Renting your first apartment should be a fun and exciting experience. Unfortunately, in the excitement that comes with moving into your own place, you might overlook some important safeguards that could prevent you renting a nightmare spot. Luckily for you, you can avoid these first-time renter mistakes and find the apartment of your dreams.
Considering Only the Rent
Although the rent will likely account for your largest monthly expense, you should not only focus on it when it comes to considering whether or not an apartment is right for you. If you are solely focused on the rent, you could easily forget the impact of other monthly expenses, such as your utilities and car note.
You also need to think about the hidden expenses that come with being a tenant. For instance, are the stores in the neighborhood affordable? Will you have to drive a distance to find a more affordable place to shop? If so, what impact will it have on your budget.
Remember, even if an apartment seems to be reasonably priced, there could be hidden expenses that could greatly inflate the cost of staying there. Take the time to assess all of the possible expenses before making a final decision.
Waiting for the Perfect Apartment
One of the biggest mistakes that first-time renters make is looking for the perfect apartment. No matter how large your budget is, it will be challenging to find an apartment that has all of the amenities that are on your wants and needs list. You could end up missing out on a great apartment by limiting yourself to finding the perfect apartment.
Before contacting a real estate agent, take the time to think about what you really need in an apartment. For instance, if you work from home, a second bedroom or bonus room would be considered a necessity because you could use either space for your home office. Once you have a list of the amenities that you need, you can turn your attention to your wants.
The wants are the extras that are nice to have, but are not considered to be necessities. For instance, it would be nice to have a balcony, but if all or most of your needs are met, should you let a lack of a balcony strike an apartment from your list?
A good real estate agent will help you avoid many of the missteps that are made by other first-time buyers. Involve an agent early in the process to find a place sooner rather than later.
