One of the most revolutionary periods of your life is the first time moving out of your parents’ home and finding your own place. The first time being able to have your own space and styling it according to your own comfort can be both exciting and challenging. Moving out in its true sense however is not an easy thing to do, it needs to be planned and executed carefully for you to be able to survive on your own for a long period of time.
The transition period from being a young adult to a successfully independent adult can take a lot of effort and planning. It must be done carefully and through proper channels otherwise this independence can actually become a huge burden upon you.
Working out how much rent you can afford
One of the biggest things you need to figure out before taking the first step to your adulthood is figuring out your budget. Being able to afford your first apartment is a huge hurdle considering apartments can be quite costly. Moreover, it’s not just affording apartments but also furnishing the home completely according to your needs and that doesn’t even include the costs for moving. You may also need a local moving company residential to assist with the moving out. All of your financial factors need to be thoroughly worked out.
The first thing you need to do is to divide your budget into various categories that include the moving costs, the application bills, the security deposit, the rent, the furnishing costs, the utility bills and the household essentials. You need to make sure that you are able to count down to every single thing that you need and ensure that you can afford it.
Your Credit Score and Guarantor
Another factor that needs to be considered is your credit history. Your credit history is normally established when you take loans or have any overdue bills that are reported to the credit bureau. In case you have established credit then it needs to be at least high enough to rent and if there’s no established credit then you cannot rent. However you may be required to prove your financial stability by using some other documents like bank statements or pay stubs etc.
The other thing that you need to worry about especially if you don’t have an established credit history is a co-signer or guarantor. Many landlords may not just rent out to you as first-time renters and might see you as a liability. For this person a co-signer or a guarantor serves as the person responsible for the collateral. The only difference between the two terms is that the guarantor may or may not live there while the co-signer generally lives there.
Work out a suitable Location
Choosing the right location for yourself while keeping transport and commute in consideration is crucial to your lifestyle. You may need to narrow down places that are close to your school, work, grocery stores or places that you might need to access often. Carefully choosing your neighborhood is not only important for your convenience but also for your safety.
Finding the Perfect Apartment
Once you have worked out the other factors, the next main step is figuring out what you want. You need to have a clear idea about what you want within an apartment. This includes the amenities and the features of the apartment. Moreover the position of the apartment, the community, style etc. are all the things that need to be considered beforehand. If you are planning to have pets, then you also need to consider pet-friendly units. Make sure to look for apartments based upon your budget, you need to have a clear idea of whether you want luxury apartments or something more fit for a temporary stay.
Watch out for Rental Scams
Rental Fraud Scams are too common especially when you are renting for the first time you may need to be extra careful. Watch out for any rental offers that seem too good to be true, trust your gut on this. Apartments that are too good to be sold on cheaper rates are a clear sign that something is wrong. Even if you are trying to save up, it doesn’t mean you should go for something that sounds fishy. Another thing that you need to watch out for are the Third-party scam where the original landlord or owner is not showing you the unit themselves. In most cases they just take your money and escape with it. Lastly, a lease agreement is crucial for your rights. If a landlord is not signing a lease agreement with you then they are depriving you of your rights as a tenant and can use anything against you. Never rent without a lease agreement.
Keeping all of these factors in mind you can finally prepare yourself for the big day. Make sure to do a bit of a spring cleaning and get rid of the things you don’t want. Shop for new things for your apartment as well. Don’t clutter over things and make your experience as simple as possible. You can slowly build over your credit overtime from having a rental apartment to eventually having your own home. You can also go for checking out luxury homes for sale if you have already reached that step.