Being a first time apartment renter can be a very exciting prospect. You are about to have your very own space! However, it is important that you not let all of that excitement go to your head.
There are some things you must consider before you sign on the dotted line, or your rental experience could head south very quickly. Here are some things every first time renter should know:
Renter’s Insurance
Even if your landlord does not require it, you should absolutely have a renter’s insurance policy. Don’t make the mistake of assuming your landlord’s property insurance will cover damages to your personal property that might occur as a result of things like fire, theft, vandalism, and flood. It won’t.
When you can get good renter’s insurance coverage for less than a dollar a day, it just doesn’t make any sense not to protect yourself. This is a lesson you definitely don’t want to learn the hard way.
Extended-Stay Guests
Sure, you can have company at your apartment. However, you cannot have guests stay for an extended period of time without telling your landlord. Even moving your family member in on a temporary basis can be seen as a breach of contract if that person will be staying a month or more. Basically, if there is to be anyone in your apartment on a regular basis while you are away, that person needs to be reported to your landlord.
The Walk Through
Before you sign anything, be sure to do a thorough walk through with your potential landlord, and have the landlord write down every flaw in the apartment in an addendum to the contract that you will both sign. This goes for carpet stains, nail holes in the wall, dings in countertops, and everything else that shows wear and tear. Also, check that all the doors, windows, and appliances work properly. Otherwise, you could find that you are responsible for paying for the repair of these things when it is time to leave.
The Security Deposit
You know that bug chunk of money you will be handing over in order to secure your apartment? That security deposit is a big deal, and you must take the terms of your rental contract very seriously if you want to get it back when you move out. Many landlords are very finicky about refunding security deposits, so be sure to go over your rental agreement with a fine-tooth comb to make sure you fully understand what it will take to get your security deposit back.
Renting your first apartment can be an exciting time, as long as you do it the right way. Keep these things in mind when shopping for your first apartment, and avoid the negatives that can ruin your rental experience.
About the Author: Son Laser is a real estate specialist who frequently works with first time renters of all ages. He specializes in short term furnished housing for corporate employees and often helps college students find temporary housing between school years.
Credits: Photo courtesy of engindeniz.