Renting your first place is an exciting time. You will be officially leaving home and responsible for all the bills. While renting your first place is exciting, it is also an opportunity to show others that you are capable of taking care of things.
However, there is more to a great first place than finding it. You need to be aware of the rules and regulations to ensure you know what you are getting yourself into. Here are five tips that will help.
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Consider Your Budget
It can be tempting to take the place that is at the top end of your budget or even a little over. After all, you will reason to yourself that you are resourceful and will always find the funds you need. But, the truth is that you don’t know what will happen. That’s why it is essential to decide what you can afford by creating a budget and then sticking to it.
It’s worth noting there are ways of generating extra money, such as by offering your parking space to others through a firm specializing in monthly parking. But, this should be seen as an extra, not part of your funds to pay the rent.
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Read the Lease
It is essential that you read the lease properly, don’t simply skim it. You need to be comfortable with what is in the lease and understand what you can, and can’t do. This will help to ensure you don’t have a falling out with your landlord.
The lease will dictate what you are responsible for and what they are responsible for. Breaking your lease accidentally or intentionally can cost you a lot of money.
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Create An Emergency Fund
Once you have the responsibility of paying a monthly rent and the associated bills you need to start thinking about an emergency fund. This will help if you lose your job or have an unexpected bill that needs to be sorted.
The idea emergency fund is between 3-6 months’ worth of bills. It can take a little time to put this amount of money aside but it is worth it.
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Consider Damages
You probably know that if you put your fist through the wall you are going to have to pay for it to be repaired. If it isn’t then you will lose your security deposit as your landlord will do it for you. However, you may not realize that you can encounter similar issues over much smaller damage, such as a nail hole in the wall to hang a picture.
Check your lease before you do anything that could damage the place you are renting
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Location!
Finally, in your rush to get an affordable and attractive place don’t forget to think about the location. You’ll want to feel safe walking the streets in your area and you need to be close enough to the things you use regularly.
While living further out of the city, or in a dodgy neighborhood, will save you money, there has to be balance. Choose your location wisely.
Cover photo by Spacejoy on Unsplash
