knows me. Also, renting with someone means sharing the load in all aspects, including budgeting and housework. This will make it easier to live in the long run.

3: References

Just like with applying for a job, you will need references if you are renting for the first time. This gives potential tenants a look into who you are as person and what your character is, things that can’t be found on an application. Make sure that the people you choose to be your reference are credible, for example your boss or a colleague, not your parents or other family members.

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4:  Inspect The Property

If you find a place that could be the one you are going to rent, it is important that you inspect the place before signing a lease. When you inspect the place, make sure that the appliances like heaters and the stovetop are working, that the property isn’t damaged, and that the information that is on the rental listing is correct. If you are renting with someone, make sure both of you inspect the property together and both of you like the place – there’s no point in renting a place if only one person likes it! Inspecting the place is important, because though it might look like it’s the one online or in a magazine, it might turn out to be the opposite when you’re physically looking at the place.

5: Set Up A Budget

One of the most important factors when you’re renting for the first time is knowing how much you are willing to pay in rent. Setting up a budget prior to looking at rental places is important, as this can help you be selective in your choosing when you start looking. Also, if you are renting with someone, calculate how much each person will pay for the rent, as well as for grocery shopping and other expenses. Moreover, stick to your budget and don’t be swayed by fancy places that might have an extra bathroom or more space. Even though it’s great to have more things in your place, if you know you can’t afford it, don’t rent it.

Do you have any tips for first time renters? Tell us in the comments below!

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