Living on your own for the first time seems cool and easy, until you have to look for the apartment yourself. Going from comfortable mortgage to a monthly rental is not that easy. First, you have o find an apartment that pleases you which is where the hard task begins. You will need to be ready before you start hunting for the apartment; the whole process can be overwhelming but the following steps will help make it easier for you.
Step 1 – determine affordability
How much are you willing/able to pay for the new apartment? The monthly rent should not surpass your income by 30% or more. A person who earn monthly income of 5,000 dollars should look for an apartment that costs 1500 or less just to maintain financial security. Remember, you need to make payments on food, clothing and other basic necessities so rent should not be the only priority.
Step 2- find lower costs
There are several steps you can follow to find lower rental apartments or pay less for a rental apartment. If there is absolutely no other option, you could choose to live directly outside the city and commute. This only works when the transportation cost is manageable. You could always get a roommate to share the cost of a two-bedroom apartment; make sure the landlord or owner of rentals approves before you make that decision.
Step 3- get rental insurance
While renter’s insurance is choice for some landlords, it can be very beneficial for both you and the landlords. Rental insurance covers all he loses in case you suffer any break ins and also helps the owner to cover any damage to may have over the property. Believe it or not, rental insurance will actually help you get your desired apartment faster.
Step 4 – run your credit check
Most landlords will run credit checks on you to see if you have any financial issues. This helps them gauge the possibility of financial issues on your part; which means they can tell if you will be able to make rental payments on time. Ensure all your credit disputes are cleared before you start apartment hunting.
Step 5 – start house hunting
Apartment hunting is not easy, mainly because there are large areas to cover around cities. Which is why you need all the help and alternatives you can get. The good news is, there is plenty of information and pictures online but the bad news is, you have to check each listing personally before you make the final decision which means you will still have to go around the physically. Check for price, transportation, convenience and safety while apartment hunting around the city.
Down payment and documentation
Today, landlords check your documentation to reduce risk of renting out the apartment. In addition to credit checks, they run tax return checks, employment checks, reference letters and more. Preparing your documentation beforehand will make it easier for you to get the apartment you wanted and so will the down payment. Gather up enough money to make the rental payment for a specific period of time to reduce any financial hassle.