We see a lot of content online filled with tips for first-time home buyers and sellers, but not a lot for first-time renters and, to be honest, they’re really the people who need all the help they can get about real estate. And, while renting isn’t as big a deal as buying or selling a home, it’s definitely a move that’s just as important in any person’s life. Here are a few tips for first-time home renters that are going to be absolutely helpful.
Tip #1 Make sure you can afford it
Yes, it’s a tip you hear everywhere but not everyone will tell you how to do it exactly. A good way to determine this is to list down all of your monthly expenses including food, toiletries, cleaning supplies, monthly payments for phone, cable, and internet service, your car, and other things you spend money on. Do your research to see the average cost of water and electricity in the area too. Once you have an estimate amount, subtract that from your monthly income and see if you have enough. Make sure to take things like savings and daily (unplanned) expenses as well as miscellaneous expenses into account as well!
Tip #2 Make a list
Carve some time out of your busy schedule and make a list of things that you need and want, as well as a list of things that you don’t want and then determine which of the items on your list are negotiable, non-negotiable, which ones are deal-breakers and which ones are must-haves. Make multiple copies and bring one to every showing to help you compare and make a better and more sound decision at the end of the day.
Tip #3 Bring someone with experience when house/apartment hunting
Someone who has had previous experience in renting and house/apartment hunting will know exactly what to look for and what to look out for when looking for a place to rent. You can ask them about their experience about renting, too, so you can decide if it’s the right choice for you.
Tip #4 Don’t be afraid to negotiate
If you ever find a place that ticks all the boxes for you but is just a tad bit over your max budget, don’t be afraid to negotiate. Most landlords are pretty flexible and you’ll never know unless you ask.
Tip #5 Read up on renters’ insurance and get one for yourself
It’s just as important as homeowners’ insurance and it’ll give you peace of mind which isn’t easy to come by when you’re renting and living away from home for the first time ever.
Tip #6 Document everything
Take pictures of damages that are already there before you move in so you don’t get blamed for it when you move out in the future and your deposit isn’t forfeited. Take a photo of what the place originally looks like as well so when it’s time to move out, you know exactly how to leave it and you can get your full deposit back. Ask for a receipt every time you pay rent and anytime you pay for something in cash other than rent and a receipt is not issued, make the landlord acknowledge it by signing on paper.
Tip #7 Speak up!
Hot water not working? Clogged toilet? Leaky pipes? All these are part of what you’re paying for so if they’re not working, they should be fixed ASAP! Otherwise, you shouldn’t be paying for them until you’re able to use them again. Contact your landlord about any issues you have in your home. Speaking up and keeping an open line of communication is very important in having a healthy landlord-tenant relationship.
As a final tip, always try to find out as much as you can about the landlord or the rental company before committing to anything. These websites are like Yelp for landlords so try to see if others have feedback about your future landlord there. Alternatively, you could just hire a trusted real estate agent to do all the hard work for you and you can rest assured that your first renting experience will be a smooth one.