Let’s face it, one of the most difficult decisions in an adult’s life includes relocating. While it is entirely rational to find the fear of moving daunting, whether you are renting a flat for the first time or just simply relocating. It does not necessarily have to be so exhausting, provided you have an insight into what you are looking for in terms of space, utilities, and other factors.
To help you make a better decision and make your decision to relocate a little less stressful, the following are guidelines on the process of renting an apartment.
- The Homework Phase
Decide on Budget
One of the essential steps in renting an apartment includes setting a budget. Relocating is an expensive decision, but once you have a fixed budget in mind, the options narrow down, making it easier to select a place. An essential requisite of setting a budget includes considering the costs and rent of the apartment. Apart from the surface costs, there are hidden costs as well. These may include internet, electricity, water, repair costs, amongst other expenses. So, it is crucial that once you are saving for a new apartment, you consider the hidden fees that may come with the new place.
One tip is to set your budget in such a way that your apartment accounts for 30% or 40% max of your income. This will help you comfortably make ends meet and have some of your hard-earned labor reserved for entertainment and leisure. In addition to that tip, another one is never utilizing your entire saved-up budget for renting or buying a new place. Always keep some extra budget at hand, so they are covered in case of any miscellaneous costs.
Crux: Set a budget keeping in mind your income, expenses, and savings. Save some extra in case of emergencies.
Decide on Space
With Budget covered, now comes the question of space – how much space do you require? On the market are a variety of apartments available, suiting to your need, some can accommodate a family and some bachelors. So it all comes down to personal preferences on how much space you require. A small apartment with a bedroom, kitchen, and a small living room will do if you are a student. Similarly, if you are a bachelor but would be settling down soon, a bigger apartment or a condo would do you good, and if you are a couple and are planning to start a family, maybe a house will do you good. Talking about space, it all simmers down to how long you wish to live in a particular place or your future plans. For example, if you are only looking for a place to live temporarily and then settle somewhere else permanently, overspending on renting a house or a big apartment would not be a wise decision. Besides, living in a small condo or an apartment has many pros. If you compare living in a condo vs house in regards to a lifestyle of a bachelor, one of the pros of living in a condo includes low maintenance. Yes, a house may offer more space but let’s be honest, cleaning a house every day can be burdensome for bachelors. So, choose regarding your lifestyle and future plans.
Crux: Keep your future plans in mind and choose a place accordingly. Remember, extra space equals extra cost. Save on rent now so you can save more efficiently for your own house or apartment in the near future – tips on how to save money for a new house.
Decide on Location
One of the most essential steps to rent an apartment entails choosing an ideal location that suits your interests, budget, lifestyle, and amenities. If you are an active person, your priority may be selecting a place with fitness amenities nearby. Similarly, for different people, the factors that go into the process of renting an apartment are unique. So, choose a place that you find fit for you.
However, one common mistake that people often make in choosing an apartment or a condo to rent is that they prioritize budget over all other factors such as commute and amenities. While the budget is essential, consider this, you like two places – place A and place B. Place B is a little cheaper than place A but is located in a different neighborhood far from amenities and your office/college. While you may be saving a few hundred bucks on place B, you’re settling for additional travel costs, riskier neighborhoods, and a degraded quality of amenities which will all affect your quality of life. We don’t expect you to spend your entire income on renting an apartment in a posh area. The takeaway is to choose an ideal location for your lifestyle and not select only the budget \ as a focal point in making your decision and choose a place that falls satisfactory on all your requirements.
Also, consider a place that is not much far from emergency services. In case of an emergency, you are covered.
Crux: Check neighborhood before moving into a new apartment to have an idea of what resources and amenities are available to help you make a better decision. Choose an ideal location keeping such factors in mind – budget, the purpose of relocation, amenities, utilities, lifestyle, and emergency services. However, don’t cut corners.
- The Practical Phase
Schedule Visits
With the homework phase done, lo and behold, the practical stage. By this point, you must have a clear vision of an ideal location considering all the factors mentioned above. Now is the time to narrow out places to rent and see them in person to see for yourself the living condition in which the apartment lies and the neighborhood. Safety is the first concern—some tips for assessing the neighborhood before moving include talking to the locals and seeing the area. Seek a property dealer, inform him of your requirements, and he will do the job for you. Or if that is too much of a hassle for you. Check online as you don’t necessarily have to see a property dealer to help you pick a place. With many websites available, just plug in your requirements, and you have several options available to you at any given time. Explore them and choose a place that suits you.
Crux: With your homework now complete, explore your narrowed options. Remember, you must check out neighborhood before moving.
Consider Rules and Policies
Landlords usually have some rules and policies when it comes to renting out their place. These rules may include utilities, security rent, advance rent, rent increment policies, permission to keep pets, or the duration of guests’ visits. At this point, have a conversation with your landlord regarding the rules and procedures. Negotiate a good deal, move in and enjoy your new place.
Crux: With the place decided and decision finalized. Talk to your landlord about your concerns and rules. Negotiate a reasonable rent and welcome yourself in your hew home.