7 Strategic Preparations for Renting a Home

It is said that if we were meant to stay in one place, we’d have roots instead of feet. At some point in our lives as adults, it is inevitable to contemplate moving away from home. Regardless of our personal reasons, leaving home can serve as a new beginning to seek growth, to try something new, or simply to just get out of one’s comfort zone and learn to be independent.

Leaving home is an opportunity that could open doors to a lot of things. And even though it’s not unusual to be anxious about moving away from home, we have to understand that change is sometimes necessary no matter how daunting it seems.

As you decide to leave home, the next thing you probably need to plan on is to rent a place unless you already have a property or someone willing to accommodate a housemate in you. Although it’s okay to not know everything when it comes to renting a property for the first time, it’s always best to be prepared and well-informed in every decision. There are always a few major things you should know upfront before signing on the dotted line. Finding the right real estate investment for you will also help greatly.

In this short read, we are going to make moving out from your home one step easier and less overwhelming by helping you prepare and learn important things that you should know about renting. Let’s get started!

1. Explore the Location

Before you move in, you must check the area and all its surroundings where you’ll be spending a good amount of time moving forward. Consider many factors such as the accessibility of important places such as your workplace, school, or the hospital. You might also want to consider the proximity of your family, friends, and recreational places, including parks, sports centers, malls, or bars.

2. Know the Upfront Costs

You must save for the upfront costs even before you have to deal with your monthly expenses. As you know, rent is not the sole financial concern with a new apartment. Amid the application costs, security deposits, as well as first and final month’s rent, you’re going to expend some serious money to hold the keys to your first apartment. Prepare by having a few month’s rent in the bank to cover the costs to budget for this.

3. Plan for Long-term Expenses

As you move in, there are still other financial obligations apart from the rent. Long-term expenses can range from monthly utilities to regularly purchased items since these things will take up a significant portion of your budget. Your specific needs will determine the list, and it can include groceries, water, electricity, gas, cellphone service, internet connection, and more.

4. Be Aware of the Lease Terms

Read your lease carefully and take note of the frequently used terms within a rental agreement. A legal document may be challenging to interpret as this could be your first time to review one. You can always ask a question if something’s not clear to you before signing the document. Pay attention to the policy on late rent and actions that can lead to eviction. Inspect the contract’s terms and conditions about regulations and restrictions for behavior.

Discuss with your property manager if something in the lease doesn’t seem agreeable to you. It’s alright to request modifications onto your lease but don’t expect that they will always adjust to you.

5. Consider the Amenities

If you have a set of specific preferences in an apartment, you could verify if all these things are being offered. Perhaps you’re looking for one that has an on-site workout room, an in-unit laundry, or even an elevator. If you’re in it for a long time, you might as well pick a property that satisfies your living.

6. Prepare for Paperwork

It’s advisable to gather all the required paperwork from your property manager during the application process. Preparing for paperwork in advance will speed up the process. Before filling out the rental applications, see to it that you’re ready with your recent pay slips, bank statements, and photo ID as they’ll often verify your identity, employment, and financial stability.

7. Organize Your Storage

Adequate storage is another priority to think about when renting. You will have to strategize for solutions to save space as most apartments lack built-in shelves or huge, walk-in closets to store your essentials. You won’t go wrong with storage bins — they are one of the best items to have. Storage bins are a perfect solution for off-season clothing, and they slide neatly under the bed.

Furniture pieces that serve more than one purpose are your next best alternatives, such as an ottoman that provides for extra space. Bookcases and decorative or shelving bins look nice, too. They can be handy for storage.

The key here is to avoid making your apartment look cluttered, and an efficient way to organize is to use a combination of storage solutions.

Renting vs. Buying a Home

When it comes to deciding whether to rent or buy a home, more considerations come into play because not only will it have an impact on your lifestyle, but it will also affect your financial health.

As for renting, it offers flexibility, predictable monthly expenses, and availability of repairs. On the other hand, homeownership brings intangible advantages. It provides a sense of community, stability, and the pride of ownership.

Contrary to popular belief, just because you’re renting doesn’t always mean you’re wasting money, and homeownership doesn’t necessarily equate to building wealth in the long run. It all depends on your most urgent goals and available resources.

Key Takeaways

All in all, there’s much to learn and prepare for when renting for the first time. It’s best to figure out what exactly you’re looking for while also considering your budget. As you go through the rental application process, pay close attention to all details, be organized by keeping track of all the costs, and prioritize your necessities.